BIS: Crypto investments are not linked to distrust in the financial system

Americans invest in cryptocurrency for profit, not due to dissatisfaction with traditional finance. This is the conclusion reached by researchers at the Bank for International Settlements (BIS).

According to the report, US investors do not regard digital assets as an alternative to fiat currencies. The crypto industry attracts people with the prospect of market speculation.

The researchers emphasized that Americans, concerned about the safety of cash and bank accounts, seek to learn more about cryptocurrencies, but ultimately do not invest in them.

The probability of purchasing digital assets rises with higher levels of education and income, BIS adds. The report also notes broader diffusion of cryptocurrencies in the United States.

According to the survey, around 40% of Americans knew about Bitcoin in 2014, and the figure rose to 70% in 2019. Yet only 1.4% of respondents owned at least one digital asset.

Earlier, BIS’s innovation hub head Benoît Cœuré said that Bitcoin has failed as a currency due to high volatility.

Earlier, researchers from Crypto Head assessed the United States as the most prepared country for the mass adoption of cryptocurrencies.

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