GOLD PRICE AND BITCOIN EXCHANGE RATE: IS THERE A CORRELATION?
Nikolay Patonov
Abstract
The purpose of this paper is to study the empirical relation between Gold price and Bitcoin exchange rate. Both the rates have been expressed in US dollars. The empirical analysis has been run via quantitative techniques – correlation analysis and Granger causality test. These procedures have been applied on data with monthly frequency for the period March 2013 – November 2019. The output suggests existence of a weak positive correlation.
Keywords
Gold price; Bitcoin exchange rate; US dollars; correlation
JEL Codes: G11; G13
References
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Havilland, P. (2019, November), Interest in Bitcoin Versus Gold Surging for All Age Groups. Retrieved November 16, 2019, from CryptoBriefing: https://cryptobriefing.com/surging-interest-bitcoin-vs-gold/
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Hougan, M. (2019, August), Bitcoin vs. Gold: Is Bitcoin Really A New 'Safe Haven' Asset?. Retrieved October 11, 2019, from Forbes: https://www.forbes.com/sites/matthougan/2019/08/21/bitcoin-vs-gold-is-bitcoin-really-a-new-safe-haven-asset/
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