Federal Reserve Research Report: Bitcoin has value storage characteristics similar to gold and is not affected by macro news

ChainCatcher message, the Federal Reserve has released a new Bitcoin research report titled "The Bitcoin--Macro Disconnect," which is 31 pages long. The report states, "Bitcoin exhibits many of the characteristics of a store of value like gold, unaffected by monetary and macroeconomic news."

The report summarizes, "We model Bitcoin as an asset with no intrinsic value, whose price depends on the discounted value of its future prices. We find that Bitcoin shows no response to monetary and macroeconomic news. The lack of response to monetary news is puzzling, as it raises questions about the role of the discount rate in Bitcoin pricing. However, given the short sample used in the analysis, more evidence is needed to assess the disconnect between Bitcoin and macroeconomic fundamentals." (source link)