{"id":166854,"date":"2022-11-15T03:36:58","date_gmt":"2022-11-15T03:36:58","guid":{"rendered":"https:\/\/precoinnews.com\/?p=166854"},"modified":"2022-11-15T03:36:58","modified_gmt":"2022-11-15T03:36:58","slug":"bitcoin-buyers-drawn-by-rising-prices-not-dislike-for-banks-bis-report","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-buyers-drawn-by-rising-prices-not-dislike-for-banks-bis-report\/","title":{"rendered":"Bitcoin buyers drawn by rising prices, not dislike for banks: BIS report"},"content":{"rendered":"

Bitcoin (BTC) investors are more likely enticed by the cryptocurrency\u2019s rising prices, rather than their dislike of banks or its perceived use as a store of value, a new report from the Bank for International Settlements (BIS) suggests.\u00a0<\/p>\n

In a \u201cBIS Working Papers\u201d report published on Nov. 14, the central bank body looked into the relationship between Bitcoin prices, crypto trading, and retail adoption. <\/p>\n

It studied the drivers of crypto adoption by retail investors using crypto trading app downloads as a proxy for adoption and user investments at the time of download.<\/p>\n

It found that \u201ca rise in the price of Bitcoin is associated with a significant increase in new users, ie entry of new investors\u201d and that most retail investors \u201cdownloaded crypto apps when prices were high.\u201d<\/p>\n

The BIS presented evidence that daily downloads of crypto exchange apps increased with the rapidly rising price of Bitcoin between Jul. and Nov. 2021, peaking when Bitcoin\u2019s price was between $55,000 and $60,000 roughly one month before its Nov. 2021 all-time high of just over $69,000.<\/p>\n

It added 40% of crypto app users were men under 35 and were part of the most \u201crisk-seeking\u201d segment of the population, from this, it surmised:<\/p>\n

\u201cUsers [are] being drawn to Bitcoin by rising prices \u2014 rather than a dislike for traditional banks, the search for a store of value or distrust in public institutions.\u201d<\/p><\/blockquote>\n

\u201cThe price of Bitcoin remains the most important factor when we control for global uncertainty or volatility, contradicting explanations based on Bitcoin as a safe haven,\u201d it added.<\/p>\n

The BIS assumed app users purchased Bitcoin at the time of downloading a crypto app and subsequently supposed that up to \u201c81% of users would have lost money\u201d if they had purchased Bitcoin over $20,000.<\/p>\n

<\/p>\n

The BIS\u2019s assumptions seemingly correlate with data from blockchain analysis firm Glassnode, who on Nov. 14 confirmed that just over half of Bitcoin addresses are in profit, reaching a two-year low.<\/p>\n

The BIS added its analysis of blockchain data found as Bitcoin prices rose, smaller users purchased, and \u201cthe largest holders (the so-called \u2018whales\u2019 or \u2018humpbacks\u2019) were selling \u2013 making a return at the smaller users\u2019 expense.\u201d<\/p>\n

Related: <\/em><\/strong>Turbulence for blockchain industry despite strong Bitcoin fundamentals: Report<\/em><\/strong><\/p>\n

It also documented the geography of crypto app adoption and found between Aug. 2015 to Jun. 2022 that Turkey, Singapore, the United States, and the United Kingdom had the highest total downloads per 100,000 people respectively.<\/p>\n

India and China had the lowest, the latter seeing only 1,000 crypto app downloads per 100,000 people with the BIS opining that greater legal restrictions on crypto hamper retail adoption in those countries.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) investors are more likely enticed<\/p>\n","protected":false},"author":3,"featured_media":166853,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBitcoin buyers drawn by rising prices, not dislike for banks: BIS report - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/bitcoin-buyers-drawn-by-rising-prices-not-dislike-for-banks-bis-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin buyers drawn by rising prices, not dislike for banks: BIS report - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) investors are more likely enticed\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/bitcoin-buyers-drawn-by-rising-prices-not-dislike-for-banks-bis-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-15T03:36:58+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2022\/11\/Bitcoin-buyers-drawn-by-rising-prices-not-dislike-for-banks-BIS-report-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-buyers-drawn-by-rising-prices-not-dislike-for-banks-bis-report\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-buyers-drawn-by-rising-prices-not-dislike-for-banks-bis-report\/\",\"name\":\"Bitcoin buyers drawn by rising prices, not dislike for banks: BIS report - 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