Fed Cleveland Study Finds Bitcoin Gains Draw New Crypto Buyers
A Federal Reserve Bank of Cleveland experiment found that showing people bitcoin's recent gains made them more likely to own crypto and to expect higher returns.
AfroEuropa Newsroom
AfroEuropa desk
A survey experiment conducted by the Federal Reserve Bank of Cleveland found evidence that rising bitcoin prices can pull new investors into the cryptocurrency market, according to reporting by BitKE and CoinDesk.
As part of a 2025 survey, researchers randomly showed participants information about bitcoin, the S&P 500, GameStop, or the Fed's inflation outlook. Participants who were told that bitcoin had risen 14.3% over the previous 12 months were roughly 2.4 percentage points more likely to report owning crypto in a follow-up survey. BitKE reported that this represented about a 23% increase from the 11% ownership rate recorded before the experiment. A similar effect appeared among participants shown a bitcoin price chart.
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