Tail dependence between bitcoin and green financial assets

Research output: Contribution to journalArticlepeer-review

171 Citations (Scopus)


The high power consumption of Bitcoin transactions has raised environmental and sustainable concerns of green investors and regulatory bodies. We utilize the time-varying optimal copula (TVOC) approach to showcase the dependence structure between bitcoin and green financial assets. We find multiple tail-dependence regimes characterize the extreme dependence between bitcoin and green financial assets, and the dependence structure is mainly asymmetric and time-varying. Finally, the hedging effectiveness of green financial assets for bitcoin revealed that all green assets, especially clean energy, are effective hedges for bitcoin.

Original languageEnglish
Article number110068
JournalEconomics Letters
Publication statusPublished - Nov 2021
Externally publishedYes


  • Bitcoin
  • Copulas
  • Green financial assets
  • Tail dependence

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics


Dive into the research topics of 'Tail dependence between bitcoin and green financial assets'. Together they form a unique fingerprint.

Cite this