Analysis of the relationship Between Bitcoin that affects Gold, US Dollars to Thai Baht Exchange Rate and SET100 Index
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Analysis of The Relationship, Bitcoin, Gold, US Dollars to Thai Baht Exchange, SET100Abstract
The objectives of this study are 1) to check the consistency of the model with empirical data and 2) to study the relationship Between Bitcoin that affects Gold, US Dollars to Thai Baht Exchange Rate, and SET100 Index. This research employs a quantitative approach to analyze the relationship between Bitcoin and Gold. Analyze with a linear relationship, using the AMOS program for the analysis of the US Dollar to Thai Baht Exchange Rate and SET100 Index, whether it is consistent and harmonious with the empirical data or not, and using daily secondary data for 5 years from 3 January 2018 to 30 December 2022 from the website Investing.com. The findings indicate that: 1) Bitcoin has a positive relationship with Gold (TE = 0.64) and a positive relationship with the US Dollar to Thai Baht exchange rate (TE = 0.16). In contrast, Bitcoin shows a negative relationship with the SET100 index, supported by the statistical analysis, which yielded a Chi-square value of 3.803, degrees of freedom (df) = 2, P = 0.149, CMIN/DF = 1.901, GFI = 0.998, and RMSEA = 0.027. These results are consistent with the assumption of statistical significance at the 0.001 level. 2) Additionally, the analysis reveals that Bitcoin weighs 0.64, which affects Gold, allowing for a variance prediction with an accuracy of 41% (R² = 0.41). Bitcoin weights 0.16 affects the US Dollar to Thai Baht exchange rate, which predicts the variance with an accuracy of 3% (R² = 0.03). Finally, Bitcoin weights -0.20 affects the SET100 index, predicting variance with an accuracy of 4% (R² = 0.04).
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