This paper studies how cryptocurrency investors view central bank digital currencies (CBDCs) by exploiting the market reaction to central bank speeches. Prices react asymmetrically to the speeches, increasing more strongly after speeches that take a more positive stance. Similarly, while volatility generally increases, negative CBDC sentiment has a slight amplifying effect. The results indicate that traders do not view CBDCs as a threat to cryptocurrencies. Rather, more positive stances on CBDCs appear to be interpreted as favorable signals for other forms of digital currencies as well.

中文翻译：

---

央行讲话与数字货币竞争

本文研究了加密货币投资者如何通过利用市场对央行讲话的反应来看待央行数字货币 (CBDC)。价格对演讲的反应不对称，在采取更积极立场的演讲后上涨更加强烈。同样，虽然波动性普遍增加，但负面的 CBDC 情绪具有轻微的放大效应。结果表明，交易者并不将 CBDC 视为对加密货币的威胁。相反，对 CBDC 更积极的立场似乎也被解释为对其他形式的数字货币有利的信号。