1/3  BIS - Central bankers' speeches  This leaves us with the crypto-assets themselves. The question is, why would someone hold such an asset? What is the value proposition of such an asset? The answer isn't new or unique, but rather is based on economic relationships that result in objects having value. One reason objects have value is because of their intrinsic properties.
Thanks to the introduction of the OMT, the strong divergence in funding costs across countries has been to some extent reduced. The reduction in sovereign risk premia towards levels consistent with economic fundamentals can generate positive dynamics; first and foremost by improving the balance sheet of sovereign bondholders (in particular banks).