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Vliv monetární politiky na cenu Bitcoinu
Endelová, Kateřina
The diploma thesis deals with the influence of the monetary policy of the Europe-an Central Bank on the price of Bitcoin during the Covid-19 crisis and after it. This relationship is explored using data on monetary policy announcements and Bitcoin returns. Along with announcements, other price determinants are also ex-amined. The OLS regression method is used in conjunction with rolling regression. The results provide evidence that the relationship between Bitcoin and monetary policy is not stable. Bitcoin reacts to announcements at the beginning of the crisis, later announcements are insignificant for Bitcoin. The joint movement of the stock index and Bitcoin indicates the speculative motives of holding this cryptocurrency. At the same time, Bitcoin is not a hedge against inflation and cannot be considered a safe haven.

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