The crypto multiplier
提出“加密货币乘数”概念，衡量加密货币市值对投资者资金流入流出的均衡反应，发现主要加密货币中用于支付的币占比很小，导致乘数很大，提醒市场参与者警惕将加密货币作为抵押品或种子资金补偿时的清算风险。
This paper develops the concept of a “crypto multiplier,” which measures the equilibrium response of a cryptocurrency’s market capitalization to aggregate inflows and outflows of investors’ funds. The crypto multiplier takes high values when a large share of a cryptocurrency’s coins is held as an investment rather than being used as a means of payment. Blockchain data show that the share of coins held for the purpose of making payments is rather small for major cryptocurrencies suggesting large crypto multipliers. Our results highlight the need for market participants to be vigilant when accepting block holdings of a cryptocurrency as collateral or as compensation for seed funding. The crypto multiplier indicates that the liquidation value of block holdings of cryptocurrencies can be substantially below their prevailing market values.