Data spanning 95 countries from 2015 to 2022 indicates the vast majority of app downloads occurred when Bitcoin’s price was above $20,000, theThe analysis says if we assume each new user bought $100 of Bitcoin in the month they installed the app and each month thereafter, 81% would have lost money.
The study raises “questions about the implications of greater crypto adoption for the economy and consumer welfare”, the paper’s authors wrote. Other findings from the BIS – often referred to as the central bankers’ central bank – included that some 40% of app users were men under 35 and that less than 35% of all users globally were female.
Bitcoin reached a high of almost $69,000 in November last year at the height of the pandemic-era speculative frenzy for digital coins stoked by ultra-low interest rates and stimulus cheques. The world’s largest token has since plunged 75%, pressured by rapidly tightening monetary policy and a series of huge blow ups at crypto outfits, most recently Sam Bankman-Fried’s
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