Investors’ Beliefs and Cryptocurrency Prices
利用新的个人层面调查数据和结构性需求模型，研究了投资者信念如何影响加密货币需求和价格，发现年轻低收入者和后期投资者更乐观，并量化了监管后期投资者进入和能源消耗担忧的影响。
Abstract We explore the impact of investors’ beliefs on cryptocurrency demand and prices using new individual-level survey data and a structural characteristics-based demand model with differentiated cryptocurrencies and heterogeneous investors. We show that younger individuals with lower incomes are more optimistic about the future value of cryptocurrencies, as are late investors. We identify the model combining observable beliefs with an instrumental variable strategy that exploits variation in the production of different cryptocurrencies. Counterfactual analyses quantify the impact on portfolio allocations and equilibrium prices of (i) (regulating) entry of late optimistic investors, and (ii) growing concerns among investors about the sustainability of energy-intensive proof-of-work cryptocurrencies.