Today, the astonishing growth of digital currency has attracted many bold investors. This has caused digital currencies to be gradually introduced as a new asset class with its own criteria. However, the relationship between traditional assets and new assets is not yet deeply understood. This study’s objective is to investigate the dynamic relationship between the Turkish stock market with three traditional and conventional assets (oil, gold, and S&P 500) and three leading digital currencies (Bitcoin, Ethereum, and Tether) with a time‐varying copula approach with updated and weekly data from May 2017 to June 2024. The findings demonstrated a strong correlation between BIST 100 and S&P 500. However, the results showed a weak correlation between digital currencies (especially Bitcoin and Tether) and the Turkish stock market. The results support the idea that digital currencies can be a good way to diversify your finances. It seems that portfolio owners can make good profits by enhancing their collection of traditional assets with a digital asset. Thus, by including digital currency in their asset portfolio, investors can lower the risk associated with their investments.
Farzaneh Shams Tarnabi (2026) studied this question.