가상자산 비트코인은 화폐인가, 자산인가?
Is Bitcoin a currency or an asset?
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초록
본 연구는 비트코인 수요 관련 국내 데이터의 부재로 실증분석보다는 해외 연구에 기초하여 비트코인의 본질(화폐 vs. 자산)을 검토하였고, 자산 포트폴리오에서 비트코인의 금융자산으로서 기능(투기, 분산, 헤징, 안전자산)에 대해서 살펴보고자 한다. 본 연구의 내용을 정리하면 다음과 같다. 우선, 비트코인에 대한 화폐로서의 위상 부여에 있어서 화폐로서의 기본적 기능 부족을 이유로 화폐로 인정할 수 없다는 연구도 있지만, 향후 비트코인이 화폐로서 발전할 가능성을 제시하는 연구도 다수 있다. 비트코인의 화폐화를 위해서는 지불결제수단으로 채택 확산, 법제도 확립, 국가 간 협정 등의 과제를 두고 있다. 한편, 자산 포트폴리오 관점에서의 첫째, 비트코인을 화폐로서 인정하기를 거부하는 연구들은 비트코인을 높은 변동성을 가진 수익추구의 투기적 자산으로 분류한다. 둘째, 자산 포트폴리오 측면에서 비트코인은 타 자산과의 상관관계에 있어 분산기능을 갖추고 있는 것으로 인식한다. 셋째, 경제 불확실성 지수들이 급변하는 시장변동성에 대해 비트코인이 헤지 기능을 갖는 것으로 인식한다. 마지막으로, 비트코인이 금과 같은 진화과정을 거치고 있지만 금과 같은 안전자산으로서의 기능은 부족한 것으로 나타났다. 이상의 연구결과들을 볼 때 자산으로서 비트코인의 특성은 통화, 원자재, 주식의 금융자산 특성과 상호 배타적이지 않으며, 이러한 특성은 자산 포트폴리오 내에서 분산과 헤지의 다중적 금융자산 기능을 수행할 수 있음을 의미한다.
Abstract
Bitcoin has attracted a lot of attention due mainly to the drastic price surge it has experienced over the last few years. This increase in prices has been accompanied by a huge rise in volatility, which has fueled a debate about the financial nature of Bitcoin. This paper analyzes the demand for Bitcoin in order to shed light on its financial nature of whether it is a currency or an asset. I first scrutinize the economics of Bitcoin from evidencing its shortcomings as a currency to fulfill the functions of money. In addition, I theorize about the possibility of Bitcoin becoming a world reserve currency from the perspectives of macroeconomic stability by comparing with gold standards. In a second part, I perform a theoretical classifications of factors to demand for Bitcoin whether It stems from Bitcoin’s utility as a speculative asset, a safe-haven commodity, or as diversification benefits asset. Bitcoin is not only still in the process of being monetized but It should also be noted that these three categories(currency, commodity and financial asset) are not mutually exclusive. For instance, gold is commodity that was once used as the world reserve currency and is today considered a safe-haven asset by many investors. In the same way, Bitcoin might be perceived and thus employed by investors for different purposes.
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