Comparative Evaluation of Share Values of Five Magnificent Technology Companies with Bitcoin and Gold Prices

Abstract

Especially new generation investors may prefer to use stocks of popular companies that use advanced technologies and cryptocurrencies as investment instruments. Gold, one of the classical investment instruments, still maintains its place among the commodity assets in the portfolios of investors around the world. These asset groups were evaluated in this study. As the first group investment tool, decacorn and hectocorn technology companies called the new generation the magnificent five; Company stock returns of Apple, Microsoft, Amazon, Alphabet, Nvidia Corporation and Tesla were analyzed. In addition, as the second financial asset, cryptocurrencies, which are used as investment instruments as well as being used in daily life with the evolution of technology, and Bitcoin (BTC), which remains popular among these cryptocurrencies, were the subject of the study. Finally, the study evaluated gold mines, one of the world's oldest valuable investment instruments, compared with other financial assets. The study examined the magnificent five stocks, BTC and gold ounce prices between the periods of 2020:01 and 2023:12, using mutual cointegration, vector error correction (VEC) and Granger causality analyses. Findings of the study; Short-term shocks caused by variables in BTC stabilise after about a month. In this process, as NVDA shares increase, BTC value decreases, and as gold value increases, BTC value increases.

Keywords

• Magnificent Five
• BTC
• Gold
• Cointegration
• Granger Causality Analysis

Muhteşem Beşli Teknoloji Şirketlerinin Hisse Değerleri ile Bitcoin ve Altın Fiyatlarının Karşılaştırmalı Değerlendirmesi

Öz

Özellikle yeni nesil yatırımcılar, ileri teknolojilerin kullanıldığı popüler şirketlerin hisse senetleri ile kripto paraları yatırım aracı olarak kullanmayı tercih edebilmektedirler. Klasik yatırım araçlarından olan altında hâlâ dünya genelinde yatırımcıların portföylerinde yer alan emtia varlıklar arasında yerini korumaktadır. Bu çalışmada bu varlık grupları değerlendirilmiştir. İlk grup yatırım aracı olarak; yeni nesil muhteşem beşli olarak adlandırılan decacorn ve hectocorn teknoloji şirketleri; Apple, Microsoft, Amazon, Alphabet, Nvidia Corporation ve Tesla şirket hisse değeri getirileri analiz edilmiştir. Ayrıca ikinci finansal varlık olarak çalışmada, günümüzde teknolojinin evrimi ile birlikte gündelik hayatta kullanılmanın yanı sıra yatırım aracı olarak da değerlendirilen kripto paralar ve bu kripto paralar arasında popülerliğini koruyan Bitcoin (BTC) çalışmaya konu edilmiştir. Çalışmada son olarak dünyanın en eski kıymetli yatırım araçlarından olan altın madeni diğer finansal varlıklarla karşılaştırmalı değerlendirilmiştir. Çalışma, 2020:01 ile 2023:12 dönemleri arasında muhteşem beşli hisse senetleri, BTC ve altın ons fiyatı karşılıklı olarak eşbütünleşme, vektör hata düzeltmeli (VEC) ve Granger nedensellik analizlerinden yararlanılarak incelenmiştir. Çalışmanın bulguları; değişkenlerin BTC’de meydana getirdiği kısa dönemli şoklar yaklaşık bir ay sonra dengeye gelmektedir. Bu süreçte NVDA hisseleri artış gösterdikçe BTC değeri düşmekte, altın değeri arttıkça BTC değeri de artmaktadır.

Anahtar Kelimeler

• Muhteşem Beşli
• BTC
• Altın
• Eşbütünleşme
• Granger Nedensellik Analizi

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