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Dijital Emtia Olarak Bitcoin’e Yatırım Portföyünde Yer Verilmeli mi?: Bitcoin’in Altın, Gümüş ve Petrol Fiyatları ile İlişkisi Üzerine Bir İnceleme

Yıl 2021, Cilt: 6 Sayı: 16, 538 - 554, 31.10.2021
https://doi.org/10.25204/iktisad.970269

Öz

Bu çalışmada, çoklu yapısal kırılmalar altında, Bitcoin ile ticari emtialar olarak nitelenen altın, gümüş ve ham petrol fiyatları arasındaki uzun dönemli ilişkiler incelenmiştir. Böylece dijital bir emtia olarak Bitcoin’in alternatif bir yatırım aracı olup olamayacağı araştırılmıştır. Ampirik analizin ilk aşamasında, serilerin durağanlık düzeyleri geleneksel birim kök testleri ve Carrion-i-Silvestre vd.’nin (2009) m yapısal kırılmalı birim kök testi ile sınanmıştır. İkinci aşamada Maki (2012) eşbütünleşme testi uygulanmıştır. Analiz sonuçlarına göre, Bitcoin ve analize konu edilen ticari emtia fiyatları arasında yapısal kırılma altında eşbütünleşme ilişkisinin olduğu tespit edilmiştir. Üçüncü aşamada uzun dönem katsayılarının tahminleri için Dinamik En Küçük Kareler Yöntem (DOLS) tahmincisi kullanılmıştır. Elde edilen sonuçlara göre altın fiyatlarının Bitcoin fiyatlarını pozitif yönde etkilediği, gümüş ve ham petrolün ise Bitcoin fiyatlarını uzun dönemde negatif yönde etkilediği saptanmıştır. Son aşamada yapılan nedensellik analizi sonuçlarına göre altından Bitcoin’e doğru tek yönlü bir nedensellik ilişkisi tespit edilmiştir. Bitcoin ile petrol ve gümüş fiyatları arasında bir nedensellik ilişkisine rastlanmamıştır.

Kaynakça

  • Abdioğlu, Z. ve Değirmenci, N. (2014). Petrol fiyatlari-hisse senedi fiyatlari ilişkisi: BIST sektörel analiz. Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 5(8), 1-24.
  • Aksoy, E. (2018). Bitcoin: Paradan Sonraki En Büyük İcat. İstanbul: Abaküs Yayınları.
  • Baek, C. ve Elbeck, M. (2015). Bitcoins as an investment or speculative vehicle? A first look. Applied Economics Letters, 22(1), 30-34.
  • Bai, J. ve Perron, P. (2003). Computation and analysis of multiple structural change models. Journal of Applied Econometrics, 18, 1-22.
  • Bariviera, A.F. ve Merediz‐Solà, I. (2021). Where do we stand in cryptocurrencies economic research? A survey based on hybrid analysis. Journal of Economic Surveys, 35(2), 377-407.
  • Bashir, I. (2017). Mastering blockchain. Packt Publishing Ltd.
  • Baur, D.G. ve Lucey, B.M. (2010). Is gold a hedge or a safe haven? An analysis of stocks, bonds and gold. Financial Review, 45(2), 217-229.
  • Baur, D.G., Hong, K.J. ve Lee, A.D. (2015). Bitcoin: Currency or asset?. Melbourne Business School. http://ssrn.com/abstract=2736020, (ET:05.05.2021).
  • Bhattacharjee, S. (2016). A statistical analysis of Bitcoin transactions during 2012 to 2013 in terms of premier currencies: Dollar, Euro and Rubles, Vidwat. The Indian Journal of Management, 9(1), 8-16.
  • Blau, B.M. (2017). Price dynamics and speculative trading in Bitcoin. Research in International Business and Finance, 41, 493-499.
  • Bouoiyour, J., Selmi, R. ve Wohar, M.E. (2019). Safe havens in the face of Presidential election uncertainty: A comparison between Bitcoin, oil and precious metals. Applied Economics, 51(57), 6076-6088.
  • Bouri, E., Gupta, R., Lahiani, A. ve Shahbaz, M. (2018). Testing for asymmetric nonlinear short-and long-run relationships between Bitcoin, aggregate commodity and gold prices. Resources Policy, 57, 224-235.
  • Bouri, E., Jalkh, N., Molnár, P. and Roubaud, D. (2017). Bitcoin for energy commodities before and after the December 2013 crash: diversifier, hedge or safe haven?. Applied Economics, 49(50), 5063-5073.
  • Bouri, E., Shahzad, S. J. H. and Roubaud, D. (2019) Co-explosivity in the cryptocurrency market. Finance Research Letters 29: 178–183.
  • Böhme, R., N. Christin, B. Edelman, ve T Moore. (2015). Bitcoin: Economics, technology, and governance. Journal of Economic Perspectives 29: 213–38.
  • Carrion-i-Silvestre, J. L., Kim, D. and Perron, P. (2009). GLS-based unit root tests with multiple structural breaks under both the null and the alternative hypotheses. Econometric Theory, 25, 1754-1792.
  • CFTC (2015). USA Commodity Futures Trading Commission, CFTC Docket No.15-29. https://www.cftc.gov/sites/default/files/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfcoinfliprorder09172015.pdf, (E.T: 08.07.2021).
  • Ciaian, P., Rajcaniova, M. ve Kancs, A. (2016). The economics of Bitcoin price formation. Applied Economics, 48(19), 1799-1815.
  • Coinmarketcap (2021). www.coinmarketcap.com, (ET: 03.07.2021).
  • Corbet, S., McHugh, G. ve Meegan, A. (2017). The influence of central bank monetary policy announcements on cryptocurrency return volatility. Investment Management & Financial Innovations, 14(4), 60-72. http://dx.doi.org/10.21511/imfi.14(4).2017.07
  • Çütcü, İ. ve Kılıç, Y. (2018). Bitcoin fiyatları ile dolar kuru arasındaki ilişki: Yapısal kırılmalı zaman serisi analizi. Yönetim ve Ekonomi Araştırmaları Dergisi, 16(4), 349-366.
  • Das, D., Le Roux, C.L., Jana, R.K. ve Dutta, A. (2020). Does Bitcoin hedge crude oil implied volatility and structural shocks? A comparison with gold, commodity and the US Dollar. Finance Research Letters, 36, 101335.
  • Dickey, D.A. ve Fuller, W.A. (1981). Distribution of the estimators for autoregressive time series with a unit root. Econometrica, 49, 1057-1072.
  • Dickey, D.A. ve Fuller, W.A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American statistical association, 74(366a), 427-431.
  • Dirican, C. ve Canöz, İ. (2017). Bitcoin fiyatları ile dünyadaki başlıca borsa endeksleri arasındaki eşbütünleşme ilişkisi: ARDL modeli yaklaşımı ile analiz. Journal of Economics, Finance and Accounting, 4(4), 377-392.
  • Dyhrberg, A.H. (2016). Hedging capabilities of Bitcoin. Is it the virtual gold?. Finance Research Letters, 16, 139-144.
  • Dyhrberg, A.H., Foley, S. ve Svec, J. (2018). How investible is Bitcoin? Analyzing the liquidity and transaction costs of Bitcoin markets. Econ. Lett. 171, 140–143.
  • Elliott, G., Rothenberg, T.J. ve Stock, J.H. (1996). Efficient tests for an autoregressive unit root. Econometrica, 64, 813-836.
  • Fasanya, I.O., Oliyide, J.A., Adekoya, O.B. ve Agbatogun, T. (2021). How does economic policy uncertainty connect with the dynamic spillovers between precious metals and Bitcoin markets?. Resources Policy, 72, 102077.
  • Granger, C.W.J. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica, 37, 424-438.
  • Gregory, A.W. ve Hansen, B.E. (1996). Residual-based tests for cointegration in models with regime shifts. Journal of econometrics, 70(1), 99-126.
  • Gronwald, M. (2019). Is Bitcoin a Commodity? On price jumps, demand shocks, and certainty of supply. Journal of International Money and Finance, 97, 86-92.
  • Guesmi, K., Saadi, S., Abid, I. ve Ftiti, Z. (2019). Portfolio diversification with virtual currency: Evidence from Bitcoin. International Review of Financial Analysis, 63, 431-437.
  • Hatemi-j, A. (2008). Tests for cointegration with two unknown regime shifts with an application to financial market integration. Empirical Economics, 35(3), 497-505.
  • Hazgui, S., Sebai, S. ve Mensi, W. (2021). Dynamic frequency relationships between bitcoin, oil, gold and economic policy uncertainty index. Studies in Economics and Finance.
  • Investing (2021). www.investing.com, (ET:18.01.2021).
  • Jin, J., Yu, J., Hu, Y. ve Shang, Y. (2019). Which one is more informative in determining price movements of hedging assets? Evidence from Bitcoin, gold and crude oil markets. Physica A: Statistical Mechanics and its Applications, 527, 121121.
  • Kang, S.H., Yoon, S.M., Bekiros, S. ve Uddin, G. S. (2019). Bitcoin as hedge or safe haven: evidence from stock, currency, bond and derivatives markets. Computational Economics, 1-17.
  • Kılıç, Y., and Çütcü, İ. (2018). Bitcoin fiyatları ile borsa istanbul endeksi arasındaki eşbütünleşme ve nedensellik ilişkisi. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 13(3), 235-250.
  • Klein, T., Thu, H. P. ve Walther, T. (2018). Bitcoin is not the New Gold–A comparison of volatility, correlation, and portfolio performance. International Review of Financial Analysis, 59, 105-116.
  • Kristoufek, L. (2015). What are the main drivers of the Bitcoin price? Evidence from wavelet coherence analysis. PloS One 10 (4), e0123923.
  • Kyriazis, N.A. (2020). Is Bitcoin similar to gold? An integrated overview of empirical findings. Journal of Risk and Financial Management, 13(5), 88.
  • Lin, M.Y. ve An, C.L. (2021). The relationship between Bitcoin and resource commodity futures: Evidence from NARDL approach. Resources Policy, 74, 102383.
  • Luis, P., de la Fuente, G. ve Perote, J. (2019). The drivers of Bitcoin demand: A short and long-run analysis. International Review of Financial Analysis, 62, 21-34.
  • Maki, D. (2012). Tests for cointegration allowing for an unknown number of breaks. Economic Modelling, 29(5), 2011-2015.
  • Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. Decentralized Business Review, 21260.
  • Öztürk, M.B., Arslan, H., Kayhan, T. ve Uysal, M. (2018). Yeni bir hedge enstrumanı olarak Bitcoin: Bitconomi. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 11(2), 217-232.
  • Panagiotidis, T., Thanasis S. ve Orestis V. (2018). On the determinants of Bitcoin returns: A LASSO approach. Finance Research Letters 27: 235–40.
  • Perron, P. (1989). The great crash, the oil price shock, and the unit root hypothesis. Econometrica: journal of the Econometric Society, 1361-1401.
  • Phillips, P.C. (1995). Fully modified least squares and vector autoregression. Econometrica: Journal of the Econometric Society, 63(5), 1023-1078.
  • Phillips, P.C. ve Hansen, B.E. (1990). Statistical inference in instrumental variables regression with I (1) processes. The Review of Economic Studies, 57(1), 99-125.
  • Phillips, P.C. ve Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346.
  • Popper, N. (2015). Digital gold: the untold story of Bitcoin. Penguin, London.
  • Rehman, M.U. ve Apergis, N. (2019). Determining the predictive power between cryptocurrencies and real time commodity futures: Evidence from quantile causality tests. Resources Policy, 61, 603-616.
  • Salihoğlu (2019). Dijital Para ve Merkez Bankası Para Politikaları, 1.Basım, Ankara: Nobel Bilimsel Eserler.
  • Stock, J.H. ve Watson, M.W. (1993). A simple estimator of cointegrating vectors in higher order integrated systems. Econometrica: journal of the Econometric Society, 61(4), 783-820.
  • Symitsi, E. ve Chalvatzis, K. J. (2019). The economic value of Bitcoin: A portfolio analysis of currencies, gold, oil and stocks. Research in International Business and Finance, 48, 97-110.
  • Vassiliadis, S., Papadopoulos, P, Rangoussi, M., Konieczny T. and Gralewski, J. (2017). Bitcoin value analysis based on crosscorrelations. Journal of Internet Banking and Commerce, 22(7), 1-12.
  • Yermack, D. (2013). Is Bitcoin a real currency? An Economic Appraisal (No. 19747). http://www.nber.org/papers/w19747, (E.T:09.05.2021).
  • Zhang, J. ve He, Q.Z. (2021). Dynamic Cross-Market Volatility Spillover Based on MSV Model: Evidence from Bitcoin, Gold, Crude Oil, and Stock Markets. Complexity, 2021.

Should Bitcoin Be Included in The Investment Portfolio as A Digital Commodity?: A Study on The Relationship of Bitcoin with The Prices of Gold, Silver and Oil

Yıl 2021, Cilt: 6 Sayı: 16, 538 - 554, 31.10.2021
https://doi.org/10.25204/iktisad.970269

Öz

In this study, the long-run relationship between Bitcoin and commercial commodities as gold, silver, and crude oil prices is examined under multiple structural breaks. The study investigates whether Bitcoin as a digital commodity can be an alternative investment tool in investment portfolios or not. In the first stage of the empirical analysis, the stationarity levels of the series were tested with traditional unit root tests and Carrion-i-Silvestre et al.’s (2009) m structural breaks unit root test. In the second stage, Maki (2012) cointegration test was applied. The results of the analysis show that there is a cointegration relationship between Bitcoin and the commercial commodity prices under structural break. In the third stage, the Dynamic Least Squares Method (DOLS) estimator was used to investigate the long-term coefficients. The results of the study indicate that in the long term, gold prices affect Bitcoin prices positively, while silver and crude oil affect it negatively. According to the results of the causality analysis made in the last stage, we determined a causality relationship from gold to Bitcoin. It is not found a causal relationship between Bitcoin and oil and silver prices.

Kaynakça

  • Abdioğlu, Z. ve Değirmenci, N. (2014). Petrol fiyatlari-hisse senedi fiyatlari ilişkisi: BIST sektörel analiz. Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 5(8), 1-24.
  • Aksoy, E. (2018). Bitcoin: Paradan Sonraki En Büyük İcat. İstanbul: Abaküs Yayınları.
  • Baek, C. ve Elbeck, M. (2015). Bitcoins as an investment or speculative vehicle? A first look. Applied Economics Letters, 22(1), 30-34.
  • Bai, J. ve Perron, P. (2003). Computation and analysis of multiple structural change models. Journal of Applied Econometrics, 18, 1-22.
  • Bariviera, A.F. ve Merediz‐Solà, I. (2021). Where do we stand in cryptocurrencies economic research? A survey based on hybrid analysis. Journal of Economic Surveys, 35(2), 377-407.
  • Bashir, I. (2017). Mastering blockchain. Packt Publishing Ltd.
  • Baur, D.G. ve Lucey, B.M. (2010). Is gold a hedge or a safe haven? An analysis of stocks, bonds and gold. Financial Review, 45(2), 217-229.
  • Baur, D.G., Hong, K.J. ve Lee, A.D. (2015). Bitcoin: Currency or asset?. Melbourne Business School. http://ssrn.com/abstract=2736020, (ET:05.05.2021).
  • Bhattacharjee, S. (2016). A statistical analysis of Bitcoin transactions during 2012 to 2013 in terms of premier currencies: Dollar, Euro and Rubles, Vidwat. The Indian Journal of Management, 9(1), 8-16.
  • Blau, B.M. (2017). Price dynamics and speculative trading in Bitcoin. Research in International Business and Finance, 41, 493-499.
  • Bouoiyour, J., Selmi, R. ve Wohar, M.E. (2019). Safe havens in the face of Presidential election uncertainty: A comparison between Bitcoin, oil and precious metals. Applied Economics, 51(57), 6076-6088.
  • Bouri, E., Gupta, R., Lahiani, A. ve Shahbaz, M. (2018). Testing for asymmetric nonlinear short-and long-run relationships between Bitcoin, aggregate commodity and gold prices. Resources Policy, 57, 224-235.
  • Bouri, E., Jalkh, N., Molnár, P. and Roubaud, D. (2017). Bitcoin for energy commodities before and after the December 2013 crash: diversifier, hedge or safe haven?. Applied Economics, 49(50), 5063-5073.
  • Bouri, E., Shahzad, S. J. H. and Roubaud, D. (2019) Co-explosivity in the cryptocurrency market. Finance Research Letters 29: 178–183.
  • Böhme, R., N. Christin, B. Edelman, ve T Moore. (2015). Bitcoin: Economics, technology, and governance. Journal of Economic Perspectives 29: 213–38.
  • Carrion-i-Silvestre, J. L., Kim, D. and Perron, P. (2009). GLS-based unit root tests with multiple structural breaks under both the null and the alternative hypotheses. Econometric Theory, 25, 1754-1792.
  • CFTC (2015). USA Commodity Futures Trading Commission, CFTC Docket No.15-29. https://www.cftc.gov/sites/default/files/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfcoinfliprorder09172015.pdf, (E.T: 08.07.2021).
  • Ciaian, P., Rajcaniova, M. ve Kancs, A. (2016). The economics of Bitcoin price formation. Applied Economics, 48(19), 1799-1815.
  • Coinmarketcap (2021). www.coinmarketcap.com, (ET: 03.07.2021).
  • Corbet, S., McHugh, G. ve Meegan, A. (2017). The influence of central bank monetary policy announcements on cryptocurrency return volatility. Investment Management & Financial Innovations, 14(4), 60-72. http://dx.doi.org/10.21511/imfi.14(4).2017.07
  • Çütcü, İ. ve Kılıç, Y. (2018). Bitcoin fiyatları ile dolar kuru arasındaki ilişki: Yapısal kırılmalı zaman serisi analizi. Yönetim ve Ekonomi Araştırmaları Dergisi, 16(4), 349-366.
  • Das, D., Le Roux, C.L., Jana, R.K. ve Dutta, A. (2020). Does Bitcoin hedge crude oil implied volatility and structural shocks? A comparison with gold, commodity and the US Dollar. Finance Research Letters, 36, 101335.
  • Dickey, D.A. ve Fuller, W.A. (1981). Distribution of the estimators for autoregressive time series with a unit root. Econometrica, 49, 1057-1072.
  • Dickey, D.A. ve Fuller, W.A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American statistical association, 74(366a), 427-431.
  • Dirican, C. ve Canöz, İ. (2017). Bitcoin fiyatları ile dünyadaki başlıca borsa endeksleri arasındaki eşbütünleşme ilişkisi: ARDL modeli yaklaşımı ile analiz. Journal of Economics, Finance and Accounting, 4(4), 377-392.
  • Dyhrberg, A.H. (2016). Hedging capabilities of Bitcoin. Is it the virtual gold?. Finance Research Letters, 16, 139-144.
  • Dyhrberg, A.H., Foley, S. ve Svec, J. (2018). How investible is Bitcoin? Analyzing the liquidity and transaction costs of Bitcoin markets. Econ. Lett. 171, 140–143.
  • Elliott, G., Rothenberg, T.J. ve Stock, J.H. (1996). Efficient tests for an autoregressive unit root. Econometrica, 64, 813-836.
  • Fasanya, I.O., Oliyide, J.A., Adekoya, O.B. ve Agbatogun, T. (2021). How does economic policy uncertainty connect with the dynamic spillovers between precious metals and Bitcoin markets?. Resources Policy, 72, 102077.
  • Granger, C.W.J. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica, 37, 424-438.
  • Gregory, A.W. ve Hansen, B.E. (1996). Residual-based tests for cointegration in models with regime shifts. Journal of econometrics, 70(1), 99-126.
  • Gronwald, M. (2019). Is Bitcoin a Commodity? On price jumps, demand shocks, and certainty of supply. Journal of International Money and Finance, 97, 86-92.
  • Guesmi, K., Saadi, S., Abid, I. ve Ftiti, Z. (2019). Portfolio diversification with virtual currency: Evidence from Bitcoin. International Review of Financial Analysis, 63, 431-437.
  • Hatemi-j, A. (2008). Tests for cointegration with two unknown regime shifts with an application to financial market integration. Empirical Economics, 35(3), 497-505.
  • Hazgui, S., Sebai, S. ve Mensi, W. (2021). Dynamic frequency relationships between bitcoin, oil, gold and economic policy uncertainty index. Studies in Economics and Finance.
  • Investing (2021). www.investing.com, (ET:18.01.2021).
  • Jin, J., Yu, J., Hu, Y. ve Shang, Y. (2019). Which one is more informative in determining price movements of hedging assets? Evidence from Bitcoin, gold and crude oil markets. Physica A: Statistical Mechanics and its Applications, 527, 121121.
  • Kang, S.H., Yoon, S.M., Bekiros, S. ve Uddin, G. S. (2019). Bitcoin as hedge or safe haven: evidence from stock, currency, bond and derivatives markets. Computational Economics, 1-17.
  • Kılıç, Y., and Çütcü, İ. (2018). Bitcoin fiyatları ile borsa istanbul endeksi arasındaki eşbütünleşme ve nedensellik ilişkisi. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 13(3), 235-250.
  • Klein, T., Thu, H. P. ve Walther, T. (2018). Bitcoin is not the New Gold–A comparison of volatility, correlation, and portfolio performance. International Review of Financial Analysis, 59, 105-116.
  • Kristoufek, L. (2015). What are the main drivers of the Bitcoin price? Evidence from wavelet coherence analysis. PloS One 10 (4), e0123923.
  • Kyriazis, N.A. (2020). Is Bitcoin similar to gold? An integrated overview of empirical findings. Journal of Risk and Financial Management, 13(5), 88.
  • Lin, M.Y. ve An, C.L. (2021). The relationship between Bitcoin and resource commodity futures: Evidence from NARDL approach. Resources Policy, 74, 102383.
  • Luis, P., de la Fuente, G. ve Perote, J. (2019). The drivers of Bitcoin demand: A short and long-run analysis. International Review of Financial Analysis, 62, 21-34.
  • Maki, D. (2012). Tests for cointegration allowing for an unknown number of breaks. Economic Modelling, 29(5), 2011-2015.
  • Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. Decentralized Business Review, 21260.
  • Öztürk, M.B., Arslan, H., Kayhan, T. ve Uysal, M. (2018). Yeni bir hedge enstrumanı olarak Bitcoin: Bitconomi. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 11(2), 217-232.
  • Panagiotidis, T., Thanasis S. ve Orestis V. (2018). On the determinants of Bitcoin returns: A LASSO approach. Finance Research Letters 27: 235–40.
  • Perron, P. (1989). The great crash, the oil price shock, and the unit root hypothesis. Econometrica: journal of the Econometric Society, 1361-1401.
  • Phillips, P.C. (1995). Fully modified least squares and vector autoregression. Econometrica: Journal of the Econometric Society, 63(5), 1023-1078.
  • Phillips, P.C. ve Hansen, B.E. (1990). Statistical inference in instrumental variables regression with I (1) processes. The Review of Economic Studies, 57(1), 99-125.
  • Phillips, P.C. ve Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346.
  • Popper, N. (2015). Digital gold: the untold story of Bitcoin. Penguin, London.
  • Rehman, M.U. ve Apergis, N. (2019). Determining the predictive power between cryptocurrencies and real time commodity futures: Evidence from quantile causality tests. Resources Policy, 61, 603-616.
  • Salihoğlu (2019). Dijital Para ve Merkez Bankası Para Politikaları, 1.Basım, Ankara: Nobel Bilimsel Eserler.
  • Stock, J.H. ve Watson, M.W. (1993). A simple estimator of cointegrating vectors in higher order integrated systems. Econometrica: journal of the Econometric Society, 61(4), 783-820.
  • Symitsi, E. ve Chalvatzis, K. J. (2019). The economic value of Bitcoin: A portfolio analysis of currencies, gold, oil and stocks. Research in International Business and Finance, 48, 97-110.
  • Vassiliadis, S., Papadopoulos, P, Rangoussi, M., Konieczny T. and Gralewski, J. (2017). Bitcoin value analysis based on crosscorrelations. Journal of Internet Banking and Commerce, 22(7), 1-12.
  • Yermack, D. (2013). Is Bitcoin a real currency? An Economic Appraisal (No. 19747). http://www.nber.org/papers/w19747, (E.T:09.05.2021).
  • Zhang, J. ve He, Q.Z. (2021). Dynamic Cross-Market Volatility Spillover Based on MSV Model: Evidence from Bitcoin, Gold, Crude Oil, and Stock Markets. Complexity, 2021.
Toplam 60 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finans
Bölüm Araştırma Makaleleri
Yazarlar

Esengül Salihoğlu 0000-0002-2005-1986

Abdullah Göv 0000-0001-9400-6275

Yayımlanma Tarihi 31 Ekim 2021
Gönderilme Tarihi 12 Temmuz 2021
Yayımlandığı Sayı Yıl 2021 Cilt: 6 Sayı: 16

Kaynak Göster

APA Salihoğlu, E., & Göv, A. (2021). Dijital Emtia Olarak Bitcoin’e Yatırım Portföyünde Yer Verilmeli mi?: Bitcoin’in Altın, Gümüş ve Petrol Fiyatları ile İlişkisi Üzerine Bir İnceleme. İktisadi İdari Ve Siyasal Araştırmalar Dergisi, 6(16), 538-554. https://doi.org/10.25204/iktisad.970269
AMA Salihoğlu E, Göv A. Dijital Emtia Olarak Bitcoin’e Yatırım Portföyünde Yer Verilmeli mi?: Bitcoin’in Altın, Gümüş ve Petrol Fiyatları ile İlişkisi Üzerine Bir İnceleme. İKTİSAD. Ekim 2021;6(16):538-554. doi:10.25204/iktisad.970269
Chicago Salihoğlu, Esengül, ve Abdullah Göv. “Dijital Emtia Olarak Bitcoin’e Yatırım Portföyünde Yer Verilmeli mi?: Bitcoin’in Altın, Gümüş Ve Petrol Fiyatları Ile İlişkisi Üzerine Bir İnceleme”. İktisadi İdari Ve Siyasal Araştırmalar Dergisi 6, sy. 16 (Ekim 2021): 538-54. https://doi.org/10.25204/iktisad.970269.
EndNote Salihoğlu E, Göv A (01 Ekim 2021) Dijital Emtia Olarak Bitcoin’e Yatırım Portföyünde Yer Verilmeli mi?: Bitcoin’in Altın, Gümüş ve Petrol Fiyatları ile İlişkisi Üzerine Bir İnceleme. İktisadi İdari ve Siyasal Araştırmalar Dergisi 6 16 538–554.
IEEE E. Salihoğlu ve A. Göv, “Dijital Emtia Olarak Bitcoin’e Yatırım Portföyünde Yer Verilmeli mi?: Bitcoin’in Altın, Gümüş ve Petrol Fiyatları ile İlişkisi Üzerine Bir İnceleme”, İKTİSAD, c. 6, sy. 16, ss. 538–554, 2021, doi: 10.25204/iktisad.970269.
ISNAD Salihoğlu, Esengül - Göv, Abdullah. “Dijital Emtia Olarak Bitcoin’e Yatırım Portföyünde Yer Verilmeli mi?: Bitcoin’in Altın, Gümüş Ve Petrol Fiyatları Ile İlişkisi Üzerine Bir İnceleme”. İktisadi İdari ve Siyasal Araştırmalar Dergisi 6/16 (Ekim 2021), 538-554. https://doi.org/10.25204/iktisad.970269.
JAMA Salihoğlu E, Göv A. Dijital Emtia Olarak Bitcoin’e Yatırım Portföyünde Yer Verilmeli mi?: Bitcoin’in Altın, Gümüş ve Petrol Fiyatları ile İlişkisi Üzerine Bir İnceleme. İKTİSAD. 2021;6:538–554.
MLA Salihoğlu, Esengül ve Abdullah Göv. “Dijital Emtia Olarak Bitcoin’e Yatırım Portföyünde Yer Verilmeli mi?: Bitcoin’in Altın, Gümüş Ve Petrol Fiyatları Ile İlişkisi Üzerine Bir İnceleme”. İktisadi İdari Ve Siyasal Araştırmalar Dergisi, c. 6, sy. 16, 2021, ss. 538-54, doi:10.25204/iktisad.970269.
Vancouver Salihoğlu E, Göv A. Dijital Emtia Olarak Bitcoin’e Yatırım Portföyünde Yer Verilmeli mi?: Bitcoin’in Altın, Gümüş ve Petrol Fiyatları ile İlişkisi Üzerine Bir İnceleme. İKTİSAD. 2021;6(16):538-54.


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