NBER-加密货币财富对家庭消费和投资的影响-65页_1mb

Summary

• Cryptocurrency wealth significantly impacts household consumption and investment decisions, as shown by transaction-level data from over 60 million U.S. households.
  • The marginal propensity to consume (MPC) out of unrealized crypto gains is approximately $0.08 per dollar, higher than equity gains but lower than lottery winnings.
  • Consumption increases primarily through cash/check spending and mortgage payments.
• Investment behavior varies: households rebalance crypto gains into traditional brokerages or chase further gains in crypto exchanges.
• Realized crypto gains drive consumption, with significant effects on discretionary spending and housing markets.
  • Withdrawals over $5,000 lead to substantial increases in mortgage and other spending, potentially causing house price appreciation in affected areas.
• Crypto wealth has macro spillover effects, with county-level crypto wealth increasing house prices by about $0.21 per additional dollar of crypto wealth per capita over six months via instrumental variables.
• These effects are robust, with no significant asymmetry in MPC between crypto gains and losses, though low-income households may respond differently to losses due to liquidity effects.

KEY POINTS:

• Cryptocurrency adoption is linked to higher incomes and tech-oriented spending.
• Crypto investors are financially sophisticated but exhibit momentum-trading behaviors.
• Local house prices rise due to crypto wealth, reflecting spillover into traditional real assets.