Title: Pre and during COVID-19 pandemic study of Bitcoin price against major fiat currencies of the world

Authors: Anshul Agrawal; Mukta Mani; Sakshi Varshney

Addresses: Department of Humanities, and Social Sciences, Jaypee Institute of Information Technology, A-10, Sector-62, Noida, Uttar Pradesh, India ' Department of Humanities, and Social Sciences, Jaypee Institute of Information Technology, A-10, Sector-62, Noida, Uttar Pradesh, India ' Department of Humanities, and Social Sciences, Jaypee Institute of Information Technology, Sector-128, Noida, Uttar Pradesh, India

Abstract: The current study undertakes pre and during COVID-19 pandemic influence and examines causal connection to investigate major direct and indirect relationships between Bitcoin (BTC), and 12 most noted fiat currencies, namely - Australian dollar (AUD), Canadian dollar (CAD), Chinese yuan renminbi (CNY), Euro (EUR), British pound sterling (GBP), Indonesian rupiah (IDR), Indian rupee (INR), Japanese yen (JPY), Korean won (KRW), Mexican peso (MXN), Polish zloty (PLN), and Russian ruble (RUB). The test parameters Johansen co-integration, vector error-correction (VEC) and vector auto-regression (VAR) block exogeneity are employed. Results obtained indicates no long-term connection between BTC and the above mentioned fiat currencies prior to the pandemic, but during the COVID-19 period, a positive long-run relationship has been found between BTC and GBP and negative connection has been found between BTC and INR, MXN, and RUB. This analysis will aid regulatory authorities in classifying Bitcoin as an asset or currency, as well as in enhancing Bitcoin investment regulation.

Keywords: Bitcoin; COVID-19 pandemic; fiat currencies; augmented Dickey-Fuller unit root test; Johansen co-integration; VEC test; VAR exogeneity Wald test.

DOI: 10.1504/IJBIR.2026.153088

International Journal of Business Innovation and Research, 2026 Vol.39 No.4, pp.417 - 442

Received: 26 Jan 2022
Accepted: 23 Oct 2022
Published online: 22 Apr 2026 *

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