Cryptocurrencies in household finance

Last registered on May 19, 2023


Trial Information

General Information

Cryptocurrencies in household finance
Initial registration date
May 16, 2023

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
May 19, 2023, 10:33 AM EDT

First published corresponds to when the trial was first made public on the Registry after being reviewed.



Primary Investigator

University of Texas at Austin

Other Primary Investigator(s)

PI Affiliation
PI Affiliation
PI Affiliation

Additional Trial Information

Start date
End date
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
This study entails two RCTs in which randomly selected survey participants were provided with information about inflation, bitcoin prices, and/or stock prices.
External Link(s)

Registration Citation

Candia, Bernardo et al. 2023. "Cryptocurrencies in household finance." AEA RCT Registry. May 19.
Experimental Details


In 2021Q3 and 2022Q3 survey waves, participants were randomly allocated to one of 18 groups. One was control group. Four groups were provided with information about inflation (inflation over past 12 months, FOMC forecast of inflation, inflation target, inflation over past 24 months), four groups with information on bitcoin prices only (return over 5 years, return over 1 year, return over 1 year and volatility, visual representation of bitcoin price), four groups with information on stock prices only (return over 5 years, return over 1 year, return over 1 year and volatility, visual representation of S&P500 level), and four groups with information on bitcoin and stock prices (returns for both over 5 years, returns over 1 year, returns over 1 year and volatility, visual representation of both bitcoin and S&P 500 price) and one group was shown visual representation of monthly returns on both bitcoin and S&P500.
Intervention Start Date
Intervention End Date

Primary Outcomes

Primary Outcomes (end points)
Effects on cryptocurrency purchases and desired portfolio allocations
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
Random allocation of survey participants in 2021Q3 and 2022Q3 waves to one of 18 groups, of which 17 are provided with information.
Experimental Design Details
Randomization Method
Done by Nielsen.
Randomization Unit
Individuals assigned to 18 groups.
Was the treatment clustered?

Experiment Characteristics

Sample size: planned number of clusters
18 groups
Sample size: planned number of observations
~20,000-25,000 individuals per wave.
Sample size (or number of clusters) by treatment arms
~1000 individuals per arm
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)

Institutional Review Boards (IRBs)

IRB Name
IRB Approval Date
IRB Approval Number


Post Trial Information

Study Withdrawal

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Is the intervention completed?
Data Collection Complete
Data Publication

Data Publication

Is public data available?

Program Files

Program Files
Reports, Papers & Other Materials

Relevant Paper(s)

Reports & Other Materials