Bitcoin Returns Influence Crypto Buying Decisions, Fed Study Finds
A recent study by researchers at the Federal Reserve Bank of Cleveland has found that showing people information about Bitcoin's past returns can significantly influence their decision to buy cryptocurrency.
The study, published on July 14, 2026, used a randomized experiment in which participants were assigned information about Bitcoin, the S&P 500, GameStop, or an inflation forecast.
Those shown Bitcoin's previous 12-month return of 14.3% increased their desired crypto allocation by roughly 2 percentage points, with actual purchases following suit at around 2.5 percentage points.
The study found that expected returns were a stronger predictor of ownership than age, income, or gender, and that showing households Bitcoin's past performance raised the likelihood of buying crypto by about 23%.