“…The source of arbitrage can be because of a new product, production, or service system, or it can be because of the use of an economic, religious, national, political, or social phenomenon as leverage (Uymaz, 2020) "The fact that the alternative and threat situation to the current system and instruments is not only in terms of the government and organizations but society also has the same perception" is emphasized by M4 as "Bitcoin is perceived as an alternative to the banks" and by M5 as "It is seen as an alternative to central banks". The participants anticipate that this formation will create an important arbitrage opportunity for them in the medium and long term.…”