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CRYPTOS I AM BETTING BIG ON ARE... [big meaning over $100k]We examine how mutual fund managers' performance incentives generated spec- ulative demand during the cryptocurrency boom and bust. While Bitcoin has failed in its stated objectives, it has become a speculative investment. This is puzzling. It has no intrinsic value and is not backed by. We investigate lottery-like demand in cryptocurrency markets. �. We suggest a new econometric test accounting for unknown dependency structures.
