Abstract:

One of the most mentioned topics in the financial world in recent years is cryptocurrencies. Bitcoin is the best-known and the highest dominance cryptocurrency in the cryptocurrency market. In this context, the relationship between Bitcoin’s and strategic commodities is important. The aim of this study, the relationship between the returns of Bitcoin, which is a crypto currency developed with blockchain technology, and the returns of important and strategically important commodities is examine by wavelet-based quantile regression analysis. In this context, days without transactions between January 1, 2016 and May 1, 2022 are excluded, the daily prices of Bitcoin as a basis; gold, silver, crude oil and natural gas return at different time frequencies (2–4, 4–8, 8–16, 16–32, 32-64 and 64–128 days) are obtained. Then, the relationship between Bitcoin returns at different time frequencies and strategic commodity returns is presented in different quantiles. Findings, Bitcoin returns; It shows that gold, silver and crude oil have a positive effect on commodity returns and a negative effect on natural gas returns in the long run.

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