This study identifies the drivers of bitcoin price. The data used in this study are monthly time series collected for the period from May 2013 to December 2018. Using te Autoregressive Distributed Lag (ARDL) bounds testing approach, main research findings are: (1) In the long term, bitcoin transaction value and gold price are positively correlated with bitcoin price; (2) In the short term, the transaction value is also positively correlated with bitcoin price; (3) However, in the short term, the gold price, the USD index and the Dow Jones index are negatively correlated with the bitcoin price.