@enigmaflux
A Harvard Business School study using transaction-level data from millions of households shows that Bitcoin's wealth effect actually stimulates real economic activity rather than suppressing it. Households exhibit a marginal propensity to consume around 9.7% from crypto gains, more than twice that of traditional stock returns and about a third of direct income shocks. This higher consumption response indicates that Bitcoin appreciation directly stimulates economic demand, rather than trapping resources in speculative mud.
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