{"id":"https://openalex.org/W4293230787","doi":"https://doi.org/10.3390/axioms11080415","title":"Bitcoin as a Safe-Haven Asset and a Medium of Exchange","display_name":"Bitcoin as a Safe-Haven Asset and a Medium of Exchange","publication_year":2022,"publication_date":"2022-08-18","ids":{"openalex":"https://openalex.org/W4293230787","doi":"https://doi.org/10.3390/axioms11080415"},"language":"en","primary_location":{"id":"doi:10.3390/axioms11080415","is_oa":true,"landing_page_url":"https://doi.org/10.3390/axioms11080415","pdf_url":"https://www.mdpi.com/2075-1680/11/8/415/pdf?version=1661335569","source":{"id":"https://openalex.org/S4210173132","display_name":"Axioms","issn_l":"2075-1680","issn":["2075-1680"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Axioms","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/2075-1680/11/8/415/pdf?version=1661335569","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5029260513","display_name":"Yu Yan","orcid":"https://orcid.org/0000-0003-4058-8489"},"institutions":[{"id":"https://openalex.org/I20231570","display_name":"Peking University","ror":"https://ror.org/02v51f717","country_code":"CN","type":"education","lineage":["https://openalex.org/I20231570"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Yu Yan","raw_affiliation_strings":["School of Economics, Peking University, Haidian District, Beijing 100871, China"],"affiliations":[{"raw_affiliation_string":"School of Economics, Peking University, Haidian District, Beijing 100871, China","institution_ids":["https://openalex.org/I20231570"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5048356019","display_name":"Yiming Lei","orcid":"https://orcid.org/0000-0002-5344-4479"},"institutions":[{"id":"https://openalex.org/I20231570","display_name":"Peking University","ror":"https://ror.org/02v51f717","country_code":"CN","type":"education","lineage":["https://openalex.org/I20231570"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Yiming Lei","raw_affiliation_strings":["School of Economics, Peking University, Haidian District, Beijing 100871, China"],"affiliations":[{"raw_affiliation_string":"School of Economics, Peking University, Haidian District, Beijing 100871, China","institution_ids":["https://openalex.org/I20231570"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5100377963","display_name":"Yiming Wang","orcid":"https://orcid.org/0009-0002-7585-6201"},"institutions":[{"id":"https://openalex.org/I20231570","display_name":"Peking University","ror":"https://ror.org/02v51f717","country_code":"CN","type":"education","lineage":["https://openalex.org/I20231570"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Yiming Wang","raw_affiliation_strings":["Key Laboratory of Mathematical Economics and Quantitative Finance, Peking University, Haidian District, Beijing 100871, China","School of Economics, Peking University, Haidian District, Beijing 100871, China"],"affiliations":[{"raw_affiliation_string":"Key Laboratory of Mathematical Economics and Quantitative Finance, Peking University, Haidian District, Beijing 100871, China","institution_ids":["https://openalex.org/I20231570"]},{"raw_affiliation_string":"School of Economics, Peking University, Haidian District, Beijing 100871, China","institution_ids":["https://openalex.org/I20231570"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5100377963"],"corresponding_institution_ids":["https://openalex.org/I20231570"],"apc_list":{"value":1400,"currency":"CHF","value_usd":1515},"apc_paid":{"value":1400,"currency":"CHF","value_usd":1515},"fwci":4.1446,"has_fulltext":true,"cited_by_count":13,"citation_normalized_percentile":{"value":0.94613702,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":97,"max":98},"biblio":{"volume":"11","issue":"8","first_page":"415","last_page":"415"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.9998999834060669,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},"topics":[{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.9998999834060669,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.9944000244140625,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11270","display_name":"Complex Systems and Time Series Analysis","score":0.9783999919891357,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/safe-haven","display_name":"Safe haven","score":0.7382402420043945},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.6449115872383118},{"id":"https://openalex.org/keywords/portfolio","display_name":"Portfolio","score":0.6093779802322388},{"id":"https://openalex.org/keywords/medium-of-exchange","display_name":"Medium of exchange","score":0.5959438681602478},{"id":"https://openalex.org/keywords/asset","display_name":"Asset (computer security)","score":0.5885409116744995},{"id":"https://openalex.org/keywords/risk-aversion","display_name":"Risk aversion (psychology)","score":0.4385717511177063},{"id":"https://openalex.org/keywords/haven","display_name":"Haven","score":0.4286747872829437},{"id":"https://openalex.org/keywords/investment","display_name":"Investment (military)","score":0.4239670932292938},{"id":"https://openalex.org/keywords/monetary-economics","display_name":"Monetary economics","score":0.4019906222820282},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.3815183639526367},{"id":"https://openalex.org/keywords/microeconomics","display_name":"Microeconomics","score":0.3354082703590393},{"id":"https://openalex.org/keywords/expected-utility-hypothesis","display_name":"Expected utility hypothesis","score":0.23603662848472595},{"id":"https://openalex.org/keywords/currency","display_name":"Currency","score":0.11589425802230835},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.10309994220733643},{"id":"https://openalex.org/keywords/computer-security","display_name":"Computer security","score":0.09381628036499023}],"concepts":[{"id":"https://openalex.org/C2992712416","wikidata":"https://www.wikidata.org/wiki/Q7398532","display_name":"Safe haven","level":2,"score":0.7382402420043945},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6449115872383118},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.6093779802322388},{"id":"https://openalex.org/C2780112241","wikidata":"https://www.wikidata.org/wiki/Q11105360","display_name":"Medium of exchange","level":3,"score":0.5959438681602478},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.5885409116744995},{"id":"https://openalex.org/C129915516","wikidata":"https://www.wikidata.org/wiki/Q17083550","display_name":"Risk aversion (psychology)","level":3,"score":0.4385717511177063},{"id":"https://openalex.org/C2778217808","wikidata":"https://www.wikidata.org/wiki/Q5683658","display_name":"Haven","level":2,"score":0.4286747872829437},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.4239670932292938},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4019906222820282},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3815183639526367},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3354082703590393},{"id":"https://openalex.org/C205706631","wikidata":"https://www.wikidata.org/wiki/Q2319304","display_name":"Expected utility hypothesis","level":2,"score":0.23603662848472595},{"id":"https://openalex.org/C141121606","wikidata":"https://www.wikidata.org/wiki/Q8142","display_name":"Currency","level":2,"score":0.11589425802230835},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.10309994220733643},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.09381628036499023},{"id":"https://openalex.org/C114614502","wikidata":"https://www.wikidata.org/wiki/Q76592","display_name":"Combinatorics","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.3390/axioms11080415","is_oa":true,"landing_page_url":"https://doi.org/10.3390/axioms11080415","pdf_url":"https://www.mdpi.com/2075-1680/11/8/415/pdf?version=1661335569","source":{"id":"https://openalex.org/S4210173132","display_name":"Axioms","issn_l":"2075-1680","issn":["2075-1680"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Axioms","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:e534c21a32a64b1996e22a7185675ab1","is_oa":true,"landing_page_url":"https://doaj.org/article/e534c21a32a64b1996e22a7185675ab1","pdf_url":null,"source":{"id":"https://openalex.org/S112646816","display_name":"SHILAP Revista de lepidopterolog\u00eda","issn_l":"0300-5267","issn":["0300-5267","2340-4078"],"is_oa":true,"is_in_doaj":true,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Axioms, Vol 11, Iss 8, p 415 (2022)","raw_type":"article"},{"id":"pmh:oai:mdpi.com:/2075-1680/11/8/415/","is_oa":true,"landing_page_url":"https://dx.doi.org/10.3390/axioms11080415","pdf_url":null,"source":{"id":"https://openalex.org/S4306400947","display_name":"MDPI (MDPI AG)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I4210097602","host_organization_name":"Multidisciplinary Digital Publishing Institute (Switzerland)","host_organization_lineage":["https://openalex.org/I4210097602"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Axioms; Volume 11; Issue 8; Pages: 415","raw_type":"Text"}],"best_oa_location":{"id":"doi:10.3390/axioms11080415","is_oa":true,"landing_page_url":"https://doi.org/10.3390/axioms11080415","pdf_url":"https://www.mdpi.com/2075-1680/11/8/415/pdf?version=1661335569","source":{"id":"https://openalex.org/S4210173132","display_name":"Axioms","issn_l":"2075-1680","issn":["2075-1680"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Axioms","raw_type":"journal-article"},"sustainable_development_goals":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320321106","display_name":"Ministry of Education of the People's Republic of China","ror":"https://ror.org/01mv9t934"}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4293230787.pdf","grobid_xml":"https://content.openalex.org/works/W4293230787.grobid-xml"},"referenced_works_count":38,"referenced_works":["https://openalex.org/W1993755359","https://openalex.org/W2012615794","https://openalex.org/W2041854950","https://openalex.org/W2145501956","https://openalex.org/W2510547309","https://openalex.org/W2526568049","https://openalex.org/W2539680302","https://openalex.org/W2601386739","https://openalex.org/W2740288336","https://openalex.org/W2758991599","https://openalex.org/W2785114503","https://openalex.org/W2788328679","https://openalex.org/W2791501975","https://openalex.org/W2793906868","https://openalex.org/W2809373714","https://openalex.org/W2912834344","https://openalex.org/W2982103765","https://openalex.org/W2998401173","https://openalex.org/W3121763085","https://openalex.org/W3122067257","https://openalex.org/W3123299411","https://openalex.org/W3123792740","https://openalex.org/W3123868249","https://openalex.org/W3124772058","https://openalex.org/W3125597160","https://openalex.org/W3148363294","https://openalex.org/W3164969678","https://openalex.org/W3166967154","https://openalex.org/W3184067426","https://openalex.org/W4205517619","https://openalex.org/W4212818423","https://openalex.org/W4214667034","https://openalex.org/W4214762486","https://openalex.org/W4214887238","https://openalex.org/W4281481436","https://openalex.org/W4281824856","https://openalex.org/W4283705594","https://openalex.org/W4289134187"],"related_works":["https://openalex.org/W2080374548","https://openalex.org/W2188689488","https://openalex.org/W4253570920","https://openalex.org/W2796845615","https://openalex.org/W2981539625","https://openalex.org/W2230583060","https://openalex.org/W2981565586","https://openalex.org/W3193591787","https://openalex.org/W2320960028","https://openalex.org/W4366111721"],"abstract_inverted_index":{"A":[0],"monetary":[1],"model":[2,83],"is":[3,21,47,89],"established":[4],"to":[5,112],"introduce":[6],"that":[7],"bitcoin":[8,74,101,121,131],"does":[9],"have":[10],"the":[11,18,32,69,73,82,87,92,98,103,114,127],"characteristics":[12],"of":[13,34,65,72,81,100,129],"a":[14,35,51,59,63,78],"price":[15],"rise":[16],"when":[17,39],"economic":[19,40],"situation":[20],"terrible":[22],"under":[23],"high":[24],"risk":[25,45],"aversion.":[26],"At":[27,54],"this":[28,55],"time,":[29,56],"Bitcoin":[30,49,57],"has":[31,50,58,132],"property":[33,61],"safe-haven":[36,135],"asset,":[37],"and":[38,44,84,86,116,120],"conditions":[41],"are":[42,110],"good":[43],"aversion":[46],"low,":[48],"pro-cyclical":[52],"nature.":[53],"stronger":[60,134],"as":[62],"medium":[64],"exchange.":[66],"To":[67,95],"show":[68],"movement":[70],"law":[71],"price,":[75],"we":[76],"make":[77],"logarithmic":[79],"linearization":[80],"simulation,":[85],"result":[88],"consistent":[90],"with":[91],"theoretical":[93],"analysis.":[94],"better":[96],"understand":[97],"role":[99],"in":[102,122],"real":[104],"economy,":[105],"several":[106],"standard":[107],"portfolio":[108],"models":[109],"used":[111],"measure":[113],"similarities":[115],"differences":[117],"between":[118],"gold":[119],"an":[123],"investment":[124],"portfolio.":[125],"After":[126],"outbreak":[128],"COVID-19,":[130],"shown":[133],"asset":[136],"properties.":[137]},"counts_by_year":[{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":5}],"updated_date":"2026-04-09T08:11:56.329763","created_date":"2022-08-27T00:00:00"}