BIS: “Bitcoin investors are looking for profit, not trying to get away from banks”

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The Bank for International Settlements (BIS) conducted a study of the motives of cryptocurrency investors.It turned out that the main reason for investing in digital assets was the thirst for profit, and not rebellionagainst the banking system.

BIS analysts analyzed the links between the bitcoin rate, cryptocurrency trading volumes, and the adoption of digital assets in everyday life.One of the main parameters was the statistics of downloads of applications for trading digital currencies - this is how analysts tried to assess the adoption of crypto assets.

The researchers found that as the price of bitcoin rose, the number of downloads of cryptocurrency trading apps increased significantly, and "most retail investors downloaded crypto apps during high bitcoin prices."Accordingly, users tried to make money on the growing asset.

"Users are attracted by the rising price of bitcoin, not by a dislike of traditional banks, a search for a store of value, and a distrust of government institutions.The price of bitcoin remains the most important factor," BIS analysts write.

At the same time, if we assume that users bought bitcoin shortly after downloading applications, then most of the investors (more than 81%) were at a loss.The data correlates with the findings of analytics firm Glassnode, but in this case, it is said that about half of bitcoin addresses remain profitable.

Interestingly, according to the BIS, during the growth of the exchange rate, bitcoin is boughtsmall holders and new users, but large investors are selling offIn this way, they "make a profit bysmaller investors."

Previously, it was suggested that one of the important factors in the adoption of cryptocurrencies was distrust of traditional banks.