Investıgatıon of the Causal Relatıonshıp Between Crypto Currency Prıces and The Gross Domestıc Products of Brıcs Countrıes: Bıtcoin Example

The aim of the study is to investigate the causal relationship between the most popular cryptocurrency, BITCOIN, and the annual Gross National Product (GNP) values of the BRICS countries (Brazil, Russia, India, China, and South Africa). In this context, the Granger Causality Model developed by C. W. J. Granger (1969) was used. Annual BITCOIN prices and annual GNP data of BRICS countries between 2010 and 2020 were included in the analysis and calculations were made. The striking result in the analysis was that when the relationship between China\'s GNP data and BITCOIN prices was calculated, they formed a bidirectional causality relationship. There was no significant relationship between GNP data of other BRICS countries and BITCOIN prices.