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Fed Study Explores How Beliefs and Returns Shape Crypto Behavior Thumbnail
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Fed Study Explores How Beliefs and Returns Shape Crypto Behavior

High Conviction

A new Federal Reserve Bank of Cleveland working paper examines how investor beliefs and past returns shape crypto investor behavior, finding that optimism about Bitcoin closely tracks ownership, even as real-world crypto payment use stays thin.

Thiago Alvarez4 min readAug 23, 2026
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