In a working paper published on July 1, researchers with the Bank for International Settlements looked at trends among crypto investors. Central to the research was a refutation of the idea that crypto investors are predominantly investing in defiance of government-issued or fiat currencies. The authors lead the paper with the claim that "we disprove the hypothesis that cryptocurrency investors are motivated by distrust in fiat currencies or regulated finance." Rather than being an investment in the death of fiat, the researchers say that crypto investors are attracted to old-fashioned speculation, meaning that the ... (full story)