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Virtual currency has been a hot topic for discussion lately. One of the popular virtual currencies is bitcoin which has a status as a commodity in Indonesia today. The purpose of this study is to determine whether there is influence and causality between bitcoin and monetary variables in Indonesia. The study used time series data in monthly form March 2012 to July 2019. The study used Johnsen’s co integration test, vector auto regression estimation, granger causality test, forecasting with Impulse Response Function (IRF), and decomposition variance analysis. In this research, it is known that in the long run the growth of bitcoin prices, the exchange rate, inflation, the price of gold, and interest rates does not have balance and similarity in movement. Causally there is a direct relationship between the price of gold and the exchange rate with the consumer price index. In the VAR estimation it is known that bitcoin price growth affects the consumer price index in Indonesia, and the consumer price index affects the price of gold. In impulse response function forecasting there are positive and negative responses of each variable in the study of other variables. In decomposition variance analysis, it is known that the contribution of influence of a variable is more dominated by the variable itself when shock or shock occurs.

Causality of the Growth of Bitcoin Prices with Monetary Conditions in Indonesia