Federal Reserve Bank of New York Staff Reports, no. 1052
February 2023
https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr1052.pdf"Is macroeconomic news driving Bitcoin? In this paper, we conduct a systematic
analysis of the impact of macroeconomic and monetary policy news on Bitcoins
price. We model Bitcoin as an asset with no intrinsic value for which its current
price depends on the discounted value of its future price. In our empirical analysis,
we find that Bitcoin is unresponsive to both monetary and macroeconomic news. In
particular, the result that Bitcoin does not react to monetary news is puzzling as it
casts some doubts on the role of discount rates in pricing Bitcoin. Given the short
sample used in the analysis, however, more evidence is needed to assess the disconnect
between Bitcoin and macroeconomic fundamentals."