虛擬貨幣投資績效之研究──以定期定額為例

Research on the Investment Performance of Cryptocurrencies- Dollar-Cost Averaging

本次研究中所採取的樣本，選擇近期崛起的前五大虛擬貨幣，分別為比特幣、比特幣現金、乙太坊、萊特幣、瑞波幣。記錄2016/01到2020/10每個月投資1000美金之定期定額投資方式績效，做實證研究再與大盤指數統計並分析各績效之成效，分析風險點，篩選值得投資之績效優良股，作為投資人之建議方向。
定期定額投資策略中整體展現以二年期間之績效最優、其次為三年期、最後為五年期。與大盤指數做相對年期的比較，發現大盤指數的平均報酬率相當穩定，介於8~9%，顯示出市場上的投資工具以此為基礎，普遍在這個區間為相對安全的投資標的，反觀本研究中的虛擬貨幣，普遍平均報酬率皆高於大盤指數，惟五年期間的萊特幣、瑞波幣呈現負數報酬率。由此得知，虛擬貨幣是目前在金融市場上相當有高報酬率的投資標的。

The samples taken in this study select the top five cryptocurrency that have risen recently, namely Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. Record the performance of the regular fixed investment method with a monthly investment of 1,000 US dollars from 2016/01 to 2020/10, do empirical research and then make statistics with the TAIEX index and analyze the performance of each performance, analyze the risk points, and screen out the stocks with good performance that are worth investing in as investments Suggested directions for people.
In the Dollar-Cost Averaging strategy, the overall performance is best in a two-year period, followed by a three-year period, and finally a five-year period. Comparing the relative period with the TAIEX index, it is found that the average rate of return of the TAIEX index is quite stable, ranging from 8 to 9%. In contrast, the cryptocurrency in this study generally have higher average returns than the broader TAIEX index, but Litecoin and Ripple have negative returns during the five-year period. From this, it is known that cryptocurrency is currently an investment target with a high rate of return in the financial market.