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Paul Donovan @PDonovan_econ
, 5 tweets, 2 min read Read on Twitter
'Who believes in Bitcoin?’ Podcast from end 2017 /thread #UBS #economics # btc #bitcoin #bitcoincrash soundcloud.com/ubs-investment…
/2 Some of the investors are unsophisticated (inevitably), or desperate (people in hyperinflation economies). Financial regulation is designed to help such people. The crypto bubble came was faster than financial regulators could respond.
/3 The loss of confidence in experts (aided by media sensationalism) did not help. Cryptocurrencies may be mathematicaly elegant but are clearly designed by people who do not understand economics. The time of the cryptocrash could not be predicted, but it was inevitable
/4 Now we are witnessing a transfer of wealth from the many who bought to the few who mined or sold. It is global so, for instance, wealth may be transferred from housewives in Korea to miners in Kuwait. That has economic consequences
/5 While some puritan Schadenfreude at the current crash is also inevitable, it is well to remember that people who would normally be protected have been caught up in this mess, and the personal consequences of their losses are significant. Regulators may need to change approach
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