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Entrepreneurship and Sustainability Issues Open access
Journal Impact FactorTM (2023) 1.2 Q4
Journal Citation IndicatorTM (2023) 0.33 Q3
Received: 2021-09-25  |  Accepted: 2021-11-20  |  Published: 2021-12-30

Title

Bitcoin price as one of basic cryptocurrencies in relation to the basic stock market's indicators


Abstract

During 2020, factors such as the global pandemic, financial uncertainty and the US election saw an increase in the correlation between bitcoin and gold and the stock market. Both bitcoins and gold rose sharply during 2020, thanks to the relentless press of fiat money by governments and central banks that intend to keep their economies afloat as a result of the coronavirus pandemic. As digital gold, BTC appeals to the cashless Internet economy largely for its features, which include continuous price transparency and a lack of restrictions, disruptions or third-party oversight. The paper focuses on the analysis and identification of the relationship between the value of basic cryptocurrencies and gold price movements, as well as the research hypothesis that the value of the most known and used cryptocurrency bitcoin (BTC) increases with the rising price of gold - a special commodity that serves several functions of the world economy. This issue is currently gaining more and more attention also in context of risk management which is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities and mobile commerce in the aspect of the impact of modern technologies and mobile communication platforms on consumer behavior and consumer preferences. Innovatively, we have made our observations of the price of bitcoin in relation to price fluctuations in the gold markets in order to develop a predictive model for simulating the development of the price of bitcoin. The mathematical model was developed on the basis of statistical analysis of the observed data.


Keywords

bitcoin, Bitcoin price, gold price, cryptocurrency, virtual money, financial risk, risk management, electronic and mobile commerce, modern technologies, consumer behavior, consumer preferences


JEL classifications

D30 , E30 , F39 , G20


URI

http://jssidoi.org/jesi/article/932


DOI


Pages

552-569


Funding

This publication has been written thanks to the support of the Operational Programme Integrated Infrastructure for the project: "Electronic methods for detecting unusual business transactions in a business environment" (ITMS code: 313022W057), co-funded by the European Regional Development Fund (ERDF) and this paper was also funded by the support of VEGA 1/0609/19 – Research on the development of electronic and mobile commerce and mobile commerce in the aspect of the impact of modern technologies and mobile communication platforms on consumer behavior and consumer preferences.

This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License

Authors

Korauš, Antonín
Academy of the Police Force in Bratislava, Bratislava, Slovakia https://www.akademiapz.sk
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Gombár, Miroslav
University of Prešov, Prešov, Slovakia http://www.unipo.sk
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Vagaská, Alena
Technical University of Košice, Košice, Slovakia http://www.tuke.sk
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Bačík, Radovan
University of Prešov, Prešov, Slovakia http://www.unipo.sk
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Korba, Peter
Technical University of Košice, Košice, Slovakia http://www.tuke.sk
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Černák, Filip
University of Prešov, Prešov, Slovakia http://www.unipo.sk
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Journal title

Entrepreneurship and Sustainability Issues

Volume

9


Number

2


Issue date

December 2021


Issue DOI


ISSN

ISSN 2345-0282 (online)


Publisher

VšĮ Entrepreneurship and Sustainability Center, Vilnius, Lithuania

Cited

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