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GELECEĞİN PARA BİRİMİ YA DA SADECE BİR BALON: BİTCOİN

Bu çalışmada her geçen gün ilgiyle izlenmeye devam edilen sanal para birimi Bitcoin’de çoklu balonların varlığı Phillips, Shi ve Yu (2015) tarafından geliştirilen GSADF birim kök testi ve kritik değerlerin tespitinde her türlü değişen varyans problemini hesaba katarak işlem yapan Harvey, Leybourne, Sollis ve Taylor (2016) tarafından geliştirilen metot takip edilerek araştırılmıştır. Veri seti 16.07.2010 ve 31.12.2017 tarihleri arasında günlük bazdaki 24 saatlik ortalama Bitcoin fiyatlarından oluşmaktadır. Yapılan analizler sonucunda söz konusu veri aralığının büyük bir kısmında Bitcoin fiyatlarında çoklu balonların varlığı görülmüştür

Currency of Future or a Balloon Only: Bitcoin

In this paper, the presence of multiple bubbles in the digital currency Bitcoin that continues to be watched with interest each day is investigated with the GSADF unit root test developed by Phillips, Shi and Yu (2015) and the method developed by Harvey, Leybourne, Sollis ve Taylor (2016), which processes taking into account all heteroscedasticity problems in determining the critical values. The dataset consists of 24 hour average Bitcoin prices on the basis of 16.07.2010 and 31.12.2017 daily basis. As a result of analyzes, the existence of multiple bubbles in Bitcoin prices was seen in a large part of the mentioned data range.

Keywords:

Bitcoin, Digital Currency Price Bubble, GSADF Unit Root Test,

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