Replication Data for: Bitcoin Gold, Litecoin Silver: An Introduction to Cryptocurrency’s Valuation and Trading Strategy

Historically, gold and silver have played distinct roles in traditional monetary systems. While gold has primarily been revered as a superior store of value, prompting individuals to hoard it, silver has commonly been used as a medium of exchange. As the financial world evolves, the emergence of cryptocurrencies has introduced a new paradigm of value and exchange. However, the store-of-value characteristic of these digital assets remains largely uncharted. Charlie Lee, the founder of Litecoin, once likened Bitcoin to gold and Litecoin to silver. To validate this analogy, our study employs several metrics, including UTXO, STXO, WAL, CoinDaysDestroyed (CDD), and public on-chain transaction data. Furthermore, we've devised trading strategies centered around the Price-to-Utility (PU) ratio, offering a fresh perspective on crypto-asset valuation beyond traditional utilities. Our back-testing results not only display trading indicators for both Bitcoin and Litecoin but also substantiate Lee's metaphor, underscoring Bitcoin's superior store-of-value proposition relative to Litecoin. We anticipate that our findings will drive further exploration into the valuation of crypto assets. For enhanced transparency and to promote future research, we've made our datasets available on Harvard Dataverse and shared our Python code on GitHub as open source.

自古以来，黄金与白银在传统货币体系中便承担着截然不同的职能。黄金历来被奉为更优质的价值存储手段，引得人们纷纷囤积；而白银则通常作为交易媒介得以广泛使用。随着金融世界不断演进，加密货币的出现带来了全新的价值与交换范式，但这类数字资产的价值存储特性仍在很大程度上有待探索。莱特币（Litecoin）的创始人查理·李（Charlie Lee）曾将比特币（Bitcoin）比作黄金，将莱特币（Litecoin）比作白银。为验证这一类比，本研究采用了多项指标，包括未花费交易输出（UTXO）、已花费交易输出（STXO）、钱包活跃度（WAL）、币天销毁量（CoinDaysDestroyed，CDD）以及公开链上交易数据。此外，我们围绕价格效用比（Price-to-Utility，PU）设计了交易策略，为加密资产估值提供了超越传统效用维度的全新视角。本研究的回测结果不仅展示了比特币与莱特币的多项交易指标，同时验证了李的类比，凸显了比特币相较于莱特币更优异的价值存储属性。我们期待本研究的发现能够推动加密资产估值领域的进一步探索。为提升研究透明度并推动后续研究，我们已将数据集上传至哈佛数据文库（Harvard Dataverse），并将Python代码以开源形式共享至GitHub平台。