Crypto ownership has nothing to do with distrust in fiat: BIS study
Cryptocurrency owners are “generally more educated than the average,” according to a new study by the Bank for International Settlements.
The Bank for International Settlements (BIS), a global financial institution owned by some of the world’s biggest central banks, is trying to dispel the theory that cryptocurrency ownership is linked to distrust in traditional finance.
On Thursday, the BIS published a paper on the socioeconomic drivers of cryptocurrency investments in the United States. BIS argued distrust in fiat currencies like the U.S. dollar has nothing to do with investor motivation to hold cryptocurrencies like Bitcoin (BTC) , stating:
“Demand for cryptocurrencies is not driven by distrust in cash or the financial industry, given that there are no differences in the perceived security of cash and offline and online banking. We can thus preliminarily disprove the hypothesis that cryptocurrencies are sought as an alternative to fiat currencies or regulated finance.