Research shows: Cryptocurrency earnings are not used for luxury consumption

In a recent report by Bloomberg, a group of researchers studied the impact of cryptocurrency earnings on the U.S. economy. The study revealed that unexpected gains from cryptocurrencies were not spent on luxury goods like Lamborghinis as often stated on social media, but used for buying houses and real estate instead. Cryptocurrency investment returns cannot be equated with lottery winnings or gambling. Furthermore, the researchers asserted that a significant number of people invested their profits in real estate, thereby boosting local housing markets in states where cryptocurrencies are popular such as California, Nevada and Utah.