Could “Digital Gold” Resist Global Supply Chain Pressure?

Abstract

Exploring the safe-haven characteristics of bitcoin from novel perspectives is crucial to diversify the investment and reap the benefits. This investigation employs bootstrap full-and sub-sample techniques to probe time-varying interrelation between global supply chain pressure (GSCP) and bitcoin price (BP), and further answer if “digital gold” could resist the strains of global supply chain. The empirical outcomes suggest that GSCP positively and negatively affects BP. The positive influence points out that high GSCP might boost the international bitcoin market, driving BP to rise, which indicates that “digital gold” could resist the pressures of global supply chain. But the negative effect of GSCP on BP could not support the above view, mainly affected by the weak purchasing power and more valuable assets, which is not consistent with the assumption of the inter-temporal capital asset pricing model (ICAPM). In turn, GSCP is adversely affected by BP, highlighting that the international bitcoin market may be viewed as a stress reliever for the global supply chain. Against a backdrop of the deteriorative Russia-Ukraine war and the intensifying global supply chain crisis, the above conclusions could bring significative lessons to the public, enterprises and related economies.

Green bonds and US shale gas prices: Evidence from a novel time-varying causality

“…Using a full-sample estimate to examine the relationship between the GBI and SGPI can be overly simplistic. Different results sometimes correspond to different periods; however, the full-sample Granger causality test presents only one causal relationship [ [41] , [42] , [43] , [44] ]. Thus, the structural changes in the bivariate model and time series largely determine that the relationship between the SGPI and GBI can be time-varying.…”

Analyzing the impact of container shipping service reliability on global supply chain pressure: An asymmetric approach

“…All these developments will be reflected in the country's economies as inflation and economic slowdown, as researched in the literature (Andriantomanga et al, 2023;Liu and Nguyen, 2023;Ye et al, 2023). In addition, as this situation increases uncertainty, investors can follow the developments in the global supply chain and switch to safe haven (Li et al, 2023;Qin et al, 2023b;Su et al, 2023) and alternative (Qin et al, 2023c) investment instruments, which contribute to the economic slowdown by causing a decrease in the demand for goods and services.…”

“…The relationship between GSCPI and bitcoin markets was analyzed by Qin et al (2023c), and they determined that the GSCPI variable affects bitcoin markets positively and negatively, although it changes over time.…”