Researchers Michael Weber, Bernardo Candia, Olivier Coibion, and Yuriy Gorodnichenko utilized randomized experiments during 2025 to track how information affects financial decision-making. Participants shown Bitcoin’s trailing 12-month returns raised their desired crypto allocations by approximately two percentage points—a 47% increase compared to the control group. This shift in sentiment translated into a 2.5 percentage point rise in actual crypto acquisition rates.
Expected returns proved to be a more reliable indicator of ownership than demographic factors like age, income, or gender. While owners consistently projected higher returns than non-owners, the study highlights a feedback loop where rising prices attract new participants, potentially fueling further momentum. The authors noted that this effect was most pronounced among individuals who previously avoided digital assets due to a lack of knowledge, rather than those who held deep-seated skepticism toward the sector.
Beyond asset accumulation, the study explored how crypto gains influence broader household spending. Doubling Bitcoin’s value correlated with a 1.4 percentage point increase in the probability of purchasing durable goods like computers or appliances. Researchers interpreted this as evidence that households view crypto profits more as windfall gains similar to lottery winnings than as a fundamental shift in permanent wealth. These findings, while illuminating, represent preliminary research and do not reflect official Federal Reserve policy.
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