Zlato i Bitcoin kao investicijske klase

master's thesis

• Title: Zlato i Bitcoin kao investicijske klase : sličnosti i razlike
• Title (english): Gold and Bitcoin as investment classes : similarities and differences
• Author: Luka Kukura
• Mentor: Tomislav Baković (mentor)
• Committee member: Mate Damić (predsjednik povjerenstva)
• Committee member: Ivana Štulec (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Trade and International Business); Zagreb
• Defense date and country: 2023-03-23, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Trade and Tourism

Abstract

Budući da je trenutna stopa inflacije u Hrvatskoj čak 13,1%, a globalna recesija je na pomolu investitori žele pronaći sigurno utočište kako bi se zaštitili od inflacije i očuvali vrijednost svoje imovine. Diverzifikacijom portfelja ulaganjem u različite investicijske klase poput niskorizičnog zlata i visokorizičnog Bitcoina, investitori žele disperzirati rizik svojeg ulaganja. Pojavom Bitcoina 2009. godine kao pretečom svih kriptovaluta, javnost je po prvi put bila upoznata s virtualnim valutama kao alternativom klasičnom fiat novcu. Nitko od stručnjaka nije mogao prognozirati da će Bitcoin postati općeprihvaćen od strane institucionalnih investitora i doživjeti procvat, a ne propasti u samim začecima. S obzirom na navedeno u radu je istraženo koje su sve sličnosti i razlike, tj. prednosti i nedostaci ulaganja u Bitcoin od nosno u zlato kao u investicijsku klasu. Iako se Bitcoin nije dokazao kao „digitalno zlato“ te ne pruža zaštitu od inflacije u turbulentnim vremenima financijskih kriza kao što pruža zlato, ipak je zajedno sa zlatom tijekom Covid-19 pandemije doživio cjenovni „boom“ u odnosu na druge investicijske klase. U radu su detaljno analizirane specifičnosti zlata i Bitcoina kao investicijskih klasa te usporedba oskudnosti, sposobnosti hedžiranja te profitabilnosti i volatilnosti jedne i druge investicijske klase. Kao jedna od prednosti investiranja u zlato nad Bitcoinom predstavlja i oslobođenje od plaćanja poreza ulaganjem u zlato, odnosno plaćanje poreza na kapitalnu dobit kod isplate kriptovaluta u fiat novac. Trgovanje ročnicama i opcijama na burzovnim kripto tržištima je također sve popularnije, istovremeno s porastom kripto platformi za trgovanje. Na kraju rada je provedeno anketno istraživanje o stavovima ispitanika o ulaganju u zlato ili Bitcoin. Ispitanici smatraju da je nakon kolapsa velikog broja središnjih kripto burzi povjerenje u kriptovalute oslabilo, a da digitalne valute i dalje ne mogu zamijeniti klasične fiat valute. U konačnici, anketom je utvrđeno kako većina ispitanika smatra da je zlato u odnosu na očekivani prinos i rizik sigurnija investicija od Bitcoina.

Abstract (english)

Since the current inflation rate in Croatia is as high as 13,1%, and a global recession is on the horizon, investors want to find a safe haven to protect themselves from inflation and preserve the value of their assets. By diversifying the portfolio by investing in different investment classes such as low-risk gold and high-risk Bitcoin, investors want to disperse the risk of their investment. With the appearance of Bitcoin in 2009 as the forerunner of all cryptocurrencies, the public was first introduced to virtual currencies as an alternative to classic fiat money. None of the experts could have predicted that Bitcoin would become widely accepted by institutional investors and experience a boom rather than a collapse in its infancy. With regard to the above, the paper investigated the similarities and differences, i.e. the advantages and disadvantages of investing in Bitcoin or gold as an investment class. Although Bitcoin has not proven itself as "digital gold" and does not provide protection against inflation in turbulent times of financial crises as gold does, it nevertheless experienced a price "boom" with gold during the Covid-19 pandemic compared to other investment classes. The paper analyses in detail the specifics of gold and Bitcoin as investment classes and compares the scarcity, hedging ability, profitability and volatility of one and the other investment class. One of the advantages of investing in gold over Bitcoin is exemption from paying taxes by investing in gold, i.e. paying capital gains tax when paying out cryptocurrencies in fiat money. Futures and options trading on stock crypto markets is also increasingly popular, along with the rise of crypto trading platforms. At the end of the paper, a survey was conducted on the respondents’ attitudes about investing in gold or Bitcoin. Respondents believe that after the collapse of a large number of central crypto exchanges, confidence in cryptocurrencies has weakened, and that digital currencies still cannot replace classic fiat currencies. Ultimately, the survey found that the majority of respondents believe that gold is a safer investment than Bitcoin in terms of expected return and risk.

• Keywords: Bitcoin; zlato; ulaganje; Covid-19; blockchain; wallet; hedžiranje; inflacija; porezni tretman; terminsko tržište
• Keywords (english): Bitcoin; gold; investment; Covid-19; blockchain; wallet; hedging; inflation; tax treatment; futures market
• Language: croatian
• URN:NBN: urn:nbn:hr:148:200620
• Study programme: Title: Business economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: sveučilišni magistar ekonomije/sveučilišna magistra ekonomije (sveučilišni magistar ekonomije/sveučilišna magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to authenticated users
• Created on: 2023-03-24 13:15:59