BIS Rules Out Distrust in Mainstream Finance as Crypto Driver

BIS Rules Out Distrust in Mainstream Finance as Crypto Driver

Crypto investment in the U.S. is not driven by a distrust of the mainstream financial industry, but by the chance of making a return, according to the Bank for International Settlements (BIS), the organization that represents most of the world’s central banks.

Cryptocurrencies are “not sought as an alternative to fiat currencies or regulated finance, but instead are a niche digital speculation project,” the BIS said in the report released Thursday.

The paper, “Distrust or speculation? The socioeconomic drivers of US cryptocurrency investments,” sought to explore whether crypto is popular because of distrust in mainstream finance.