Cleveland Fed test finds BTC gain data may draw new crypto investors

An experiment by the Cleveland Federal Reserve using a survey of U.S. households last year found that respondents exposed to information about Bitcoin’s price gains were more likely to hold virtual assets, according to CoinDesk. CoinDesk said the Cleveland Fed showed one survey group that Bitcoin had risen 14% over the previous year, and the share of respondents holding cryptocurrencies increased by 2.5 percentage points. Since about 11% of respondents said in their initial response that they held cryptocurrencies, the information exposure amounted to roughly a 23% increase in the holding rate. CoinDesk said the results could serve as evidence that exposure to past returns may bring new investors into the market.