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Behind the Rocketing Bitcoin: What Nourishes Trust?

Bitcoin has no fundamental value and, therefore, it cannot be valued rationally. Behind its price we basically find trust or confidence. Until now, trust has been associated with the technology underlying bitcoin, blockchain. Trust arises from the idea of distributed data. But confidence may be reinforced, or weakened, by information. People need information to socialize, to make decisions and formulate opinions. This paper aims to test whether information (external and internal) can intensify the power of trust as the key element describing the bitcoin evolution. General news is a source of external information that may affect both prices and demand. But price variations may also result from demand if such demand is an internal information source associated with utility and confidence. This paper analyses what type of information is related with trust and how it affected bitcoin returns and trading volume in a particularly interesting period of time: from December 2013 to December 2017. 2017 is considered the first breakout of bitcoin trading, and our purpose is to focus on this first significant and striking change in bitcoin market´s dynamic, so that we can infer which are the main drivers of this market. On the one hand, our results indicate that, contrary to what happens in other financial markets, good news significantly influences prices and volume and, on the other hand, some specific macroeconomic news inducing lack of confidence in traditional markets can drive investors´ demand in some countries (such as China or Japan) towards the bitcoin market.