Cryptocurrency can be defined as a digital asset and a virtual element designed to be an alternative exchange tool for cash in terms of how it works, securing transactions using encryption (cryptography). Looking across the world, there are Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Cardano, Nem, Iota, Stellar, Dash and many more cryptocurrencies. The most famous of the cryptocurrencies today is Bitcoin, which is the most preferred in terms of transaction volume and constitutes approximately 50% of the cryptocurrency volume. Bitcoin, created by a person or community named Satoshi Nakatomo in 2008 and the first transfer in 2009, is a digitally created cryptocurrency. The aim of this study is to investigate the relationship between Bitcoin, a cryptocurrency, and gold ounce prices and dollar index. In the study, 2012- 2019 was determined as the term and the monthly data were examined. ARDL Boundary test approach was used as a method to determine the cointegration relationship between the examined variables. As a result of the study, a long-term co-integrated relationship between Bitcoin's gold and foreign exchange price was determined. With this result, a 1% increase in the gold ounce price will increase Bitcoin prices by about 15% in the long run; The 1-unit increase in the USD index indicates that it will increase Bitcoin prices by about 0.28%. However, it was concluded that there was no co-integrated relationship between the variables in the short term.
Social Sciences, Bitcoin, Gold, Exchange, ARDL Bound Testing
| Author : | Cebrail TELEK -Ahmet ŞİT |
|---|---|
| Number of pages: | 913-924 |
| DOI: | http://dx.doi.org/10.29228/TurkishStudies.42650 |
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