Özet:

Bitcoin, which is a virtual and crypto currency, is a currency with a digital format that technically covers transactions expressed as a block chain and is not included in the central currency system. In the study, cryptocurrency is intended to reveal the relationship between Bitcoin and exchange rates. The relationship between the U.S. dollar-based Bitcoin currency and Euro, Japanese New, British Sterling, Australian Dollar, Canadian Dollar, Swiss Franc, Yuan Renminbisi and Swedish Crown currency currencies, based on the daily currency values in the period 3.02.2012-04.10.2017 was studied by the structural break-through Gregory and Hansen integration and Granger causality analysis. The analysis found that structural breakdowns in the BTC/USD currency occurred in April and December 2013. The study also identified a long-term coefficient relationship between the time series relating to exchange rates, while a one-way positive causal relationship between the CNY/USD exchange rate and the BTC/USD exchange rate was identified.