The Bank for International Settlements (BIS) is normally a place that’s a bit of a mystery, and that’s usually a good thing. Especially if you’re actually interested in the topic. However, the BIS has recently released a report about the public’s attitudes towards cryptocurrencies, and their findings aren’t exactly positive:
The Bank for International Settlements (BIS) has recently released a study on crypto ownership in the first quarter of 2018. The report shows that 94% of crypto holders do not intend to sell any of their holdings, as they believe that crypto is still in its early stages and has not yet reached a “tipping point of mass adoption”. The report also shows that only 3% of crypto holders are not sure whether they own any crypto.
The growth of digital currency has been driven by the virtualization of assets, which is the process of taking an asset (like gold, real estate, etc.) and making it digitally, fully or partially, independent of its physical form. This virtualization has led to the creation of digital assets (like bitcoins, ether, etc.) that can be transferred and stored digitally.. Read more about bloomberg research bitcoin and let us know what you think.The Bank for International Settlements (BIS), a global financial institution owned by the world’s largest central banks, is trying to dispel the theory that cryptocurrency ownership is linked to a distrust of traditional finance.
The BIS on Thursday released a paper on the socioeconomic drivers of cryptocurrency investment in the United States. Using representative data from the U.S. Consumer Payments Choice Survey, BIS argues that distrust of fiat currencies like the U.S. dollar has nothing to do with investors’ motivation to hold cryptocurrencies like bitcoin (BTC):
Demand for cryptocurrencies is not driven by distrust of cash or the financial sector, as there is no difference in the perceived safety of cash and online or offline banking. Thus, the assumption that cryptocurrencies are sought after as an alternative to fiat currency or regulated finance can be cautiously refuted.
The agency stressed that cryptocurrencies are not intended to become an alternative to fiat currencies or regulated finance, but a niche object of digital speculation. The BIS noted that the overall conclusion of the analysis from a policy perspective is that the objectives of investors are the same as those of other asset classes, and therefore regulation should be the same.
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The BIS document also finds a significant correlation between investment decisions related to cryptocurrencies and education and income levels, indicating that cryptocurrency holders tend to be more educated than average. Investors in Ether (ETH) and XRP had the highest level of education in the BIS analysis, while Litecoin (LTC) holders had the lowest level of education and Bitcoin holders were in the middle.
average training by the owner of the cryptocurrency. Source: BIS
The new report updates the idea that cryptocurrencies like bitcoin do not pose a threat to traditional financial instruments, as demand for cryptocurrencies is not driven by a distrust of cash. A number of global agencies and institutions have already expressed concern about bitcoin’s ability to exploit distrust in traditional finance.
In late December, Ruchir Sharma of Morgan Stanley Investment stated that the dominance of the US dollar is likely to come to an end due to global distrust of traditional finance, and that bitcoin could benefit from this lack of trust.The International Monetary Fund (IMF) has recently published a report titled “The Future of Cryptocurrencies” It states that “The effects of the cryptocurrency boom on the world economy are not yet fully clear”, and that “The use of digital currencies is not as widespread as expected. However, we do not expect the demand for them to diminish”. The report continues: “There are signs of growing public acceptance of cryptocurrencies. This is illustrated, for example, by the rapidly increasing number of online stores accepting them as a means of payment. In the United States, the number of such stores has increased by 50% over the last year.”. Read more about bitcoin price and let us know what you think.
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