Beschreibung:
One of the most enigmatic recent asset bubbles is represented by Bitcoin, which has broken all previous records in terms of price growth and volatility level (Zhang, 2022). This paper proposes a model, based on a systematic review of the literature and the subsequent application of clustering techniques (i.e., unsupervised machine learning), highlighting four key factors that may drive individuals’ Bitcoin price expectations: 1) knowledge, scarcity, and expertise; 2) the network effect; 3) digital content and information; and 4) individual risk profiles. These four factors are then empirically tested, revealing a strong relationship with the expected price of Bitcoin