Özet:

Cryptocurrency can be defined as a digital asset and a virtual element, designed as an alternative exchange tool for cash in terms of the way it works, which guarantees transactions made using encryption (cryptocurrency). Over the world, Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Cardano, Nem, Iota, Stellar, Dash and many more are available. Today, the most famous among cryptocurrencies is Bitcoin, the most popular in the world in terms of the volume of transactions and accounting for about 50% of the volume of cryptocurrencies. Bitcoin, which was revealed by a person or community named Satoshi Nakatomo in 2008 and first transmitted in 2009, is a cryptocurrency created in the digital environment. The aim of this study is to explore the relationship between a cryptocurrency Bitcoin and gold ounce prices and the dollar index. The period of the study was determined between 2012-2019 and the monthly data was reviewed. The ARDL Border Test approach has been used as a method to identify the matching relationship between the examined variables. The study found a long-term co-integrated relationship between Bitcoin’s gold and currency price. This result indicates that a long-term 1% increase in the price of gold unces will increase Bitcoin prices by about 15%, while a 1 unit increase in the USD index will increase Bitcoin prices by about 0.28%. However, in the short period, the conclusion was that there was no combined relationship between the variables.

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