Investments in the cryptocurrency market or the commodity exchange. Which is more efficient?

Cryptocurrencies have become an essential element of the global financial system, and in recent years also a frequent investment tool. The aim of the study is to check whether investments in cryptocurrencies are more effective than in commodities on commodity exchanges. The study was conducted based...

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Autores principales:	Sylwester Kozak, Seweryn Gajdek
Formato:	article
Lenguaje:	EN PL
Publicado:	Malopolska School of Economics in Tarnow, Poland 2021
Materias:	cryptocurrencies investments commodity exchanges investment efficiency Economics as a science HB71-74 Management. Industrial management HD28-70
Acceso en línea:	https://doaj.org/article/5dda92b46eb943329e47a97c63d63f0d
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spelling	oai:doaj.org-article:5dda92b46eb943329e47a97c63d63f0d2021-11-24T12:30:40ZInvestments in the cryptocurrency market or the commodity exchange. Which is more efficient?1506-26352658-181710.25944/znmwse.2021.03.6171https://doaj.org/article/5dda92b46eb943329e47a97c63d63f0d2021-09-01T00:00:00Zhttps://zn.mwse.edu.pl/index.php/zn/article/view/807https://doaj.org/toc/1506-2635https://doaj.org/toc/2658-1817Cryptocurrencies have become an essential element of the global financial system, and in recent years also a frequent investment tool. The aim of the study is to check whether investments in cryptocurrencies are more effective than in commodities on commodity exchanges. The study was conducted based on the daily quotations of the analyzed instruments in 2011–2020. The investment efficiency level was estimated using Sharpe’s and Sortino’s indicators. The research results showed that, on average, over the entire period under study, investments in cryptocurrencies were burdened with the highest risk, but at the same time achieved the highest daily rates of return. As a result, they were much more effective investment tools than gold, silver and WTI. The advantage of cryptocurrencies could be due to the long-term persistence of ultra-low interest rates and the reduced attractiveness of investment in debt securities. Bitcoin and etherum with the largest shares in cryptocurrency market capitalization have proven to be the most effective investment tools.Sylwester KozakSeweryn GajdekMalopolska School of Economics in Tarnow, Polandarticlecryptocurrenciesinvestmentscommodity exchangesinvestment efficiencyEconomics as a scienceHB71-74Management. Industrial managementHD28-70ENPLZeszyty Naukowe Małopolskiej Wyższej Szkoły Ekonomicznej w Tarnowie, Vol 51, Iss 3, Pp 61-71 (2021)
institution	DOAJ
collection	DOAJ
language	EN PL
topic	cryptocurrencies investments commodity exchanges investment efficiency Economics as a science HB71-74 Management. Industrial management HD28-70
spellingShingle	cryptocurrencies investments commodity exchanges investment efficiency Economics as a science HB71-74 Management. Industrial management HD28-70 Sylwester Kozak Seweryn Gajdek Investments in the cryptocurrency market or the commodity exchange. Which is more efficient?
description	Cryptocurrencies have become an essential element of the global financial system, and in recent years also a frequent investment tool. The aim of the study is to check whether investments in cryptocurrencies are more effective than in commodities on commodity exchanges. The study was conducted based on the daily quotations of the analyzed instruments in 2011–2020. The investment efficiency level was estimated using Sharpe’s and Sortino’s indicators. The research results showed that, on average, over the entire period under study, investments in cryptocurrencies were burdened with the highest risk, but at the same time achieved the highest daily rates of return. As a result, they were much more effective investment tools than gold, silver and WTI. The advantage of cryptocurrencies could be due to the long-term persistence of ultra-low interest rates and the reduced attractiveness of investment in debt securities. Bitcoin and etherum with the largest shares in cryptocurrency market capitalization have proven to be the most effective investment tools.
format	article
author	Sylwester Kozak Seweryn Gajdek
author_facet	Sylwester Kozak Seweryn Gajdek
author_sort	Sylwester Kozak
title	Investments in the cryptocurrency market or the commodity exchange. Which is more efficient?
title_short	Investments in the cryptocurrency market or the commodity exchange. Which is more efficient?
title_full	Investments in the cryptocurrency market or the commodity exchange. Which is more efficient?
title_fullStr	Investments in the cryptocurrency market or the commodity exchange. Which is more efficient?
title_full_unstemmed	Investments in the cryptocurrency market or the commodity exchange. Which is more efficient?
title_sort	investments in the cryptocurrency market or the commodity exchange. which is more efficient?
publisher	Malopolska School of Economics in Tarnow, Poland
publishDate	2021
url	https://doaj.org/article/5dda92b46eb943329e47a97c63d63f0d
work_keys_str_mv	AT sylwesterkozak investmentsinthecryptocurrencymarketorthecommodityexchangewhichismoreefficient AT seweryngajdek investmentsinthecryptocurrencymarketorthecommodityexchangewhichismoreefficient
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Investments in the cryptocurrency market or the commodity exchange. Which is more efficient?

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