A new study finds that most people who entered the cryptocurrency market have lost money — and that those people are young men.
The study was published by the authoritative Bank for International Settlements, the so-called central bank for central banks. It was based on data from apps on both the Apple and Google Play stores, going back nearly seven years.
Nearly three quarters, or 73%, downloaded their app when the price of bitcoin was above $20,000. If they invested on the same day they downloaded the app, then they’re underwater. Bitcoin BTCUSD, +0.03% on Friday was trading at $16,748, down some 72% from its 52-week peak. New users increased as the bitcoin price rose, the study further shows. On average, a one-percentage point increase in the bitcoin price is associated with an increase in the monthly average number of daily active users by 1.1%.
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