Bitcoin Performance Data Drives Crypto Purchases, Fed Study Finds
A study by the Federal Reserve Bank of Cleveland has found that exposing individuals to Bitcoin's historical performance data significantly influences their cryptocurrency investment intentions and purchasing behavior.
The research, released on July 14, analyzed repeated surveys encompassing up to 25,000 American households each round. In a randomized controlled trial conducted during the second quarter of 2025, survey participants received information about Bitcoin, the S&P 500 index, GameStop shares, or inflation projections.
Those who viewed Bitcoin's preceding 12-month gain of 14.3% boosted their intended cryptocurrency allocation by approximately 2 percentage points, representing a 47% surge relative to the control group's baseline desired allocation of 4.3%. Genuine cryptocurrency acquisitions increased by roughly 2.5 percentage points among households exposed to Bitcoin performance metrics.