A study has revealed that information about Bitcoin's (BTC) past returns influences the expected returns of American households and their cryptocurrency purchases. According to research from the Cleveland Federal Reserve Bank, the possession of cryptocurrencies is closely linked to beliefs about future returns. The researchers analyzed survey data collected from American households since 2018, finding that respondents who owned Bitcoin reported an average expected return of 22%, while non-owners reported an average of 7%. In an experiment conducted in the second quarter of 2025, a group that received information indicating a Bitcoin return of 14.3% saw their expected cryptocurrency returns increase by an average of 3.2 percentage points compared to a control group. The proportion of cryptocurrencies in this group's portfolio also increased by about 2 percentage points. Changes in actual purchases were also observed, with the group that received information about Bitcoin's past returns increasing their cryptocurrency purchases by approximately 2.5 percentage points. The researchers concluded that information alters expectations, which in turn leads to changes in asset allocation intentions and actual purchases. This study, focused on American households, should be interpreted as a resource for understanding cryptocurrency investment sentiment and information responses rather than being directly applicable to the Korean market.
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