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<p>Prices for cryptocurrencies have undergone multiple boom-bust cycles, together with ongoing entry by retail investors. To investigate the drivers of crypto adoption, we assemble a novel publicly available database on retail use of crypto exchange apps at daily frequency for 95 countries over 2015–2022. We show that a rising Bitcoin price is followed by entry of new users, in particular among more risk-seeking segments of the population. Moreover, we find that when prices rise larger holders sell, likely making a return at retail users’ expense. We confirm these findings by exploiting an exogenous decline in the Bitcoin price during the social unrest in Kazakhstan in early 2022.</p>

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Crypto Trading and Bitcoin Prices: Evidence from a New Database of Retail Adoption

  • 期刊论文

  • 发表日期：

    2025年4月23日

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  • R. Auer,
  • G. Cornelli,
  • S. Doerr,
  • J. Frost,
  • L. Gambacorta

摘要

Prices for cryptocurrencies have undergone multiple boom-bust cycles, together with ongoing entry by retail investors. To investigate the drivers of crypto adoption, we assemble a novel publicly available database on retail use of crypto exchange apps at daily frequency for 95 countries over 2015–2022. We show that a rising Bitcoin price is followed by entry of new users, in particular among more risk-seeking segments of the population. Moreover, we find that when prices rise larger holders sell, likely making a return at retail users’ expense. We confirm these findings by exploiting an exogenous decline in the Bitcoin price during the social unrest in Kazakhstan in early 2022.