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]

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Raphael Auer

Raphael Auer Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @RaphAuer

11 Jun
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
24 Aug 20
Rise of the #CBDC: we just published a major analysis of drivers, #technologies and policy approaches. bis.org/publ/work880.p… [some details/thread]
We start by measuring the stance towards issuance in #centralbank #communication. We investigates the cross-country drivers, the technologies central banks pursue, and their policy approaches. #money #innovation #DLT
We examine how #centralbanks are involving the private sector in CBDC design, whether they employ a #DLT-based infrastructure, whether they opt for account-based access or #privacy-preserving #tokens, and whether their focus is on domestic or international #payments.
Read 6 tweets
2 May 20
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

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!

:(