Examining the Maturity of Bitcoin Price through a Catastrophic Event: The Case of Structural Break Analysis During the COVID-19 Pandemic

•Bitcoin's structural break remains the same at five: Debut, Propagation, Securitization, Liberalization, Solidification.•During the Solidification phase Bitcoin price remains steady despite the pandemic.•Bitcoin can be explained better with economic factors than with COVID-19 variables. In this research, we examine the maturity of Bitcoin by using structural break analysis to examine Bitcoin price. Our results reveal that the number of structural breaks of Bitcoin has remained the same at five. The Solidification phase started 8 months prior to the onset of the pandemic, signifying the small effect of the pandemic on Bitcoin price. During the pandemic, Bitcoin was more susceptible to underlying economic factors than to either COVID-related variables alone or to a combination of both factors. We conclude that Bitcoin has reached a certain level of maturity as an investment vehicle.