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Cryptocurrency News Articles
Report Explores Effects of Price Changes on Crypto Ownership
Sep 08, 2024 at 06:30 am
The Federal Reserve Bank of Philadelphia's Consumer Finance Institute (CFI) released a report on Friday, authored by Senior Advisor and Research Fellow Tom Akana
A report by the Federal Reserve Bank of Philadelphia's Consumer Finance Institute on Friday showed that cryptocurrency ownership declined during market downturns, despite price increases in bitcoin.
Data from multiple surveys showed that crypto interest and ownership did not rise, even as prices surged.
The Federal Reserve Bank of Philadelphia's Consumer Finance Institute (CFI) released a report on Friday, authored by Senior Advisor and Research Fellow Tom Akana, titled “Do Price Changes Affect Crypto Ownership?” The report explores how fluctuations in cryptocurrency prices influence consumer ownership patterns and behavior.
Akana described the data collection process: “Since January 2022, the Consumer Finance Institute (CFI) has collected information about cryptocurrency ownership from six different surveys; all six asked about current ownership of cryptocurrency, while three also asked about likelihood to purchase crypto in the future.” The findings were part of the CFI's Labor, Income, Finances, and Expectations (LIFE) Survey, which examines economic behaviors, including crypto ownership. The report details:
“CFI survey data collected in 2022 showed a change in cryptocurrency ownership in response to the crypto winter; reported ownership as well as interest in purchasing crypto both decreased as market value decreased.”
The report highlights that despite a dramatic increase in bitcoin prices since October 2023, ownership rates have not followed suit.
“Since the LIFE Survey began collecting cryptocurrency ownership data in October 2023, the price of bitcoin (our market proxy) has dramatically increased,” Akana noted, elaborating:
“However, across four instances of the survey, ownership decreased slightly, despite evidence that the market performance has generated higher interest in future purchases.”
The report concludes by recommending further investigation into “specific market entry and exit patterns among consumers [to] provide a clearer explanation for these observations.”
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