Utjecaj kriptovaluta na tradicionalna tržišta kapitala

master's thesis

• Title (english): The impact of cryptocurrencies on traditional capital markets
• Author: Matija Fortuna
• Mentor: Jovana Zoroja (mentor)
• Committee member: Marko Primorac (predsjednik povjerenstva)
• Committee member: Ivan Strugar (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Informatics); Zagreb
• Defense date and country: 2021-04-13, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Business Informatics

Abstract

Kriptovalute koje se kao alternativa tiskanom novcu koriste zadnjih desetak godina omogućile su određenom broju ljudi brzu i relativno laku zaradu. Veliki investitori i investicijske kompanije prije desetak godina predviđali su vrlo brz pad vrijednosti utjecajnih kriptovaluta i zapravo raspad cijelog tog tržišta. Na veliko čuđenje većine stručnjaka kriptovalute postoje i danas, a određene su postigle toliku vrijednost da se u njih dugoročno ulaže, odnosno ne koristi ih se kao što je bilo predviđeno kao platežno sredstvo. Predviđanja rasta i pada vrijednosti kriptovaluta još su teža od takvih predviđanja na tržištima dionica i obveznica, a postoje određeni parametri kojima je vidljivo da je gotovo nemoguće procijeniti hoće li koja kriptovaluta i njena vrijednost rasti ili padati i za koliko. Iako je gotovo nemoguće predvidjeti rast ili pad pojedine kriptovalute još je teže usporediti imaju li rast i pad vrijednosti kriptovaluta ikakvog utjecaja na rast i pad vrijednosti pojedinih vrijednosnih papira na tradicionalnim tržištima kapitala. S obzirom na navedeno u radu je istraženo na koji način kriptovalute utječu na tradicionalna tržišta kapitala te koje su prednosti i nedostaci ulaganja na ta tržišta. Hoće li doći do postupnog odlijeva ulagačkog kapitala s tržišta kapitala na tržište kriptovaluta i u kojem će periodu kriptovalute zamijeniti novac i hoće li do toga ikada doći. Anketnim istraživanjem na samom kraju rada ispitana je volja i spremnost nasumično odabranih ispitanika na zamjenu novca jednom od kriptovaluta i u kojem vremenskom periodu bi to moglo biti ostvarivo.

U radu su detaljno opisana tržišta kriptovaluta kao i najvažnije valute na tom tržištu, te tržišta kapitala i investicijski fondovi na tržištima kapitala, ali i kibernetička sigurnost kriptovaluta kao i budućnost utjecaja kriptovaluta na tržišta kapitala. Zadnji dio rada je primarno istraživanje kojim su ispitana mišljenja ispitanika o utjecajnosti i sigurnosti kriptovaluta. Također ispitanici su dali svoja mišljenja u budućnosti kriptovaluta i mogućnostima zamijene novca nekim drugim oblikom digitalnih valuta. Dobiveni rezultati analizirani su te prikazani grafikonima, a zaključak istraživanja je da su ispitanici u većem postotku upoznati s pojmom tržišta kriptovaluta nego s pojmom tradicionalnih tržišta kapitala.

Abstract (english)

Cryptocurrencies that have been used as an alternative to cash for the last ten years have enabled a number of people to make quick and relatively easy money. Big investors and investment companies ten years ago predicted a very rapid decline in the value of influential cryptocurrencies and in fact the collapse of the entire market. To the great surprise of most financial experts, cryptocurrencies still exist today, and some of them have reached such a value that people invest in them in the long run, consequently they are not used as means of payment. Predictions of growth and decline in the value of cryptocurrencies are even more difficult than those in stock and bond markets. There are certain parameters that make it almost impossible to assess whether a cryptocurrency and its value will rise or fall and how much. Although it is almost impossible to predict the rise or fall of a particular cryptocurrency, it is even more difficult to compare whether the rise and fall of the value of cryptocurrencies have any impact on the rise and fall of individual securities in traditional capital markets. Given the above, the paper investigates how cryptocurrencies affect traditional capital markets and what are the advantages and disadvantages of investing in these markets. Will there be a gradual outflow of investment capital from the capital market to the cryptocurrency market and in what period will cryptocurrencies replace money and will this ever happen. Survey research at the very end of the paper examined the will and willingness of randomly selected respondents to exchange money for one of the cryptocurrencies and in what period of time this could be feasible.

This thesis describes in detail the cryptocurrency markets and the most important currencies in that market, as well as capital markets and investment funds in capital markets, but also the cyber security of cryptocurrencies and the future impact of cryptocurrencies on capital markets. The last part of the thesis is the primary research which examined the opinions of the respondents on the influence and security of cryptocurrencies. Respondents also gave their opinions on the future of cryptocurrencies and the possibilities of exchanging money with some other form of digital currency. The obtained results were analyzed and presented in graphs. The conclusion of the research is that a higher percentage of respondents are familiar with the concept of cryptocurrency market than with the concept of traditional capital markets.

• Keywords: tržište; kriptovalute; kapital; Bitcoin; konkurencija
• Keywords (english): market; cryptocurrencies; capital; Bitcoin; competition
• Language: croatian
• URN:NBN: urn:nbn:hr:148:960744
• Study programme: Title: Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2021-04-19 11:19:48