Bitcoin Vs Gold: Which One is the Most Powerful in Boosting the Shariah Equity Index? Global Evidence

Abstract The study explores the most powerful between Bitcoin and Gold in boosting Shariah Equity Index Malaysia, United Arab Emirates, China, Indonesia, States of America (USA), Japan, Oman, Saudi Arabia short long term. uses analysis first second stages Granger Causality Test Vector Error Correction Model (VECM), then Impulse Response Function (IRF) Variance Decomposition (VDC) over period 2013 to 2021. finding proves that only can affect Islamic term, proved contribute equally However, has potential provide positively correlated shocks dominate value equity indices results demonstrate government intervention is decisive maintaining stability from future threats. study’s practical implications for capital market Investors, Managers, Authorities.