<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-6655</journal-id>
<journal-title><![CDATA[Análisis económico]]></journal-title>
<abbrev-journal-title><![CDATA[Anál. econ.]]></abbrev-journal-title>
<issn>2448-6655</issn>
<publisher>
<publisher-name><![CDATA[Universidad Autónoma Metropolitana, Unidad Azcapotzalco, División de Ciencias Sociales y Humanidades]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-66552021000300167</article-id>
<article-id pub-id-type="doi">10.24275/uam/azc/dcsh/ae/2021v36n93/lengyel</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Is the Bitcoin market efficient? A literature review]]></article-title>
<article-title xml:lang="es"><![CDATA[¿El mercado de Bitcoin es eficiente? Una revisión de la literature]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lengyel-Almos]]></surname>
<given-names><![CDATA[Krisztina Eva]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Demmler]]></surname>
<given-names><![CDATA[Michael]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,ITESM School of Social Sciences and Government Campus Querétaro]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Autonomous University of Querétaro Faculty of Accounting and Administration ]]></institution>
<addr-line><![CDATA[ Querétaro]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2021</year>
</pub-date>
<volume>36</volume>
<numero>93</numero>
<fpage>167</fpage>
<lpage>187</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-66552021000300167&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-66552021000300167&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-66552021000300167&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper presents a documentary research on the market behavior of Bitcoin with respect to market efficiency and the existence of speculative bubbles. To this end the paper analyses 25 journal articles to answer the following research question: Is the Bitcoin market efficient? Based on Eugene Fama´s Efficient Market Hypothesis (EMH), the selected articles are classified into two groups: the first group contains articles that support and potentially accept the EMH; the second group includes articles that refute or reject this hypothesis based on different empirical evidence of financial bubbles within the Bitcoin market. The two groups indicate that by 2021 there is no crystal-clear consensus among scholars and financial analysts in terms of efficiency. Nevertheless, far more articles reject the EMH than support it, concluding that the Bitcoin market is prone to develop speculative bubbles. Furthermore, due to the high volatility documented by both groups, users and future investors are advised to consider not only the potential financial gains that the most popular cryptocurrency may offer, but its numerous risks as well.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo presenta una investigación documental sobre el comportamiento del mercado de Bitcoin con respecto a la eficiencia del mercado y la existencia de burbujas especulativas. Con este fin, el documento analiza 25 artículos de revistas para responder a la siguiente pregunta de investigación: ¿es eficiente el mercado de Bitcoin? Con base en la Hipótesis de Mercado Eficiente (EMH) de Eugene Fama, los artículos seleccionados se clasifican en dos grupos: el primer grupo contiene artículos que potencialmente aceptan la EMH; mientras que el segundo grupo incluye artículos que refutan o rechazan esta hipótesis con base en distintas evidencias empíricas de burbujas financieras en el mercado del Bitcoin. Los dos grupos indican que para 2021 no existe un consenso claro entre los académicos y analistas financieros sobre si el mercado de Bitcoin es eficiente o no. Sin embargo, por cantidad, muchos más artículos rechazan la EMH de los que la apoyan, concluyendo que el mercado de Bitcoin es propenso a desarrollar burbujas especulativas. Además, debido a la alta volatilidad documentada por ambos grupos, se recomienda a los usuarios y futuros inversores que consideren no solo las posibles ganancias financieras que puede ofrecer la criptomoneda más popular, sino también sus numerosos riesgos.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Bitcoin]]></kwd>
<kwd lng="en"><![CDATA[cryptocurrencies]]></kwd>
<kwd lng="en"><![CDATA[financial bubbles]]></kwd>
<kwd lng="en"><![CDATA[market efficiency]]></kwd>
<kwd lng="en"><![CDATA[G14]]></kwd>
<kwd lng="en"><![CDATA[G19]]></kwd>
<kwd lng="es"><![CDATA[Bitcoin]]></kwd>
<kwd lng="es"><![CDATA[criptomonedas]]></kwd>
<kwd lng="es"><![CDATA[burbujas financieras]]></kwd>
<kwd lng="es"><![CDATA[eficiencia del mercado]]></kwd>
<kwd lng="es"><![CDATA[G14]]></kwd>
<kwd lng="es"><![CDATA[G19]]></kwd>
</kwd-group>
</article-meta>
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