... volatility in Bitcoin cannot be attributed to speculative trading Finding that speculative trading is not driving the presence of excess volatility in Bitcoin is puzzling and suggests that something... the historic price dynamics of Bitcoin Second, we test the hypothesis that speculative trading in Bitcoin can explain the presence of the unusually high level of volatility in Bitcoin In order to... examining speculative trading in Bitcoin, to our surprise, we not find an unusual amount of this type of trading during our sample time period In fact, during the latter part of 2013 Bitcoin s