Despite all the flexing on social media, it wasn’t all blown on Lamborghinis and bling: Some went toward home purchases, boosting real estate markets where crypto is popular. — Reuters
It’s an oft-told anecdote littering social media: Those who invested early in cryptocurrencies have enjoyed life-changing wealth.
How much that extra cash gives them confidence to spend more – a phenomenon economists call the wealth effect – is a hot topic whenever crypto prices are surging. A group of researchers tried to quantify it and determined that crypto bonanzas in the US aren’t exactly spent like windfalls from winning the lottery. And so far, the effect has been relatively modest on the US$28 trillion (RM132.79 trillion) American economy. But if the asset class continues to boom, the study provides insight on potential game-changers in consumer patterns.
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