Abstract
ABSTRACT Cryptocurrencies have obtained substantial interest from bankers, investors, media, social media, and regulators. Bitcoin is a cryptocurrency and has the largest market capitalization. This paper investigates the return and volatility spillovers from S&P 500 and ADRs to Bitcoin and gold. The results of this paper indicate that there are no significant price and volatility spillovers from Bitcoin and gold to S&P 500. Results also suggest no evidence of significant price and volatility spillovers from Bitcoin and gold to ADRs. This is in line with data compiled by VenEck (2021) that concludes that there is no patterns of movement between Bitcoin and other markets such as S&P 500, gold etc. Furthermore, we also see price spillovers from S&P 500 and ADRs to Bitcoin and volatility spillovers from S&P 500 and ADRs to gold. Keywords Bitcoin, Gold, American Depositary Receipts, Stocks
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