Analyzing the Performance of Bitcoin to Gold Prices, the Telecommunications Market, the Stock Price Index, and Insurance Companies’ Performance from (March 1, 2021–September 4, 2023)
DOI:
https://doi.org/10.21928/uhdjst.v7n2y2023.pp16-31Keywords:
Cryptocurrencies, Bitcoin, Gold Price, Telecommunications, Stock price, InsuranceAbstract
Managing cryptocurrencies by financial intermediaries offer numerous benefits to global financial markets and the economy. Among all cryptocurrencies, Bitcoin stands out with the highest market capitalization and a weak correlation to other assets, making it an attractive option for portfolio diversification and risk management. This research aims to examine the impact of Bitcoin on the NASDAQ gold price (GC), the telecommunications market (IXUT), and insurance company performance (IXIS) through the analysis of secondary data from March 1, 2021, to September 4, 2023. The data were obtained from https://www.investing.com; statistical software E views applied various econometric methods to the data. The results suggest a positive correlation between Bitcoin and the other variables, indicating that Bitcoin can significantly expand investment opportunities and drive economic growth. This study highlights the importance of considering cryptocurrencies, especially Bitcoin, as a viable option for investment diversification and risk management in financial markets.
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