The impact of cryptocurrencies on the top 2 telecom-fintech companies in the Philippines
Date
2023-07-10
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Abstract
The cryptocurrency market has changed substantially since the introduction of Bitcoin in 2009 and is now starting to enter major local and international financial institutions. What is now driving its rapid development and expansion is increased adoption in
consumers and businesses as well as the understanding of
cryptocurrencies, especially in the case of the Philippines. Furthermore, it is financial technology firms that are considering and moving into the adoption of cryptocurrency and its exchange within their platforms. This study determines how Bitcoin's
performance representing cryptocurrencies may affect Philippine Financial Technology (fintech) companies. Using the Vector Autoregression (VAR) model, results show that a one-time increase in Bitcoin value creates a short-term increase in Globe Stock Price after the GCash announcement during the month of March 2022
that the platform will allow cryptocurrency purchases and exchange. Furthermore, there is no significant relationship between Globe Stock Price and Bitcoin from January 2020 to February 2022, PLDT Stock Price and Bitcoin from January 2020 to
March 2022, and PLDT Stock Price and Bitcoin from April 2022 to December 2022.
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Keywords
cryptocurrency, Telecom-Fintech Companies, Philippines