Research Article
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Year 2023, Volume: 18 Issue: 1, 6 - 11, 15.01.2024
https://doi.org/10.17261/Pressacademia.2023.1844

Abstract

References

  • Birz, G., & Lott Jr, J. R. (2011). The effect of macroeconomic news on stock returns: New evidence from newspaper coverage. Journal of Banking & Finance, 35(11), 2791-2800.
  • Corbet, S., Larkin, C. J., Lucey, B. M., Meegan, A., & Yarovaya, L. (2018). The Volatility Generating Effects of Macroeconomic News on Cryptocurrency Returns. Available At Ssrn 3141986.
  • Çarkacıoğlu, A. (2016). Kripto-Para Bitcoin. Sermaye Piyasası Kurulu Araştırma Dairesi Araştırma Raporu.
  • Demirler, S. (2022). Kripto Para Psikolojisi: Kripto Para Yatırımcılarının Motivasyon Kaynakları. Para, Bankacılık ve Finans Tartışmaları, 94-105.
  • Ege, İ. Ve Yaman, S. (2017). 2008 küresel ekonomik krizinin türkiye bankacılık sistemi finansal oranları üzerindeki etkileri. Kırıkkale Üniversitesi Sosyal Bilimler Dergisi, 7(1), 163-182.
  • Gazali, H. M., Ismail, C. M. H. B. C., & Amboala, T. (2018, July). Exploring The Intention To Invest in Cryptocurrency: The Case of Bitcoin. In 2018 International Conference On Information And Communication Technology For The Muslim World (Ict4m) (Pp. 64-68).
  • Google Trends (2023). Discover, Retrieved December 17, 2023. https://trends.google.com/trends/explore?geo=TR&hl=tr
  • Kim, H. J., Hong, J. S., Hwang, H. C., Kim, S. M., & Han, D. H. (2020). Comparison of psychological status and ınvestment style between bitcoin ınvestors and share ınvestors. Frontiers in Psychology, 11, 502295.
  • Koç, A. & Çelik, A. Covid-19 döneminde ABD borsaları, altın fiyatları ve VIX endeksi ile bitcoin ve ethereum fiyatları arasındaki ilişkinin analizi. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 23(4), 48-76.
  • Korkmazgöz, Ç., Şahin, S., & İlhan, E. (2022). Bitcoin ve Borsa İstanbul Endeksleri arasındaki ilişkinin incelenmesi: ARDL sınır testi yaklaşımı. Muhasebe Bilim Dünyası Dergisi, 24(1), 89-108.
  • Mcwharter, N. (2018). Bitcoin and Volatility: Does The Media Play a Role? Economics Student Theses And Capstone Projects, 82. Https://Creativematter.Skidmore.Edu/Econ_Studt_Schol/82
  • Puri, Varun, (2016). Decrypting Bitcoin Prices and Adoption Rates Using Google Search. Cmc Senior Theses. Paper 1418. Http://Scholarship.Claremont.Edu/Cmc_Theses/1418
  • Tunç, K. & Kaya, M (2018). Kişilerin dolar arbitrajında getiriyi etkileyen faktörler: spekülasyon etkisi. International Journal of Socıal Humanities Sciences Research, 5(23), 1247-1253.
  • Turkish Statistical Institute (2023). Geographical Statistics Portal, Retrieved December 14, 2023. https://cip.tuik.gov.tr/
  • Uçkun, N., & Dal, L. (2021). Kripto para yatırımcılarında finansal risk toleransı. Muhasebe ve Finansman Dergisi, 89, 155-170.
  • Yeldan, A. E. (2009). Kapitalizmin yeniden finansallaşması ve 2007/2008 krizi: Türkiye krizin neresinde? Çalışma ve Toplum, 1(20), 11-28.

CRYPTOCURRENCY INTEREST IN GEOGRAPHICAL REGIONS WITH HIGH UNEMPLOYMENT RATES

Year 2023, Volume: 18 Issue: 1, 6 - 11, 15.01.2024
https://doi.org/10.17261/Pressacademia.2023.1844

Abstract

Purpose- In regions with high unemployment rates, individuals often face economic uncertainty and may seek alternatives to traditional financial systems. In such circumstances, some individuals may turn to alternative investments and financial instruments, with cryptocurrencies such as Bitcoin being among them. The value of these cryptocurrencies is often volatile due to their speculative nature, which can lead investors to take on more significant risks. While this situation can result in substantial gains, it can also lead to significant financial losses.
The primary use of cryptocurrencies is generally for investment purposes. Since cryptocurrencies are digital, they operate entirely in a virtual environment. The loss or theft of the digital password in the virtual space means the loss of the wallet. Security in cryptocurrencies is very weak. The lack of government guarantees and legal infrastructure globally poses certain threats to investors, making cryptocurrencies carry a higher risk compared to other investment instruments.
This study will investigate the regional relationship between cryptocurrency interest and unemployment rates. The aim is to determine whether individuals living in geographical areas with high unemployment rates show more interest in cryptocurrencies compared to those in other geographical regions.
Methodology- In line with the research objective, Google search engine data for the past 10 years has been analyzed using content analysis methodology. A query has been conducted to determine in which regions of Turkey cryptocurrency names are most frequently searched, and a comparison has been made on a provincial level across all 81 provinces. Additionally, considering the unemployment data provided by the Turkish Statistical Institute (TUIK), regions with high and low unemployment rates have been identified. Subsequently, an investigation has been carried out to determine whether there is any correlation between regional Google searches and unemployment rates in these areas.
Findings- When examining the findings from the perspective of unemployment, it has been observed that the regions where cryptocurrency names are most frequently searched align with areas having the highest unemployment rates, while the least searched areas correspond to regions with lower unemployment rates. Among the 10 provinces with the highest unemployment rates, 8 of them are included in the list of 10 provinces with the highest Bitcoin search frequency. Similarly, 8 out of 10 provinces with the lowest employment rates are also listed among the 10 provinces with the highest Bitcoin search frequency. Furthermore, among the 10 provinces with the lowest per capita gross domestic product (GDP), 7 of them are included in the list of 10 provinces with the highest Bitcoin search frequency.
Conclusion- As a result of the relationship analyses conducted in the research, it has been observed that in Turkey, regions with high unemployment rates, low employment rates, and low Gross Domestic Product (GDP) have a higher frequency of Bitcoin searches compared to other regions.

References

  • Birz, G., & Lott Jr, J. R. (2011). The effect of macroeconomic news on stock returns: New evidence from newspaper coverage. Journal of Banking & Finance, 35(11), 2791-2800.
  • Corbet, S., Larkin, C. J., Lucey, B. M., Meegan, A., & Yarovaya, L. (2018). The Volatility Generating Effects of Macroeconomic News on Cryptocurrency Returns. Available At Ssrn 3141986.
  • Çarkacıoğlu, A. (2016). Kripto-Para Bitcoin. Sermaye Piyasası Kurulu Araştırma Dairesi Araştırma Raporu.
  • Demirler, S. (2022). Kripto Para Psikolojisi: Kripto Para Yatırımcılarının Motivasyon Kaynakları. Para, Bankacılık ve Finans Tartışmaları, 94-105.
  • Ege, İ. Ve Yaman, S. (2017). 2008 küresel ekonomik krizinin türkiye bankacılık sistemi finansal oranları üzerindeki etkileri. Kırıkkale Üniversitesi Sosyal Bilimler Dergisi, 7(1), 163-182.
  • Gazali, H. M., Ismail, C. M. H. B. C., & Amboala, T. (2018, July). Exploring The Intention To Invest in Cryptocurrency: The Case of Bitcoin. In 2018 International Conference On Information And Communication Technology For The Muslim World (Ict4m) (Pp. 64-68).
  • Google Trends (2023). Discover, Retrieved December 17, 2023. https://trends.google.com/trends/explore?geo=TR&hl=tr
  • Kim, H. J., Hong, J. S., Hwang, H. C., Kim, S. M., & Han, D. H. (2020). Comparison of psychological status and ınvestment style between bitcoin ınvestors and share ınvestors. Frontiers in Psychology, 11, 502295.
  • Koç, A. & Çelik, A. Covid-19 döneminde ABD borsaları, altın fiyatları ve VIX endeksi ile bitcoin ve ethereum fiyatları arasındaki ilişkinin analizi. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 23(4), 48-76.
  • Korkmazgöz, Ç., Şahin, S., & İlhan, E. (2022). Bitcoin ve Borsa İstanbul Endeksleri arasındaki ilişkinin incelenmesi: ARDL sınır testi yaklaşımı. Muhasebe Bilim Dünyası Dergisi, 24(1), 89-108.
  • Mcwharter, N. (2018). Bitcoin and Volatility: Does The Media Play a Role? Economics Student Theses And Capstone Projects, 82. Https://Creativematter.Skidmore.Edu/Econ_Studt_Schol/82
  • Puri, Varun, (2016). Decrypting Bitcoin Prices and Adoption Rates Using Google Search. Cmc Senior Theses. Paper 1418. Http://Scholarship.Claremont.Edu/Cmc_Theses/1418
  • Tunç, K. & Kaya, M (2018). Kişilerin dolar arbitrajında getiriyi etkileyen faktörler: spekülasyon etkisi. International Journal of Socıal Humanities Sciences Research, 5(23), 1247-1253.
  • Turkish Statistical Institute (2023). Geographical Statistics Portal, Retrieved December 14, 2023. https://cip.tuik.gov.tr/
  • Uçkun, N., & Dal, L. (2021). Kripto para yatırımcılarında finansal risk toleransı. Muhasebe ve Finansman Dergisi, 89, 155-170.
  • Yeldan, A. E. (2009). Kapitalizmin yeniden finansallaşması ve 2007/2008 krizi: Türkiye krizin neresinde? Çalışma ve Toplum, 1(20), 11-28.
There are 16 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Articles
Authors

Elif Bezirgan 0000-0001-5930-1615

Publication Date January 15, 2024
Submission Date November 15, 2023
Acceptance Date January 15, 2024
Published in Issue Year 2023 Volume: 18 Issue: 1

Cite

APA Bezirgan, E. (2024). CRYPTOCURRENCY INTEREST IN GEOGRAPHICAL REGIONS WITH HIGH UNEMPLOYMENT RATES. PressAcademia Procedia, 18(1), 6-11. https://doi.org/10.17261/Pressacademia.2023.1844
AMA Bezirgan E. CRYPTOCURRENCY INTEREST IN GEOGRAPHICAL REGIONS WITH HIGH UNEMPLOYMENT RATES. PAP. January 2024;18(1):6-11. doi:10.17261/Pressacademia.2023.1844
Chicago Bezirgan, Elif. “CRYPTOCURRENCY INTEREST IN GEOGRAPHICAL REGIONS WITH HIGH UNEMPLOYMENT RATES”. PressAcademia Procedia 18, no. 1 (January 2024): 6-11. https://doi.org/10.17261/Pressacademia.2023.1844.
EndNote Bezirgan E (January 1, 2024) CRYPTOCURRENCY INTEREST IN GEOGRAPHICAL REGIONS WITH HIGH UNEMPLOYMENT RATES. PressAcademia Procedia 18 1 6–11.
IEEE E. Bezirgan, “CRYPTOCURRENCY INTEREST IN GEOGRAPHICAL REGIONS WITH HIGH UNEMPLOYMENT RATES”, PAP, vol. 18, no. 1, pp. 6–11, 2024, doi: 10.17261/Pressacademia.2023.1844.
ISNAD Bezirgan, Elif. “CRYPTOCURRENCY INTEREST IN GEOGRAPHICAL REGIONS WITH HIGH UNEMPLOYMENT RATES”. PressAcademia Procedia 18/1 (January 2024), 6-11. https://doi.org/10.17261/Pressacademia.2023.1844.
JAMA Bezirgan E. CRYPTOCURRENCY INTEREST IN GEOGRAPHICAL REGIONS WITH HIGH UNEMPLOYMENT RATES. PAP. 2024;18:6–11.
MLA Bezirgan, Elif. “CRYPTOCURRENCY INTEREST IN GEOGRAPHICAL REGIONS WITH HIGH UNEMPLOYMENT RATES”. PressAcademia Procedia, vol. 18, no. 1, 2024, pp. 6-11, doi:10.17261/Pressacademia.2023.1844.
Vancouver Bezirgan E. CRYPTOCURRENCY INTEREST IN GEOGRAPHICAL REGIONS WITH HIGH UNEMPLOYMENT RATES. PAP. 2024;18(1):6-11.

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