The Bank for International Settlements has published a research paper that allegedly refutes the hypothesis that crypto investors are ” motivated by mistrust in fiat currencies or regulated finance.” Or, to put it another way, crypto investors don’t hate banks. Those who are against fiat currencies look at crypto, but end up not investing in digital assets, according to the study.

What leads people into the crypto rabbit hole? Not fervent hatred of cash or Wall Street, researchers at the Bank for International Settlements, a consortium of central banks, found – but more prosaic things: keeping up with technology, being male, and your own education.

In a new analysis released Thursday, the BIS uses statistical analysis to refute the theory that crypto investors are “motivated by mistrust in fiat currencies or regulated finance.”

The analysts evaluate data from a survey by the U.S. Survey of Consumer Payment Choice, in which 3,273 people were asked to rate the security and convenience of cash, bank payments and online payments with five points.

It showed: People trust cash, banks and online payment apps. The average responses ranged from 2.7 to 4.

And although people who rated traditional banking technology worse tend to get educated about cryptocurrencies, they are not also more likely to invest in them.

So, who actually invests in “Internet money”?

Who invests in Bitcoin?

People using technology: Debit card holders were 1.9 percentage points more likely to invest in cryptocurrencies, PayPal users were 2 percentage points more likely, and mobile payment apps were 3.5 percentage points more likely.

In other words: A large proportion of Americans are slightly more likely to fall into the crypto hole than the rest. In the U.S., four-fifths used debit cards, a quarter used payment apps and nearly 40% used PayPal last year. Men are also more likely to invest in crypto.

Education can indicate which cryptocurrencies someone is investing in. XRP investors are the most educated, while Litecoiners are the least educated. Bitcoiners rank in the middle.

Once they invest in cryptocurrencies, coiners tend to approach a “persistent trait,” the researchers found: the desire to HODLn. Owning crypto, on average, increases the probability of holding a coin by more than 50% over the next year.

You can view the full analysis of the Bank for International Settlements (BIS) on cryptocurrencies and Bitcoin here.

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