Bittime - According to Bitwise Chief Investment Officer (CIO), Matt Hougan, the International Monetary Fund (IMF) is starting to recognize the benefits of Bitcoin after previously criticizing and reducing the use of crypto in general.
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In a series of tweets on Monday, Hougan revealed that the IMF had published a 43-page report on April 5 written by three IMF researchers. The report reviews academic literature to evaluate Bitcoin as a medium for cross-border value transfer.
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The report presents measurements of international Bitcoin flows on-chain and off-chain, and finds that they respond differently to traditional factors. In particular, the magnitude of cross-border Bitcoin transfers appears high in some countries with their GDP - especially countries that typically experience small capital flows.
Hougan concluded that the United States, which has had relatively low adoption of Bitcoin as a means for capital flows, is an extreme exception compared to other countries.
For example, Chainalysis data shows that cross-border on-chain Bitcoin flows in Venezuela averaged 0.8% of GDP between 2019 and 2022, compared to less than 0.1% of GDP in Canada or the US.
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In general, on-chain cross-border flows are in line with crypto sentiment, including a negative correlation with broad dollar appreciation events, and a positive correlation with the VIX - a measure of stock market volatility by implication.
In contrast, off-chain Bitcoin flows “seem to correlate with incentives to avoid capital flow restrictions” – and are typically much smaller than on-chain transactions. Meanwhile, off-chain and on-chain flows are both positively correlated with high inflation rates in a country.
Hougan concluded that the IMF report showed that it was “paying attention” to Bitcoin in a way that had previously been overlooked.
"The IMF conducted this research because bitcoin 'has grown rapidly over the past decade' and policymakers increasingly need to understand its impact on the global economy," he wrote. "The world is starting to realize the existence of bitcoin."
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Conclusion
Over the past few years, the IMF has criticized El Salvador's adoption of Bitcoin as a legal tender and pushed for the country to repeal its Bitcoin Law. In October, the IMF proposed a risk assessment matrix for countries to mitigate the negative macro-financial impact of crypto on their economies.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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