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- Title
YENİ BİR HEDGE ENSTRUMANI OLARAK BİTCOİN: BİTCONOMİ.
- Authors
ÖZTÜRK, Mutlu Başaran; ARSLAN, Halil; KAYHAN, Temur; UYSAL, Mustafa
- Abstract
In 2017, Bitcoin's mcap exceeds level of $200 billion and it has come to agenda of institutional investors. While the world's largest futures exchanges like CME and CBOE list Bitcoin, Microsoft, PWC and Overstock have begun to define Bitcoin in their platforms. Certain conditions are necessary for Bitcoin to be seen as an investment tool; being traded in an efficient markets, clear pricing formation and being diversification tool for portfolios. According to results of Johansen test, Bitcoin moved independently from other traditional assets except gold. When Bitcoin's so-called independent moves is defined as Bitconomy, this means that a risky asset at the micro level can reduce risk ofportfolios in a macro sense. The fact that occupation of a very small area in the financial system and degree of difficulty in Bitcoin production is in conflict with the classical economy can be shown as reasons why correlations are meaningless. The rise in Bitcoin's price in North Korean and Ukrainian tensions and the long-term positive relationship between gold and Bitcoin being criticized for their high variance, indicating an interesting irony as Bitcoin may be a safe haven in the future. The studies in literature show that variance of Bitcoin decreases continuously.
- Publication
Omer Halisdemir Universitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi, 2018, Vol 11, Issue 2, p217
- ISSN
2564-6931
- Publication type
Article
- DOI
10.25287/ohuiibf.415713