Bitcoin purchases are almost always made when prices are rising. This is revealed by a study published Monday by the Bank for International Settlements (BIS), based in Basel. The more the price of bitcoin progresses, the more the downloads of applications to speculate on cryptocurrencies increase and so do the purchases. Result: “Most users bought at a price spike and have since lost a large portion of their investment,” the authors say. They are based on data collected from 95 countries between 2015 and 2022, during which the price of the most popular cryptocurrency rose from $250 (August 2015) to $69,000 (peak November 2021). Its current price is around $16,700. The number of users also jumped during this period, from 119,000 to more than 32.5 million.