Excellent paper by Giovanni Compiani & Matteo Benetoon of UC Berkley on the role of belief in the price action of digital assets over demographics (early vs. late buyers & age).
cowles.yale.edu/3a/bcwp-invest…
Creating the model and sorting out some relative effects on a the data set.
The model:
Late buyers command a "belief" premium that prices will continue to rise and double down.
Narrative on the environmental impacts of PoW on prices leads to a perceived winner (reallocation) to non-PoW digital assets. This is expected.
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