BİR YATIRIM ARACI OLARAK BİTCOİN: BİTCOİN İLE GLOBAL TEKNOLOJİ ENDEKSLERİ ARASINDA ASİMETRİK NEDENSELLİK İLİŞKİLERİ

Year 2022, Volume: 9 Issue: 3, 2097 - 2120, 29.11.2022

Mehmet Levent Erdaş Gamze Göçmen Yağcılar

https://doi.org/10.30798/makuiibf.1097491

Cited By: 1

Abstract

Blok zincir ve kripto paralar son yılların en popüler konuları arasındadır. İlk olarak 2008 yılında Bitcoin (BTC) ile tanıtılan kripto paralar günümüzde artan bir çeşitliliğe ve poülariteye sahiptir. Teknoloji sektöründeki güncel gelişmeler ise teknoloji endeksleri ile kripto paralar arasındaki ilişkilerin varlığına dair soruları akla getirmiştir. Bu amaçla bu çalılşmada G7 ve E7 ülkelerinin teknoloji endeksleri ile Bitcoin arasındaki nedensellik ilişkileri 2016 ve 2021 yıllarına ait aylık veri seti kullanılarak araştırılmıştır. Değişkenler arasındaki nedensellik ilişkisinin araştırılmasında Hatemi-J (2012) testi kullanılmıştır. Hatemi-J (2012) testinden elden edilen sonuçlar Bitcoin ve teknoloji endeksleri arasındaki ilişkinin G7 ve E7 ülkeleri açısından farklılık gösterdiğini ortaya koymuştur. Buna göre gelişmiş ülkelerin endeksleri Bitcoin fiyatlarını etkilerken gelişmekte olan ülkelerin endeksleri Bitcoin fiyatlarından etkilenmektedir. sonuç olarak bulgular G7 ve E7 ülkeleri için asimetrik ilişkinin vavrlığına işaret etmektedir.

Keywords

Kripto paralar, Bitcoin, Teknoloji Hisseleri

BITCOIN AS AN INVESTMENT VEHICLE: THE ASYMMETRIC RELATIONSHIPS BETWEEN BITCOIN AND GLOBAL TECHNOLOGY INDEXES

Abstract

The concept of blockchain and cryptocurrencies is one of the most popular concepts of recent years. Cryptocurrencies were first introduces with Bitcoin in 2008 and now they have an increasing variety and popularity. Recent developments in technology firms have brought into question whether there is a relationship between Bitcoin and technology indexes. To this end, this study investigates the causality relationship between Bitcoin and technology indexes using monthly data between the years 2016 and 2021 in G7 and E7 countries. To test the causality relationship between the variables, the Hatemi-J (2012) asymmetric causality test was used. Hatemi-J (2012) test reveals that the relationship between bitcoin and technology indexes becomes different for G7 and E7 countries. The results suggest that developed countries affect bitcoin prices while developing countries are affected by Bitcoin prices. The conclusion is that findings point out the existence of an asymmetric relationship between the series for G7 and E7 countries.

Keywords

Cryptocurrencies, Bitcoin, Technology equities

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