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From the perspective of citizens of other countries, the recent past presents evidence that Bitcoin was used as an alternative to shield wealth in crises or as a way to make financial transactions possible in the face of the deterioration of the local sovereign currency, as we have already cited cases from Cyprus Farrell, Farrell, M.
Along these lines, Coindesk , p. For Bitcoin as an alternative investment vehicle. Information Technology and Management, 18 4 , He also noted that many institutional investors started investing in the cryptoasset in What drives Bitcoin price? Economics Bulletin, 36 2 , Dyhrberg Dyhrberg, A. Finance Research Letters, 16, The author concluded that Bitcoin could be classified as something between gold and the US dollar since it is neither a pure means of exchange nor a pure store of value.
She also suggested that Bitcoin combines the advantages of currencies and commodities and could be useful in portfolio management. Bitcoin - asset or currency? Similarly, Yermack Yermack, D. Is Bitcoin a real currency? An economic appraisal.
Handbook of Digital Currency, Bitcoins as an investment or speculative vehicle? A first look. Applied Economics Letters, 22 1 , It seems to have been driven, both by the increase in the legal security of cryptoassets, made possible by the growth in the jurisdictions number that have already started regulating the sector Law Library of Congress, , along with the initiative of companies to launch financial products and services related to this market.
In July , the Commodity Futures Trading Commission approved the platform focusing on institutional investors LedgerX to carry out the trading, clearing, and settlement of financial derivatives with the cryptoasset as the underlying asset. They are similar to the home broker of securities brokers, but they have the environment for settlement and digital currency custody.
The study results show that investment portfolios with Bitcoin have a better risk-return ratio than similar portfolios without Bitcoin. They based the investigation on the optimization of several parameters such as standard deviation and Sharpe, Sortino, and Omega Ratios and the simulation of 1, portfolios with random weights of the constituent assets. Furthermore, the investigation argues that Bitcoin has the potential to improve portfolio performance even in pessimistic scenarios.
Caveat emptor: Does Bitcoin improve portfolio diversification? Bitcoin and portfolio diversification: Evidence from India. In Kar A. Advances in theory and practice of emerging markets pp. The author concluded that adding a small portion of Bitcoin to a stock portfolio could improve performance and risk in that portfolio. It also found evidence that even institutional investors could benefit from such diversification.
Exploring the dynamic relationships between cryptocurrencies and other financial assets. Economics Letters, , The authors concluded that there is a lack of relationship between cryptoassets and the traditional financial market which shows their potential for diversification and that cryptoassets could configure a new class of investments.
The economics of Bitcoin price formation. Applied Economics, 48 19 , Furthermore, they did not reject the hypothesis that speculative investor behavior affects the price of Bitcoin. Is gold a hedge or a safe haven? An analysis of stocks, bonds and gold.
Financial Review, 45 2 , Hedging stock sector risk with credit default swaps. On the hedge and safe haven properties of Bitcoin Is it really more than a diversifier? Finance Research Letters, 20, However, the results showed that Bitcoin is not always a great asset to protect the portfolio or refuge, and its behavior differs according to the market and the time horizon analyzed.
However, there are some studies on the impact of specific assets or indices on the portfolio of investors in Brazil. The authors analyzed the behavior of efficient frontiers in scenarios without and with the possibility of including the tested assets, having observed expansions of the efficient frontier in some periods.
Test of the efficiency of a given portfolio. Econometrica, 57 5 , In another study, Caldeira et al. They concluded that there are opportunities for diversification but argued that how these investments are allocated to institutional investors, especially when it comes to pension funds, cannot be based on the concepts of analysis of mean and variance, and that, given the characteristics of these assets, the asset-liability management model should be used.
Data and Methodology 3. Portfolio selection. Journal of Finance, 7 1 , The econometrics of financial markets. During the Super Bowl, four cryptocurrency commercials aired. Regulators in the United States have thus far focused their attention and enforcement efforts on unregistered securities offerings, and fraudulent scams. However, with investor protection and risk disclosures as core tenets, stricter advertising regulations surrounding cryptos are likely inevitable. Spain The Spanish securities regulator CNMV said in January that would begin to regulate rampant advertising of crypto-assets, including by social media influencers, to ensure investors are aware of risks.
New regulations [18] set out requirements for the content and format of promotional messages for crypto-asset campaigns. Advertisers and companies that market crypto-assets will have to inform the CNMV at least 10 days in advance about the content of campaigns targeting more than , people.
In November , the CNMV scolded soccer star Andres Iniesta after he promoted the cryptocurrency exchange platform Binance on his Twitter and Instagram accounts, telling him that he should be thoroughly informed about cryptocurrencies before making any investment in them or recommending others to do so. Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. It eventually gave them legal status in but banned their use as a means of payment.
The bank has proposed to prevent financial institutions from carrying out any operations with cryptocurrencies and said mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies for fiat currencies. The proposed ban would include crypto exchanges. Volatility: Crypto-asset valuation and pricing can be difficult because of volatility and lack of real underlying assets, and holders may suffer significant losses if the price of the crypto-asset drops quickly.
Liquidity: Illiquid or flat market structures can make it hard to sell or trade crypto-assets. Documents may be technical and require additional knowledge to understand the characteristics of the crypto-assets and what the holder is not getting. Consumers should exercise caution when dealing with crypto-asset entities, unless they are sure that the entities are properly regulated, to be protected against financial misconduct or wrongdoing.
Trust: Trust is a particular challenge with regards to the increasingly widespread use of cryptos, especially as cryptos are seen to be eroding or replacing existing monetary norms such as fiat currency. Policymakers are beginning to consider the possible economic and regulatory ramifications of the adoption of digital currencies, together with the potential impact on the international monetary system.
My main message today is simple: the soul of money belongs neither to a Big Tech nor to an anonymous ledger. The soul of money is trust. So, the question becomes: which institution is best-placed to generate trust? I will argue that central banks have been and continue to be the institutions best-placed to provide trust in the digital age. This is also the best way to ensure an efficient and inclusive financial system to the benefit of all. Part of that convention is that central banks provide, and critically are seen to provide, an open, neutral, trusted and stable platform.
Private companies use their ingenuity and dynamism to develop new payment methods and financial products and services. This combination has been a powerful driver of innovation and welfare. The realization of the vision of an open monetary and financial system that harnesses technology for the benefit of all. Gatekeeping the gatekeepers — big tech and banking licenses The growing interconnectedness between the traditional financial system and cryptos is demonstrated by the potential for, and the implications of, Big Tech firms and other digital asset firms taking stakes in or owning banks and financial services companies.
The findings are based on publicly available licensing requirements in seven jurisdictions covering Asia, Europe and North America. The paper compares the merits of bank ownership by tech firms in relation to ownership by commercial or industrial non-financial companies NFCs. Unburdened by legacy infrastructure, tech firms can offer superior technology and user-friendly apps that may allow them to reach more consumers and perform various aspects of the banking business onboarding, deposit-taking, lending, payments more efficiently than incumbents, including commercial or industrial NFCs that may own banks.
Nevertheless, as part of the authorization process — and subsequently through continuing supervision — authorities need to examine the ability and willingness of tech firms to deliver on their stated objectives. A particular policy concern is whether the risks of allowing tech firms to own banks can be offset through licensing requirements without undermining the potential benefits they bring to consumers.
Policy responses may differ across countries, but they are likely to be guided by three main considerations: the policy priorities of each jurisdiction; the inherent risks posed across and within each group of tech firms; and the applicability of the existing licensing regime in addressing the risks of tech-owned banks.
It found that mistakes had not stemmed from regulatory grey areas or misinterpretations of risk, regulation or compliance. It did not know what management information to expect, did not understand the role of the regulator and fundamentally did not understand banking. The potential relevance to, say, a Big Tech owning a bank is clear. Decentralized autonomous organizations The emergence of decentralized autonomous organizations DAOs represents a revolutionary change in the ways people and businesses can organize.
DAOs leverage blockchain technology and are decentralized models of control and governance. They are characterized by transparency, clarity of rule, and process-driven decisions, primarily using smart contracts on distributed ledgers. Once a DAO has been established, via a blockchain, participants take ownership of its token, which allows them to participate in the system. Close to 5, DAOs have been formed to date, and this is expected to grow exponentially.
Many involve pooling digital money together to purchase assets, both physical and digital. ConstitutionDAO was established seven days prior to the auctioning of one of the 11 remaining copies of the U. The intent was to purchase and house it at a protected public location. These are just two examples of how quickly DAOs can be created, and of how powerful they can be.
Central to a DAO is transparency. Anyone can see which individual wallet address owns tokens. Tokens allow for people to vote on proposals. Anyone can create a proposal. Simply stated, and in an ideal setting, it is egalitarian. One challenge to the model, however, is its democratic nature which can make DAOs overly deliberate and result in a slower process compared with more traditional organizations.
The regulatory landscape for DAOs is nearly non-existent at the state level. Wyoming, which has led the United States on regulation for blockchain and cryptocurrency, recently codified rules for DAOs residing in the state. No other state enables this yet. Further, there is a movement afoot for corporations in the cryptocurrency sector to dissolve and become DAOs.
With potentially hawkish regulation on the horizon for cryptocurrency, DAOs, by their very nature, are code-based, self-running, leaderless entities running via a decentralized network, which permits actions based on how users interact under brassbound, predefined rules. Theoretically, under the current regulatory landscape there is nothing the law can do about such an entity. A corporation converted to a DAO would no longer be in control of the platform, which reverts to a completely new decentralized model, unlike anything regulated currently.
The SEC is reportedly looking into true DAOs such as Uniswap, which operates in the decentralized finance DeFi sector as a decentralized exchange DEX and is a code-based organization that matches buyers and sellers of cryptocurrency. One area of focus is lending pools, where users will provide their assets for other users to trade, which produces healthy yields, just as banks provide interest on assets. This may fall into the Howey Test investment contract realm. Joe Raczynski Technologist and futurist, manager of technical client management at Thomson Reuters.
Financial crime There is also concern that crypto firms can, and are, being used as conduits for facilitating financial crime. Many such firms, if not most, are outside the regulatory perimeter and have often found stepping into the regulated world challenging. One example of this is Binance, which has suffered multiple setbacks in its attempts to become regulated in several jurisdictions. The FCA currently has a limited role in registering UK-based crypto-asset exchanges for anti-money laundering purposes.
Exchanges can be used to launder the proceeds of crime and we must contribute to the global effort to address financial crime by demanding that businesses with a UK presence meet the necessary standards.
Abstract Purpose: This paper aims to investigate if the inclusion of Bitcoin among the assets available to retail investors in the Brazilian market has an impact on the efficient frontier and, therefore, on the optimal choices of investors.
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| Brazilian crypto market stats | Thus far, the regulatory response is best described as ad-hoc, rhetorical or driven by enforcement in some instances. The country has yet to introduce major cryptocurrency regulations. Furthermore, the investigation argues that Bitcoin has the potential to improve portfolio performance even in pessimistic scenarios. Handbook of Digital Currency, This compendium to the report provides a summary of the regulatory picture in each jurisdiction. |
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| Brazilian crypto market stats | Several firms have registered under the new rules. Handbook of Digital Currency, While institutional activity is important to that, we also want to highlight the countries where individual, non-professional investors are embracing digital assets the most. Bitcoin as an alternative investment vehicle. One area of focus is lending pools, where users will provide their assets for other users to trade, which produces healthy yields, just as banks provide interest on assets. |
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