# Wilko Bolt and Maarten R. C. van Oordt, "On the Value of Virtual 
# Currencies", Journal of Money, Credit and Banking, forthcoming.



# LIST OF FILES

File name:
./data/blockchain.csv

The file "blockchain.csv" contains the data from blockchain.info necessary to 
construct Figure 2. The data file contains two columns: A date column (labelled "Date"), 
and a column with the exchange rate in USD (labelled "S"). This exchange rate is 
shown in Figure 2 as the solid black line.



File name:
./data/coinmetrics.csv

Description:

The file "coinmetrics.csv" contains the data from coinmetrics.io necessary 
to construct Figure 2. The data file contains three columns: A date column 
(labelled "Date"), a column with the number of bitcoins moved over the past 
six months (labelled "Active"), and a column with the cumulative number of 
bitcoins that was issued up to that date (labelled "M").



Filename:
./figure2.R

Description:

The file "figure2.R" contains the script with our calculations for the grey 
and dashed lines in Figure 2. Note that the script calculates the number of 
bitcoins that are inactive over the next six months at date t as

	"M"_{t + six months} -/- "Active"_{t + six months}.

This is the proxy of Z_t used in Figure 2 as described in the Appendix of the 
paper.

# END OF README.TXT
