The ‘Mortgage Crisis’ that started in the USA in 2007 soon affected the whole world economy in 2008. As a result of the crisis in the country’s economies, the collapse in the financial markets and the developments in the digital environment, the first crypto currency, Bitcoin, came to the fore in 2009. Today, it has attracted attention in terms of having a high market value, lack of a central management system, anonymity and many advantages, and it has always been a matter of debate whether it is a rival to traditional investment instruments. For this reason, studies have been carried out by researchers using different approaches and methods related to Bitcoin. In this study, the relationship between Bitcoin price and the stock market indices of 22 Emerging Market Economies was examined by panel data analysis method with monthly data covering the period 03/2012 - 10/2021 by adding the variables of inflation rate, exchange rate, gold price and oil price. The main purpose of this study is to determine the size and direction of the relationship between Bitcoin price and the stock market indices of Emerging Market Economies and other important variables. In addition, in this study, it is aimed to determine whether Bitcoin is an alternative to traditional investment instruments. As a result of the tests applied, a statistically significant relationship was found between Bitcoin and stock market indices and other variables in some Emerging Market Economies countries and it was concluded that Bitcoin is an alternative investment tool for those countries.