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Demelza Hays

»An investment in knowledge pays the best interest.«- Benjamin Franklin

Demelza Hays

Research Management

Incrementum Team

»Out of knowledge of money comes freedom.«

Incrementum Team

Portfolio Management & Research

“Whatever you are, be a good one.”

Abraham Lincoln

About the “Crypto Research” report

Decrypting the world of crypto assets

The Crypto Research Report is produced by Incrementum. Ronald-Peter Stoeferle, Mark Justin Valek, and Demelza Hays are responsible for the report.

As a sister report to the internationally acclaimed, In Gold We Trust Report, the Crypto Research Report brings the same quality and rigor to understanding the cryptocurrency market.  The Crypto Currency Research Report is a report produce by Incrementum AG. More information about the authors and Incrementum AG can be found here.


About the authors


Ronald  has written the ‘In Gold we Trust’ study for 10 consecutive years. Since 2013 it has been co-authored Mark. It provides a “holistic“ assessment of the gold sector and the most important factors influencing it, including real interest rates, opportunity costs, debt, central bank policy etc.


Demelza Hays is the latest addition to the team. She  has been conducting research in the field of crypto-related assets since 2013. Her articles have been published in several distinguished print and online magazines including Süddeutsche Zeitung, Forbes, Zerohedge, Frankfurter Allgemeine Zeitung, and Der Standard. Starting this year, Demelza will be publishing her work in the “Crypto Research Report”. Each edition will provide an in-depth analysis of the crypto asset sector and the most important factors influencing it, including development-related events, regulatory changes, and token-generating events.


At Incrementum, Demelza Hays is currently developing innovative investment solutions in the field of cryptocurrencies. Demelza has been interested in cryptocurrencies and the blockchain technology since 2013. While researching microfinance in India under the auspices of the U.S. Department of State Fulbright Scholarship, Demelza learned about the cryptocurrency Bitcoin. Over the years, Demelza has established herself as a leading researcher and internationally recognized writer on the topic.


Prior to joining the University of Liechtenstein as a Ph.D. student in Business Economics, Demelza completed her Master’s in Economics at the Toulouse School of Economics. Currently, Demelza is researching the role of cryptocurrency in asset management. At the Imperial College in London, Demelza is a blockchain researcher for former Chief Economist of the U.S. Commodity Futures Trading Commission (CFTC), Professor Dr. Andrei Kirilenko. In addition to research, Demelza teaches a course for bachelors and masters students on cryptocurrencies at the University of Liechtenstein. Outside of her academic research, Demelza organizes the Blockchain Meetup in Liechtenstein, and she operates the only Bitcoin ATM in Liechtenstein. 

About Incrementum AG

Incrementum AG is an owner-managed and fully licensed asset manager & wealth manager based in the Principality of Liechtenstein.

What makes us stand out in the asset management space? We evaluate all our investments not only from a global economic perspective, but also by taking into account global monetary dynamics. This analysis produces what we consider a truly holistic view of the state of financial markets. We believe our profound understanding of monetary history, out-of-the-box reasoning and prudent research allows our clients to prosper in this challenging market environment.

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