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Individual differences in Bitcoin investment: The role of personality, attitudes, and knowledge

Author

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  • Müser, Sinja
  • Hemmerich, Moritz
  • Schmitz, Florian

Abstract

Cryptocurrencies have found their way into the financial market as a serious alternative in recent years. In particular, Bitcoin is increasingly coming into focus. Currently, however, little is known why people invest in cryptocurrency or not. The present study seeks to shed light on individual difference variables potentially associated with these investment decisions. This includes personality traits, knowledge, and attitudes toward the social and political environment. The effective sample comprised 603 respondents who completed an online survey. Based on the proportion of their financial portfolio invested into Bitcoin, participants were divided into three groups: Non-Bitcoiners, Bitcoin Enthusiasts, and Bitcoin Maximalists. Group comparisons and prediction models indicated that Bitcoiners differed substantially from Non-Bitcoiners in justice-related attitudes as well as in specific knowledge about this cryptocurrency. By contrast, general political attitudes or reinforcement sensitivity did not differ much, and there was hardly a difference in basic dimensions of personality and general knowledge.

Suggested Citation

  • Müser, Sinja & Hemmerich, Moritz & Schmitz, Florian, 2024. "Individual differences in Bitcoin investment: The role of personality, attitudes, and knowledge," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 113(C).
    • Handle: RePEc:eee:soceco:v:113:y:2024:i:c:s2214804324001265
    DOI: 10.1016/j.socec.2024.102289
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