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Raphael Auer Profile picture
@RaphAuer
Jul 1, 2021 • 7 tweets • 7 min read • Read on X
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As much as they are technologies, #Bitcoin, #Ethereum, and other #cryptocurrencies are communities of users and developers. What is the profile and the motivation of cryptocurrency owners? Do they really #hodl? How does education etc. differ across cryptocurrencies? ⬇️[1/7] Image
Answers based on work with @David_III_L:
bis.org/publ/work951.p…

#Cryptocurrency investors tend to be young, educated and high-income, are likely to have experience of using digital finance but do not seem motivated by distrust in fiat currencies or regulated finance. [2/7] Image
We look into the role of knowledge acquisition about the technology, finding it has limited impact. For example, in recent years a #GenderGap in crypto ownership has emerged, while knowledge has actually converged. #Cryptocurrencies #Banking #Bitcoin [3/7] Image
Our results suggest that #hodling has become more pervasive: for the most recent data, owning a cryptocurrency in one year increases the probability, on average, of owning a cryptocurrency in the next year by more than 50% [4/7] Image
Across cryptocurrencies, in our sample we find that owners of #xrp and #ether are the most educated, while those owning #litecoin are the least educated, with #bitcoin and #bch ranking in the middle. #btc [5/7] Image
Overall, cryptocurrencies are niche digital speculation objects, and the goals of investors are the same as those for other assets. Also the regulatory approach could be a standard one. It can still harness the technology via embedded supervision:

bis.org/publ/work811.p… [6/7]
For the methodology and more results, see:
bis.org/publ/work951.p…

many thanks to @hasufl for comments on an earlier draft. [6/7]

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More from @RaphAuer

Raphael Auer Profile picture
Jan 26, 2022
With the #cryptocurrency market collapse, a #CBDC outage, and rumors of the largest #stablecoin project folding, January brought bad news for #digital currencies of all kinds. ⬇️ some takeaways. (1/n)
1. As #crypto prices collapsed, narratives of each coin need to be reevaluated. Fixed supply alone does not make for an inflation hedge. Claiming that a project is "Decentralised" does not make it so. Technological promises remain elusive: ideas.repec.org/p/bis/biswps/7… (2/n)
2. A live #CBDCs had an outage. One of the use cases for a retail #CBDC is as a resilient payment rail that can act as a backstop to the payment system in cases where other electronic means of payment fail. Engineering should focus on this aspect: ideas.repec.org/a/bis/bisqtr/2… (3/n)
Read 6 tweets
Raphael Auer Profile picture
Aug 14, 2021
The fundamental design choice for a #CBDC is the architecture: what is the operational role of the central bank and the private sector?

ideas.repec.org/p/bis/biswps/9…

In the “Direct” model, the central bank takes a substantial operational role: the CBDC represents a… (1/6) Image
direct claim on the central bank, which maintains retail accounts and executes all payments.

The “Hybrid” architecture we introduce is an intermediate solution. A CBDC represents a direct claim on the central bank. Private sector intermediaries handle payments, but…(2/6)
the central bank retains a copy of all retail CBDC holdings. This allows it to transfer retail CBDC holdings from one PSP to another in the event of a technical failure.

Some central banks might shy away from running a record of all retail data,…(3/6)
Read 6 tweets
Raphael Auer Profile picture
Jun 11, 2021
Brand new survey -and thread - on #CBDCs beyond borders:
bis.org/publ/bppdf/bis…

There is considerable interest in the potential of CBDCs to improve #crossborderpayments - this is also included in the #G20-endorsed roadmap to improve #crossborderpayments. [1/n]
As part of the roadmap, a stocktake of provisional CBDC designs and experimentation was requested, lead by the CPMI and the @BIS_org Innovation Hub, in consultation with @IMFNews and @WorldBank. BIS Paper 116 contributes to this work...[2/n]
with a survey of 50 central banks’ initial thinking on cross-border use of CBDCs. Findings are:

1. There is a tentative inclination towards allowing use of a future CBDC by tourists and other non-residents domestically.

2. Central banks have a cautious approach... [3/n]
Read 7 tweets
Raphael Auer Profile picture
May 2, 2020
The idea to issue #cbdc dates back decades ago, but it is only since quite recently that some central banks are seriously considering this possibility. What are the reasons, what are the designs, and why now? Come with me...1/x
First, note that the vast majority of central bank money is already digital - the sight deposits of commercial banks have at the central bank. But households and nonfinancial firms cannot access this money directly, only indirectly via the commercial banks. 2/x
Instead, physical cash is a direct claim on the central bank, and once its is in circulation, it can be exchanged directly without the need for intermediaries. 3/x
Read 10 tweets

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