Investor Demographics and their Impact on the Intention to Invest in Cryptocurrencies: An Empirical Analysis of crypto investors and non-crypto investors.
Summary
The present study aimed to identify the background of crypto investors. Demographic and personal features were examined in relation to the effect they pose on investment frequency, intention to invest in cryptocurrencies and investment preference of crypto over non-crypto investments. Educational level was identified to demonstrate a negative relationship with intention to invest in cryptocurrencies, while crypto literacy was identified to demonstrate a positive relationship. Furthermore, two aspects of the theory of planned behavior (subjective norm, perceived control) were identified to demonstrate a positive relationship with intention to invest in cryptocurrencies. Two aspects of financial behavior (herding behavior, risk perception) were identified to pose an effect to investment preference of crypto over non-crypto investments. Finally, crypto literacy and attitude towards cryptocurrencies were identified to positively affect the selection of crypto over non-crypto investments.