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Amid bank bailouts and global recession, an unknown hacker operating under the false name Satoshi Nakamoto released an open-source code for a global, digital currency in January 2009. Running on a decentralized peer-to-peer online network, the currency does not rely on governments, corporations, or any.
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since the decision to hedge is endogenous, our setting does not represent a pure natural experiment. A natural experiment that randomly assigns firms to be ways to trade bitcoin on stock market hedgers or non-hedgers would be an ideal research design to get around this problem. Nevertheless,
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