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Kripto para kavramıyla birlikte kullanım alanı bulan, dijital uygulamalarla iki taraflı şifreleme tekniklerini kullanan ve belli bir merkezin otoritesine bağlı olmadan dolanımda olan para Bitcoin olarak adlandırılmaktadır. Bu çalışmada Bitcoin olarak adlandırılan bu yeni şifrelenmiş paranın dolar ve avro ile olan ilişkisi araştırılmıştır. 28 Ağustos 2011 – 15 Mart 2020 tarihleri arasındaki dönemden oluşan haftalık verilerin kullanıldığı çalışmada ilk olarak Carrion‐i‐Silvestre (2009) birim kök testi ve sonra da Maki (2012) eşbütünleşme testi uygulanarak Bitcoin ve döviz kurları ilişkisi analiz edilmiştir. Elde edilen sonuçlara göre Bitcoin ile hem dolar hem de avro arasında uzun dönemli ve pozitif yönlü bir ilişki tespit edilmiştir. Bu doğrultuda elindeki mevduatını avro ya da dolarda tutan bir yatırımcının sanal piyasalarda Bitcoin’e yatırım yapması riskini minimize ederek portföy çeşitlendirmesi yapmak adına yararlı olmayacaktır.
The cryptocurrency, which is found in the field of use along with the concept of cryptocurrency, uses dual-sided encryption techniques with digital applications and the money that is circulating without the authority of a particular center is called Bitcoin. This study has studied the relationship of this newly encrypted currency, called Bitcoin, with the dollar and the euro. The study, which used weekly data from the period between 28 August 2011 and 15 March 2020, first applied the Carrion-i-Silvestre (2009) unit root test and then the Maki (2012) aggregation test to analyze the Bitcoin and exchange rates relationship. According to the results, a long-term and positive relationship between Bitcoin and both the dollar and the euro has been identified. In this regard, it will not be useful for a portfolio diversification by minimizing the risk of an investor holding his deposits in euros or dollars to invest in Bitcoin in virtual markets.
The money, which finds use in conjunction with the concept of cryptocurrency, uses bilateral encryption techniques with digital applications and is in circulation regardless of the authority of a particular center. In this paper, the relationship between this new encrypted coin called Bitcoin, dollar and euro has been investigated. In the study using weekly data from 28 August 2011 to 15 March 2020, the relationship between Bitcoin, euro and dollar was analyzed by applying Carrion‐i-Silvestre (2009) unit root test and then Maki (2012) cointegration test. According to the results obtained, a long-term and positive relationship has been detected between Bitcoin and exchange rates. In this respect, it will not be beneficial to make a portfolio diversification by minimizing the risk of an investor keeping his deposit in euro or dollar investing in Bitcoin in cryptocurrency markets.
Field : Sosyal, Beşeri ve İdari Bilimler
Journal Type : Uluslararası
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