Empirical Case Among Explanatory Asset, Financial Asset Dan Macro-Economic on Return Bitcoin

Muhammad Rizky Nasution (), Isfenti Sadalia and Nisrul Irawati
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Muhammad Rizky Nasution: Universitas Sumatera Utara
Isfenti Sadalia: Universitas Sumatera Utara
Nisrul Irawati: Universitas Sumatera Utara

A chapter in Proceedings of the 20th International Symposium on Management (INSYMA 2023), 2024, pp 51-56 from Springer

Abstract: Abstract The S&P 500 Index, NIKKEI 225, World Oil Prices, Gold Prices, Bitcoin Supply, Bitcoin Miners Revenue, and Bitcoin Returns are some of the research variables used in this study. The websites https://Blockchain.com , https://finance.yahoo.com , and other sites that promote research served as the study’s data sources. In order to generate a target population of 1,096 (3 years x 365) daily report data for the data sample in this study, a documentation study on the publication of daily cryptocurrency transaction reports was done, yielding time series data from January 1, 2020 to December 31, 2022. Time series data analysis using Engel Granger’s Error Correction Model is the method employed (ECM). The computer application Econometric Views (Eviews) is the analysis tool employed. The findings of this study show that Bitcoin Supply significantly and negatively affects bitcoin returns. Returns on bitcoin are positively and significantly impacted by Bitcoin Miners’ Revenue. Returns on bitcoin are positively and significantly impacted by S&P 500. Returns on bitcoin are negatively and negligibly impacted by Nikkei 225. Returns on bitcoin have a favorable and large impact from global oil prices. Returns on bitcoin are positively and negligibly impacted by the gold price.

Keywords: Bitcoin Supply; Bitcoin Miners Revenue; S&P 500 Index; Nikkei 225 Index (search for similar items in EconPapers)
Date: 2024
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DOI: 10.2991/978-94-6463-244-6_10

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