The Federal Reserve Bank of Cleveland published a study showing that cryptocurrency investors are largely influenced by their return expectations rather than demographic characteristics. In 2021, 87% of non-crypto owners did not know what returns to expect, compared to 54% among crypto owners, while the latter anticipated an average return of 22% versus just 7% for non-owners. An experiment conducted in 2025 demonstrated that households shown Bitcoin’s past 12-month returns increased their desired crypto allocation by 2 percentage points, a 47% rise compared to the control group. The study concludes that cryptocurrency gains are treated more like gambling income than a permanent increase in wealth, suggesting that volatility will remain a defining characteristic of this asset.
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