This paper aims to investigate different magnitudes of Bitcoin and cryptocurrencies regarding the classification of money, the correlation between Bitcoin return and possible determinants, and the estimation of Bitcoin price volatility. The theoretic framework proposes evidence if Bitcoin and cryptocurrencies can be classified as money. Currently, Bitcoin and other cryptocurrencies do not possess the different characteristics of money. Bitcoin and other cryptocurrencies do not yet function as a desirable medium of exchange, as scalability issues need to be resolved. Bitcoin and other cryptocurrencies also perform poorly as a store of value, as the exchange rate of Bitcoin and cryptocurrencies is widely fluctuating, and therefore unstable. The empirical research provides evidence for possible determinants of Bitcoin return and estimation of Bitcoin price volatility. The correlation of possible determinants with Bitcoin return is captured with linear regression. It shows that the return of Bitcoin Daily Search Trends and the return of other cryptocurrencies ‘Ethereum, ‘Litecoin, and ‘Monero are significant in the determination of Bitcoin return. Bitcoin price volatility is analyzed by examining the family of ARCH models. It shows that the asymmetric ARCH models provide the best fitting results, more precise, the GJR GARCH model. The determinants are also significant in the estimation of Bitcoin price volatility and increase the predictive power of the GJR GARCH model.