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Evaluating the effectiveness of Islamic and conventional cryptocurrencies (Case study: Bitcoin, Pax Gold, and X8X)
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Mahdi Ghaemi Asl   1, Gholam Ali Masoumi Nia2 , Hamidreza Namdar3 |
1- Assistant Professor, Faculty Member, Department of Economics and Islamic Banking, Faculty of Economics, Kharazmi University, Tehran, Iran (Responsible Author) , M.ghaemi@khu.ac.ir
2- Associate Professor, Faculty Member, Department of Economics and Islamic Banking, Faculty of Economics, Kharazmi University, Tehran, Iran.
3- Master's student in economics majoring in Islamic financial economics, Faculty of Economics, Kharazmi University, Tehran, Iran. |
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Abstract: (36 Views) |
The outbreak of the corona virus (Covid-19) was officially declared as an epidemic in March 2020 and became a threat to the daily life of people in the world. Despite all the negative aspects of the outbreak of this disease in industries, it is safe to say that many markets were able to survive and even profit during these difficult times. Nevertheless, the official quarantines and the continuous spread of this disease in many countries of the world have had a significant impact on the global financial markets and cryptocurrencies, and have involved many channels related to the global economy, such as stock markets and the labor market, leading to a decrease in market returns. has been stocked; But it paved the way for cryptocurrencies to play a greater role. This study tries to investigate the effectiveness of three families of conventional cryptocurrencies with backing, conventional cryptocurrencies without backing and Islamic cryptocurrencies with backing in the conditions before and after the spread of the Corona virus. For this purpose, efficiency levels are studied to provide the best predictions and strategies. The present research has two goals. The first objective is to give a brief explanation about cryptocurrencies; The second objective is to investigate the efficiency and flexibility of Islamic cryptocurrencies with backing (such as X8X), conventional cryptocurrencies with backing (such as PaxGold) and conventional cryptocurrencies without backing (such as Bitcoin) using a multi-fractal nonlinear method. The results of the research indicate that the cryptocurrencies that have been discussed have been more efficient during the Corona (Covid) period than the period before the Corona disease (Per-Covid). |
Article number: 19 |
| Keywords: Efficiency, Cryptocurrency, Financial markets |
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Full-Text [PDF 1388 kb]
(21 Downloads)
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Article type: Research |
Subject:
General
Received: 2023/12/2 | Accepted: 2024/02/25 | Published: 2024/07/31
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