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 a phenomenon economists call the wealth effect ¡ª is a hot topic whenever crypto prices are surging.
A group of researchers tried to quantify it and determined that crypto bonanzas in the United States aren¡¯t exactly spent like windfalls from winning the lottery. And so far, the effect has been relatively modest on the $28 trillion American economy.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.