Crypto currency system and the relationship of Bitcoin with macroeconomic factors

The main purpose of this master thesis is to investigate the macroeconomic factors that affect the price of Bitcoin, the crypto currency. In addition to this study, which is researched based on analysis, it is to give information about Bitcoin, especially the crypto currency, among virtual money, blockchain system and virtual money systems. In the analysis part of the research, regression analysis is performed using monthly data for the period of 2017-2022. In the regression analysis, the price of Bitcoin is used as the dependent variable, and the price of Brent Oil, the New York Stock Exchange Index value, the US Central Bank interest rate, the US Gross Domestic Product change rate and the Japan Gross Domestic Product change rate are used as the independent variable. As a result of the analysis, it is seen that there is a positive and linear significant relationship between Bitcoin price and Brent Oil price, New York Stock Exchange Index and Japan Gross Domestic Product change variables, while there is a negative and linear significant relationship with the US Central Bank interest rate.