🚨 🚨 Crypto wealth increased households’ consumption by about $30 billion in total over a decade, with every dollar of unrealized gains leading to about nine cents of spending. While that figure is almost double the marginal propensity to consume when it comes to stock-market returns, it’s about one-third that of income shocks such as lottery winnings. 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
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