This study examines the relationship between global economic policy uncertainty (GEPU) and bitcoin prices (BCP) employing the rolling window method. The full sample test shows that there is no causality between GEPU and BCP. However, the full sample causal relationship between the variables can be different when considering structural changes. The finding of the rolling window test indicates that there is causality in different subsamples. It has found both positive and negative bidirectional causalities between GEPU and BCP across various subsamples. The decision makers need to accelerate the development of blockchain technology that can be used for hedging and portfolio diversification. Moreover, enacting laws and regulations on state interventions and prohibitions ensures investor confidence. Information about policy changes should be incorporated into portfolio selection to avoid random market fluctuations. Its unregulated nature makes it more turbulent in the short term and has undergone sudden changes, so investors should be able to obtain comprehensive information about global economic and policy changes. Policy makers should ensure investor confidence by making legal regulations on state interventions and prohibitions.

本研究采用滚动窗口方法研究了全球经济政策不确定性 (GEPU) 与比特币价格 (BCP) 之间的关系。全样本检验表明GEPU与BCP之间不存在因果关系。但是，在考虑结构变化时，变量之间的完整样本因果关系可能会有所不同。滚动窗口检验的结果表明不同子样本之间存在因果关系。它已经发现 GEPU 和 BCP 在各种子样本之间存在正负双向因果关系。决策者需要加快可用于对冲和投资组合多样化的区块链技术的开发。此外，制定有关国家干预和禁令的法律法规可确保投资者的信心。有关政策变化的信息应纳入投资组合选择，以避免随机市场波动。其不受监管的性质使其在短期内更加动荡，并发生了突然的变化，因此投资者应该能够获得有关全球经济和政策变化的全面信息。政策制定者应通过制定有关国家干预和禁令的法律法规来确保投资者的信心。