The study attempts to explore the growth rate of Bitcoin for the sample countries followed by investigation of significant macro-level variables on returns of Bitcoin by considering a panel of different countries from 2013-2016. For this purpose, the paper tries to assess the impact of economic development and financial development of the economy on the returns of Bitcoin. The study employed Panel data Regression Model encompassing the pooled, fixed effect and random effect analysis followed by Hausman Test to select the appropriate model for analysis. Subsequently, using various econometric tools different OLS assumptions were also tested. The results indicated a rising interest of investors in Bitcoins despite sufficient associated risk. Analysis revealed an inverse relationship of economic development, and financial development with Bitcoin returns. The ’spread’ displays a significant linear relationship with Bitcoin returns, hinting at an emerging speculation in the Bitcoin market. The implication of the study lies in its ability to assist the market players to estimate the prospect of future adoption and survival of Bitcoin especially for e-commerce traders that explore cost-effective and time-efficient payment methods for mainstream adoption. Further, our results also provide cues to the government and central authorities towards impending regulation of this financial innovation to contain the risk of probable derailing the global economy stability.