The Effect of Coin Price, Exchange Rate, Oil and Tehran Stock Exchange Index on Bitcoin Demand in Iran by Self-Regression Model

Although only 10 years have passed since the Bitcoin and blockchain technology introduction into the world, this new monetary technology has had a serious impact on other economic variables such that the international monetary and banking institutions has been forced to investigate, regulate and react to them. The present study investigates the effects of price changes of coin, oil, Exchange Rate, and Tehran Stock Market Index on the Bitcoin's demand in Iran for monthly data for the period from April 2014 to September 2018 by using the Vector Autoregressive Model (VAR). The result shows that, in the short term the price of coins, stocks and oil explains a very small percentage of changes in Bitcoin's demand in Iran. But in the long run, these variables explain more of the Bitcoin demand changes in Iran.