عنوان مقاله [English]
We evaluate risk and return of bitcoin in comparison with other competitive markets such as currency (Dollar and Euro), stock exchange, and gold (futures contract and cash coin). We gather different data relevant to bitcoin prices, Tehran stock exchange index, Dollar and Euro currency rates, gold futures, and gold coins during 5 years (9/19/2013 until 9/18/2018). We apply Dickey-Fuller unit root test, GJR-GARCH(1,1), TGARCH, and Spearman correlation coefficient to examine the research hypotheses. Findings show that the risk and return of bitcoin is significantly more than other investment opportunities like currency, gold, and stock exchange in the country, however, there is no relation between its risk/return and other competitive markets. Unlike other assets, good news effect on bitcoin trading market is greater than bad news effect. Finally, Dyhrberg’s (2016) hypothesis is unacceptable which implies to bitcoin is a stuff between gold and currency.