As per a new Bank for International Settlements report, cryptocurrency investors are driven by the rising prices of tokens rather than a distrust of banks.
BIS on 15 November published “BIS Working Papers” which looks into the relationship between Bitcoin prices, cryptocurrency trading, and retail adoption. The study reveals that a rise in Bitcoin’s price is associated with a significant increase in new users, i.e. entry of new investors; most retail investors downloaded cryptocurrency applications when prices were high.Reportedly, about 40% of these new users are men under 35, commonly identified as the most “risk-seeking” segment of the population.
Bitcoin’s price rose from $250 in August 2015 to $69,000 in November 2021. Alongside this, the monthly average number of daily active users rose from 119,000 to over 32.5 million. As we can see, this user base rose the most around the time when BTC’s price hit an all-time high of $69,000 in November 2021.
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