Özet:

Bitcoin and traditional financial instruments, which are believed to have the potential to be a new financial paradigm today, where they are discussing to be classified as a payment instrument or investment instrument, offer alternatives to investors as they exist together. In recent years, the increasing interest in cryptocurrencies, especially Bitcoin, has been discussed in the financial and academic environments. Many of the factors affecting stock prices also affect the cryptocurrency prices. Investors are moving towards cryptocurrencies and shares with the same impulses, and therefore prices may be in the same trend. Although some authors have stated that Bitcoin is mainly used for speculative purposes due to excessive play and ballons, this debate has become attractive for researchers in a world where the impact of technology and globalization is increasing. This study is aimed at analyzing the relationship between the advanced financial markets of the 7 (G7) countries stock exchanges and cryptocurrency markets in terms of volume and market value, the largest currency Bitcoin (BTC) price. In addition, because the research was done in Turkey, the BIST100 index was also included in the research. The study used monthly data for the period January 2016-May 2022. As the analysis method, the Johansen Integration Test and the Vector Error Correction Model were selected. Analysis has found that there is a long-term equalization relationship. The vector error correction model is significant at the level of 5%. In the short term there is a statistically meaningful relationship between the Dow Jones, Nasdaq and Nikkei225 index and the Bitcoin price (BTC).

Anahtar Kelimeler:

Özet:

Bitcoin, which is believed to have the potential of a new finance paradigm, and traditional financial instruments coexist, offering an alternative to investors. Due to the increasing interest in cryptocurrencies, especially Bitcoin in recent years, its impact on financial markets has been discussed in finance and academic circles. Many of the factors that affect stock prices also affect cryptocurrency prices. Investors gravitate towards cryptocurrencies and stocks with the same impulses, and therefore prices may be in the same trend. Although some authors have stated that Bitcoin is mostly used for speculative purposes due to excessive volatility and bubbles, this discussion has also become attractive for researchers in the world where the impact of technology and globalization is increasing. In this study, it is aimed to analyze the relationship between stock exchanges of Developed 7 (G7) countries with developed financial markets and the price of Bitcoin (BTC), the largest currency in terms of volume and market value of the crypto money market. In addition, the BIST100 index was included in the research because the research was conducted in Turkey. Monthly data for the period January 2016-May 2022 were used in the research. Johansen Cointegration Test and Vector Error Correction Model were chosen as analysis methods. As a result of the analysis, it has been determined that there is a long-term cointegration relationship. The Vector Error Correction Model is significant at the 5% level. In the short run, there is a statistically significant relationship between the Dow Jones, Nasdaq and Nikkei225 indices and the Bitcoin price (BTC).