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A clean, green haven?—Examining the relationship between clean energy, clean and dirty cryptocurrencies

Boru Ren Orcid Logo, Brian Lucey Orcid Logo

Energy Economics, Volume: 109, Start page: 105951

Swansea University Author: Boru Ren Orcid Logo

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Abstract

Is clean energy a safe haven for cryptocurrencies, or vice versa? In this paper, we investigate the hedge and safe haven property of a wide range of clean energy indices against two distinct types of cryptocurrencies based on their energy consumption levels, termed “dirty” and “clean”. Statistical e...

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Published in: Energy Economics
ISSN: 0140-9883 1873-6181
Published: Elsevier BV 2022
Online Access: Check full text

URI: https://cronfa.swan.ac.uk/Record/cronfa64714
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Abstract: Is clean energy a safe haven for cryptocurrencies, or vice versa? In this paper, we investigate the hedge and safe haven property of a wide range of clean energy indices against two distinct types of cryptocurrencies based on their energy consumption levels, termed “dirty” and “clean”. Statistical evidence shows that clean energy is not a direct hedge for either of types. However, it serves as at least a weak safe haven for both in extreme bearish markets. Moreover, clean energy is more likely to be a safe haven for dirty cryptocurrencies than clean cryptocurrencies during increased uncertainty. We further study the spillover patterns among clean energy, cryptocurrency, stock, and gold markets. Weak connectedness is found between clean energy and cryptocurrencies which implies the potential use of clean energy as a hedge and diversification tool for cryptocurrencies in the future.
Keywords: Cryptocurrencies, Clean energy, Safe haven, Spillovers, Connectedness, DCC-GARCH
College: Faculty of Humanities and Social Sciences
Start Page: 105951