Contrary to its original purpose, over the past 13 years, cryptocurrencies have evolved from a niche technological proposition for peer-to-peer payments to a class of unsecured or asset-free financial assets that are traded by millions of users around the world.

Those who follow this column have witnessed that we have written many articles about cryptocurrencies in the last two years, and we have given information about the inside of the formation and how it can result. This week, I will share with you an important study with a short information.

 The largest cryptocurrency by market capitalization, whose name is known even to housewives who have no business with financial markets, is Bitcoin, introduced in 2009 by an anonymous(!) developer under the pseudonym Satoshi Nakamoto (2008).

Bitcoin's price rose from $1 in February 2011 to $69,000 in November 2021. Globally, the number of cryptocurrencies is estimated to exceed 220 million in June 2021, from 5 million in 2016.

Money has three main functions. These are storage of value, being a measure of value and change, in addition to these new functions have emerged in the modern world. Modern functions of money; the function of promoting economic activities, the function of redistribution of income, of being a means of influence.

To date, the volatile price of cryptocurrencies has prevented their widespread use as a means of payment. The same volatility makes it impractical to set a fixed price on a particular cryptocurrency or to use cryptocurrencies as a benchmark for valuing real economy flows. Moreover, the system is largely self-referential and uncorrelated or unrelated to real-world investments. For these reasons, it is obvious that money is far from performing its basic functions.

From this point on, I would like to present to your attention a study commissioned by the BIS (Bank of International Settlements), that is, the main bank of the banks.

According to the study; It shows that an increase in the price of Bitcoin is associated with a significant increase in new users, i.e. the entry of new investors. This positive correlation remains robust when other potential factors such as general financial market conditions, uncertainty or country characteristics are controlled for.

So much so that especially when global uncertainty or volatility is also involved and controlled, Bitcoin price remains the most important factor and contradicts statements based on Bitcoin as a safe haven.

Similarly, when controlling for variables representing the level of economic sophistication as well as institutional quality or trust, Bitcoin price still has an economically and statistically significant effect on the number of new users, explaining the lion's share of variation in new users' entry.

Second, when analyzing the demographics of app users, 40 percent of users are men under the age of 35, who are generally defined as the most "risk-seeking" segment. These users are more sensitive to changes in Bitcoin price than female users and older men. At this point, Android users, whose income level is considered to be lower than IOS, were also found to be more price sensitive than IOS users.

When the findings are considered collectively, it has been persistently revealed in the first years that the entrance to cryptocurrencies is speculative and there is a tendency to cryptocurrencies due to constantly rising prices; It was concluded that it was not due to a dislike for traditional banks, a search for a store of value, or a distrust of public institutions.

When I read the whole study, I could not see any contrary result to our predictions that we have drawn for a few years and tried to express in our column. The crypto money market, which I do not even believe is speculative, and includes completely manipulative business and transactions, is running with the same motivations as the tulip era madness.

In the meantime, he reported that BlockFi, which stopped withdrawals after the bankruptcy of FTX, which filed for bankruptcy in the past weeks, will also file for bankruptcy. In particular, let's pay close attention to our brothers and sisters under the age of 35, let's not lose their savings to global fraudsters for personal and national interests.

At this point, national digital money and cryptocurrencies are completely separate issues, let's express that.