Crypto bros eager to buy homes lifted prices as the wealth effect from tokens spilled over to some housing markets, study says

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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.
The new wealth increased households’ consumption by about $30 billion in total over a decade, the researchers estimated, with every dollar of unrealized gains leading to about nine cents of spending.
As a result, the researchers isolated the portion of household crypto gains that were driven by long-term buying and holding, rather than recent investments, in order to directly measure the causal effects of crypto on spending.
“There is significant debate about the role crypto should play in a household’s portfolio due to its high volatility and nebulous fundamentals,” Jason Kotter, another assistant professor of finance at BYU who co-authored the paper, said in an interview.