Cryptocurrency network factors and gold

Kei Nakagawa, Ryuta Sakemoto

Research output: Contribution to journalArticlepeer-review

4 Citations (Scopus)


Both cryptocurrencies and gold are scarce, expensive for extraction, and less affected by money supply. We focus on these similarities and investigate whether cryptocurrency network affects impact on expected return on gold. Our results show that the number of cryptocurrency wallet users is positively related to the expected return on gold. Moreover, we employed a machine-learning approach and considered the interactions among predictors. We reveal that network factors have a greater impact on gold than returns on Bitcoin and other macroeconomic and financial variables.

Original languageEnglish
Article number102375
JournalFinance Research Letters
Publication statusAccepted/In press - 2021


  • Cryptocurrencies
  • Gold
  • Machine learning
  • Network factors
  • Precious metals

ASJC Scopus subject areas

  • Finance


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