Arbeitspapier
Who are the Bitcoin investors? Evidence from indirect cryptocurrency investments
Cryptocurrencies have received growing attention from individuals, the media, and regulators. However, little is known about the investors whom these financial instruments attract. Using administrative data, we describe the investment behavior of individuals who invest in cryptocurrencies with structured retail products. We find that cryptocurrency investors are active traders, prone to investment biases, and hold risky portfolios. In line with attention effects and anticipatory utility, we find that the average cryptocurrency investor substantially increases log-in and trading activity after his or her first cryptocurrency purchase. Our results document which investors are more likely to adopt new financial products and help inform regulators about investors' vulnerability to cryptocurrency investments.
- Sprache
-
Englisch
- Erschienen in
-
Series: SAFE Working Paper ; No. 277
- Klassifikation
-
Wirtschaft
Behavioral Finance: General‡
Household Saving; Personal Finance
Portfolio Choice; Investment Decisions
International Financial Markets
- Thema
-
Bitcoin
Cryptocurrencies
Structured retail products
Retail investors
Household finance
Investor behavior
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Lammer, Dominique Marcel
Hanspal, Tobin
Hackethal, Andreas
- Ereignis
-
Veröffentlichung
- (wer)
-
Leibniz Institute for Financial Research SAFE
- (wo)
-
Frankfurt a. M.
- (wann)
-
2020
- DOI
-
doi:10.2139/ssrn.3501549
- Handle
- URN
-
urn:nbn:de:hebis:30:3-534536
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Lammer, Dominique Marcel
- Hanspal, Tobin
- Hackethal, Andreas
- Leibniz Institute for Financial Research SAFE
Entstanden
- 2020
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