  This paper analyses the relationship between BitCoin price and supply-demand
fundamentals of BitCoin, global macro-financial indicators and BitCoin
attractiveness for investors. Using daily data for the period 2009-2014 and
applying time-series analytical mechanisms, we find that BitCoin market
fundamentals and BitCoin attractiveness for investors have a significant impact
on BitCoin price. Our estimates do not support previous findings that the
macro-financial developments are driving BitCoin price.
