Author(s)

Chikashi Tsuji

Graduate School of Economics, Chuo University, Tokyo, Japan.

This paper investigates the profitability of Bitcoin and US equity. More concretely, we inspect the performances of the S&P 500 index and Bitcoin by comparing their returns and volatilities. As a result, we obtain the following significant findings. First, our regression analysis clarifies that for the period after the sudden appearance of COVID-19, there was a weak nexus between the S&P 500 index and Bitcoin returns. In addition, our return and return spread analysis evidences that for this period, on average, Bitcoin returns were much higher than the S&P 500 index returns. Moreover, our volatility and volatility spread analysis reveals that for this period, on average, the volatilities of Bitcoin returns were much higher than those of the S&P 500 index returns.

Bitcoin, Cryptocurrency, Return, US Equity, Volatility

Tsuji, C. (2023) Bitcoin and Stock Returns: An Empirical Study. iBusiness, 15, 147-153. doi: 10.4236/ib.2023.152011.