The paper examines the existence of a causal relationship in Grangers' sense between the movement of Bitcoin prices and the price of gold at the global financial market, in order to answer the question whether it is possible to predict the movement of the Bitcoin price based on the movement of the price of gold in the world market, but also vice versa. The survey was conducted from January 1, 2019 to December 1, 2019. In the research was used the Granger causality test (1969). The research results show that historical data on the movement of gold prices in the world market cannot be used to predict the change in value and price movements of Bitcoin. On the other hand, the survey results indicate the possibility of a reliable application of the use of historical data on the movement of value and price of Bitcoin.

Although there are many papers that examine the impact of intellectual capital on the performance of financial institutions, there are almost no papers that deal with developing markets. According to the author's knowledge, no one in Serbia has studied the effects of IC on financial institutions operating in the financial sector. This sector is extremely important for the Serbian economy since it is the leading sector in which the effects of modern information technologies are the most exploited and in which competitiveness is pursued by attracting new clients, by offering innovative solutions and services. Hence, the aim of this paper is to identify and analyze the IC's impact on financial performance in order to answer whether the impact of IC on the financial performance of financial institutions operating in developing markets has the same importance as the impact on financial institutions operating on developed markets, characterized by a high degree of innovation and IT equipment. The obtained results show that human and engaged capital have a statistically significant impact on financial performance, while structural capital does not.