Research: Cryptocurrency earnings are not used for luxury consumption, but mostly invested in real estate

A recent study shows that the unexpected gains from cryptocurrencies are not being spent on luxury goods such as Lamborghinis, as advertised on social media, but are similar to the gains from traditional equity investments. The researchers pointed out that the gains from crypto investments cannot be compared with lotteries or gambling. In addition, a large portion of people invested their gains in real estate, which boosted the local real estate market in states such as California, Nevada and Utah, where cryptocurrencies are more popular. (Bloomberg)