Blockchain technology in digital transformation and Bitcoin's effect on the economy

The life-effect of technology has manifested itself in financial instruments with bitcoin. Bitcoin is a type of cryptocurrency that offers a revolutionary structure in payment systems since its inception in 2009. Blockchain, bitcoin's core technology, is designed as a decentralized system that does not need a trusted third party; with its wide application potential, it has quickly gained acceptance in the public and business world. With the cryptocurrencies developed on this technological structure, individuals or institutions carry out all kinds of cash and money transfers. In this study, the correlation relationship between Cumhuriyet Gold, gold ounce price, crude oil price, american dollar and euro currency and bitcoin between January 2012 and March 2020 was examined. The descriptive statistics of the research were made by using Spearman correlation analysis. In 2012, when it first started to take a place in the markets, a significant relationship between bitcoin and other indicators was not detected (p> 0.05). The year 2017, when the dollar value of bitcoin increased three times than the previous year, was the peak year of bitcoin; there is a strong positive relationship with the euro (r = 0.873; p <0.001). Negative and weak between bitcoin and crude oil price in the period of 2012-2020; there is a strong relationship between Cumhuriyet Gold, gold ounce price, dollar and euro, and this relationship is significant. High mobility can be perceived as seeing bitcoin as a speculative investment tool rather than a sample payment instrument. It has been determined that bitcoin has a strong relationship with the euro for the long term.