Vol 8 (2023): June (in progress)
Business and Economics

Comparative Analysis of Bitcoin, Stocks, and Gold Cryptocurrencies as Alternative Investment Portfolios
Analisis Perbandingan Cryptocurrency Bitcoin, Saham, dan Emas Sebagai Alternatif Portfolio Investasi


Rafly Firdaus Budiartomo
Universitas Muhammadiyah Sidoarjo, Indonesia
Wisnu Panggah Setiyono
Universitas Muhammadiyah Sidoarjo, Indonesia *

(*) Corresponding Author
Published June 26, 2023
Keywords
  • Investment,
  • Cryptocurrency,
  • Bitcoin,
  • Stock,
  • Gold,
  • Return,
  • Risk,
  • Performance
  • ...More
    Less
How to Cite
Budiartomo, R. F., & Setiyono, W. P. (2023). Comparative Analysis of Bitcoin, Stocks, and Gold Cryptocurrencies as Alternative Investment Portfolios. Academia Open, 8, 10.21070/acopen.8.2023.3511. https://doi.org/10.21070/acopen.8.2023.3511

Abstract

The purpose of this research is to find out and analyze the comparison of the performance of bitcoin cryptocurrency, stocks, and gold. The population in this study is the monthly closing price of bitcoin, LQ45 shares, and gold from January 2018 - December 2020, which is 252 datas. The sampling technique of this research is saturated samples. The analytical method used is the comparative method and the data used are secondary data. Data is calculated using the Microsoft Excel program based on the formula of each variable. The data was processed statistically using the SPSS application, the Kruskall-Wallis Test. The results of this study indicate that there is no significant difference between bitcoin, LQ45 stocks, and gold when measured from return and Jensen's performance measure. Then, there are significant differences between bitcoin, LQ45 stocks, and gold when measured from risk, Sharpe performance’s measure, and Treynor’s performance’s measure.

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