Özet:

The study examined the relationship between a selected set of financial variables in Turkey (USD, EURO, POUND, SDR, BIST 100, Republic Gold, M1 and M2 cash supplies) virtual currency Bitcoin (BTC). This includes monthly data for the period 2013-2019. The results of the analysis have found that the first differences of the variables are stable, and on the other hand, the existence of a long-term matching between Bitcoin and other financial variables has been determined. The Granger Causability Test and the equation where Bitcoin is a dependent variable is found at the SDR and USD to BTC’s 5% significance level, and the Euro and BIST 100 to BTC’s 10% significance level.

Özet:

In the study, selected by a number of financial variables in Turkey (USD, EURO, POUND, SDR, BİST 100, Republic gold, money supply M1 and M2) have examined the relationship between virtual currency Bitcoin. In this context, monthly data for 2013-2019 period were used. As a result of the analyses, the first differences of the variables were found to be stationary, while the existence of a long-term cointegration between Bitcoin and other financial variables was determined. The Granger Causality test, which investigates causality between variables, showed that there is a 5% significance level from SDR and USD to BTC and a 10% significance level from Euro and BIST 100 to BTC in the equation where Bitcoin is a dependent variable.

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