A new Federal Reserve study reveals how crypto hype spreads: showing households Bitcoin’s 14% annual gain made them 23% more likely to own crypto, especially those unfamiliar with it. The research, based on 5,000+ participants, shows that past performance fuels speculative bubbles—not just through data, but through narrative. People shifted money from savings and cash into stocks after seeing gains, proving momentum drives behavior. Telling people about Bitcoin’s success boosted their expected returns by 3 percentage points over just viewing charts—proving stories matter more than numbers when it comes to crypto adoption.
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