# Prof. David Yermack's research on Bitcoin

1 January 6, 2014 ![Bloomberg logo](/sites/default/files/styles/246w/public/assets/images/bloomberg192x144.jpg?itok=yV529lwz)>

Excerpt from [Bloomberg](http://www.bloomberg.com/news/2014-01-06/wall-street-bitcoin-fans-seek-to-make-real-money-from-virtual.html) -- “'Bitcoin does not behave like a currency at all,' [Yermack](http://www.stern.nyu.edu/faculty/bio/david-yermack) wrote. 'Instead it resembles a speculative investment similar to the Internet stocks of the late 1990s.'”

[Read more](http://www.bloomberg.com/news/2014-01-06/wall-street-bitcoin-fans-seek-to-make-real-money-from-virtual.html)

Additional coverage appeared on [Bloomberg Businessweek](http://www.businessweek.com/news/2014-01-06/wall-street-bitcoin-fans-seek-to-make-real-money-from-virtual), [The Malay Mail Online](http://www.themalaymailonline.com/tech-gadgets/article/bitcoin-more-speculative-asset-than-real-currency) and [The New York Times](http://dealbook.nytimes.com/2014/01/08/five-lessons-from-bitcoin/?_r=0).