Bitcoin, Interest Rates, and Exchange Rates in Oil and Gas Stocks

Abstract

Accurate stock price forecasting is vital for investors in formulating rational investment decisions within capital markets. This study analyzes the impact of Bitcoin, interest rates, and exchange rates on the stock prices of firms in the oil and gas mining sub-sector listed on the Indonesia Stock Exchange over the period 2018–2023. Employing a quantitative research design, the study utilizes secondary data and applies panel data regression analysis using EViews 9. The sample consists of eight firms selected from a population of eighteen companies through purposive sampling. The empirical results reveal that Bitcoin exerts a statistically significant partial effect on stock prices, whereas interest rates and exchange rates do not demonstrate a significant individual impact. Furthermore, the joint analysis indicates that Bitcoin, interest rates, and exchange rates collectively have no significant influence on stock prices. These findings suggest that investors should carefully assess stock price movements and broader market dynamics when making investment decisions, while firms are encouraged to enhance their financial performance to improve investment attractiveness.