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MAY 13

CFA Society Boston and New Frontier Institute Present
Distinguished Lecture Series, Spring 2021: 
Who Owns and Trades Bitcoin: Evidence from the Blockchain

with Antoinette Schoar, Stewart C. Myers-Horn Family Professor of Finance and Entrepreneurship at the MIT Sloan School of Management

CFA Society Boston and New Frontier Institute are proud to present a Distinguished Lecture Series of highly topical presentations by widely acknowledged authorities on issues of particular interest to asset management practitioners. The Series consists of four monthly lectures beginning in February and ending in May 2021. The presentations include an analysis of the pension fund management crisis, the surprising long-term performance of equities, defining ESG for asset management, and the latest research in cryptocurrencies. 

Cryptocurrencies have had a remarkable growth in valuation and attention over the last decade. The distinguishing feature of cryptocurrencies is the promise of a decentralized system of payments and storage of value outside the traditional nexus of government scrutiny. While more than 4,500 cryptos are now in circulation, Bitcoin is still by far the largest market with market cap in excess of $750 billion. But despite its dramatic rise we still know little about the participants in the Bitcoin eco system and their utilization of Bitcoin. Who are the largest holders of BTC balances? Who is using BTC for transactions or trading? And what is the geographic distribution of the participants? The talk will focus on a number of new stylized facts about the ownership, concentration of balances and volume across the major groups of participants on the BTC platform. In particular the behavior of miners, exchanges, illegal uses and scams, and large holders.