Cryptocurrency

According to BIS Research Report, Most Educated Investors Prefer These 2 Altcoins Over Bitcoin (BTC)!

A report by the Bank for International Settlements (BIS) published on Thursday, July 1, has mixed findings regarding the characteristics of crypto investors.

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BIS was founded in 1930 in Basel, Switzerland. Its objective is to serve central banks in their pursuit of fiscal and financial stability, to promote international cooperation in these areas, and to act as a bank for central banks.

BIS Working Papers No. 951, “Distrust or speculation? Socioeconomic drivers of U.S. cryptocurrency investments” were published by the BIS’s Department of Money and Economics, with Chief Economist Dr. Written by Raphael Auer and David Tercero-Lucas, PhD candidate in Applied Economics. This article had three goals:

  • To examine the hypothesis that cryptocurrencies are sought out of distrust in fiat currencies or regulated finance.
  • To examine the broader socioeconomic characteristics of US retail consumers and unravel the role of information acquisition and informed investment decisions.
  • Examining the evolution of cryptocurrency investment patterns across time and cryptocurrencies.

Here are two of the different findings of this report:

  • Higher level of education is tied to the possibility of owning a cryptocurrency and more information about it.
  • Ethereum (ETH) and Ripple (XRP) holders are the most educated in our example, followed by Bitcoin Cash (BCH) and Bitcoin (BTC) users. On the contrary, those who own Litecoin (LTC) are the least educated.

On July 1st, Dr. Auer sent out a series of tweets highlighting a few of the statements in the report:

https://twitter. com/RaphAuer/status/1410515651882590213

BIS, in its Annual Economic Report (2021), has criticized cryptocurrencies in general and Bitcoin in particular in recent months:

“So far, it’s clear that cryptocurrencies are more speculative assets than money, and have been used on more than one occasion to facilitate money laundering, ransomware attacks, and other financial misdemeanors. Bitcoin, in particular, has few attributes of public utility, given its wasteful power footprint. ”

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