Comparison of Psychological Status and Investment Style Between Bitcoin Investors and Share Investors


Bitcoin has extraordinary qualities that have propelled individuals to put resources into it just as unmistakable downsides. With a quick expansion in Bitcoin costs temporarily, more financial backers excitedly started putting resources into it, raising worries about a theoretical air pocket. This examination explored the numerous elements associated with the Bitcoin frenzy regardless of worries about its deficiencies. In what worries to character characteristics and mental states, online use examples, and venture designs, we originally conjectured that Bitcoin financial backers would show contrasts in numerous components when contrasted with share financial backers. In view of our suppositions about these distinctions, we also theorized that financial backers' character, mental states, and speculation examples could anticipate whether they would put resources into Bitcoin or offers. Altogether, 307 respondents finished the examination convention and were arranged into Bitcoin financial backers (n = 101), share financial backers (n = 102), and non-financial backers (n = 104). A self-report poll on segment information, online use designs, venture designs just as the Fear of Missing Out (FoMO) scale, Temperament and Character Inventory-Revised-Short (TCI-RS), Mood Disorder Questionnaire (MDQ), characteristic tension piece of the State-Trait Anxiety Inventory (STAI-T), and the Korean rendition of the Canadian Problem Gambling Index (K-CPGI) were controlled. The consequences of this examination demonstrated that Bitcoin speculations can be ascribed to the connection of numerous elements, among which character, mental states, and venture designs are especially significant. In particular, the speculation design is the most grounded prescient factor for Bitcoin venture. Bitcoin financial backers were unmistakable concerning higher oddity chasing, higher betting inclinations, and extraordinary speculation designs. In this manner, character, mental states, and speculation examples could clarify the generous interests in Bitcoin. 

Catchphrases: bitcoin, cryptographic money, dread of passing up a major opportunity, character, personality 


Bitcoin and a progression of comparative cryptographic forms of money have captivated individuals since they were first dispatched in 2009 after the coming of blockchain innovation (Nakamoto, 2008; Vigna and Casey, 2015). Bitcoin, another shared (P2P) advanced cash, is portrayed by client obscurity, low exchange expenses, security and control just as the choice of versatile installments by means of the Internet (Böhme et al., 2015; Yelowitz and Wilson, 2015). In any case, its disservices incorporate high liquidity and an interaction that is as yet a work in progress (Brière et al., 2015; Polasik et al., 2015). Bitcoin was relied upon to empower functional privacy and straightforwardness that are free from a focal association in its initial days (Glaser et al., 2014; Pagliery, 2014; Tschorsch and Scheuermann, 2016), yet it acquired outstanding notoriety internationally as a method for getting away from the first financial framework, unlawful exchanges, illegal tax avoidance, tax avoidance, and theory (Pichet, 2017). The association of examiners who see Bitcoin as a method for speculation has energized the fast development of the digital currency market (Bohr and Bashir, 2014). In the second 50% of 2017, Bitcoin value soar to nearly USD 20,000, from its of just USD 0.06 in July 2010 (Lu, 2018; Novotný, 2018). In light of the quick extension and unpredictability of the Bitcoin market, numerous monetary specialists and administrative offices have cautioned financial backers about the chance of a Bitcoin market slump (Dale et al., 2005). All things considered, numerous financial backers all throughout the planet dove head-first into the Bitcoin market, and in the long run, the market cost of Bitcoin plunged to USD 4,000 in December 2018 (Lu, 2018). 

This examination tried to distinguish which individual components may have driven financial backers to Bitcoin ventures, regardless of the previously mentioned inadequacies and worries about Bitcoin. We especially attempted to zero in on the financial backers' mental perspectives. Financial backer brain science is especially significant in the Bitcoin market, since financial backers' practices are controlled by the normal benefits because of the absence of inherent worth of Bitcoin (Kristoufek, 2013). As far as we could possibly know, this is the primary examination directed on Bitcoin venture brain science. 

Past examinations have shown that Bitcoin financial backers have essentially various qualities contrasted with general financial backers, like more youthful age (Bohr and Bashir, 2014), nonsensical idealism over simple abundance (Pezzani, 2018), higher danger inclination (Conlon and McGee, 2020), and the brain research of dread of passing up a great opportunity (FoMO) (Pichet, 2017). Pezzani (2018) featured that Bitcoin financial backers' nonsensical convictions about its unending development has driven them to exaggerate the edge got from theory. Hazard penchant, which is in accordance with sensation-chasing, is an ability to chance more in a time of high unpredictability in light of the fact that a financial backer discovers exchanging engaging and invigorating (Mai, 2019). A danger looking for financial backer would encounter greater fervor in Bitcoin venture attributable to its speedy, variegated climate (Mai, 2019). FoMO alludes to an unavoidable worry that somebody may be having compensating encounters that they are passing up; all in all, a craving to remain associated with what others are doing (Przybylski et al., 2013). Pichet (2017) detailed that the FoMO is the fundamental factor making the speculative air pocket as the media buzz emphasizes the worldwide interest for Bitcoin. The interest in Bitcoin estimated via search questions on Google Trends and recurrence of visits on the Wikipedia was related with Bitcoin costs (Kristoufek, 2013). The quantity of tweets in regards to Bitcoin was a significant driver in the following day's Bitcoin market exchanging volume just as in acknowledged unpredictability (Shen et al., 2019). Participating in online gatherings identified with Bitcoin emphatically anticipated Bitcoin aggregation (Bohr and Bashir, 2014). Moreover, client notions from web-based media and online entries added to Bitcoin costs (Kristoufek, 2013; Kinderis et al., 2018; Rahman et al., 2018). All things considered, interpersonal interaction administration (SNS) and web-based interfaces impacted Bitcoin costs and exchanging, so we expected that separated from FoMO, the online use example may be identified with unreasonable Bitcoin ventures. Market properties like simple online access, straightforward membership and certificate methodology, and 24 h transparency, impact financial backers' thought processes also. A prior investigation of internet exchanging found that the reception of web based exchanging was dominating in youthful danger taking financial backers (Li et al., 2002). 

Notwithstanding, since there has been minimal incorporated examination on factors affecting Bitcoin financial backers, we surveyed concentrates on the offer market, which is mainstream, since a long time ago settled, and generally tantamount to the Bitcoin market. It is feasible to remove the qualities of Bitcoin financial backers by contrasting the contrasts between Bitcoin financial backers and offer financial backers dependent on the components that influence share financial backers. Elements that were distinguished as influencing venture conduct in the offer market included age, sexual orientation, instruction, conjugal status, pay, social collaborations, financial backer's character, want to become rich rapidly, betting inclination, profits paid, anticipated profits, state of budget reports, agent proposal, past execution of the firm offer, association's status in an industry, current monetary pointers, and offer attractiveness (Hong et al., 2004; Lee et al., 2010; Granero et al., 2012; Shafi, 2014; Zhang et al., 2014; Conlin et al., 2015; Ahmad, 2017; Tauni et al., 2017; Oehler et al., 2018). Concerning sexual orientation, the exchanging volume was normally higher among male financial backers than their female partners (Zhang et al., 2014). Like Bitcoin ventures, expanded social association has been accounted for to work with share market cooperation (Hong et al., 2004). A few examinations have proposed that financial backers' characters like receptiveness, extraversion, appropriateness, and neuroticism of the Big Five, or the qualities of Cloninger's Temperament and Character Inventory (TCI, for example, oddity chasing, hurt aversion, and prize reliance influence venture choices (Zhang et al., 2014; Conlin et al., 2015; Tauni et al., 2017; Oehler et al., 2018). Granero et al. (2012) analyzed the financial exchange ventures engaged with betting issues. Besides, earlier investigations recommend that venture techniques, seen benefit, and macroeconomic components influence speculation choices (Lee et al., 2010; Ahmad, 2017). 

Taken together, the plausible contributing elements to Bitcoin and share speculations examined above are multi-dimensional and don't give off an impression of being totally free of one another. For a more exhaustive agreement, we ordered the factors into segment information, character and mental states, online use examples, and venture examples and attempted to assess the effect of factors in each measurement progressively. 

In the correlations of character and mental states, online use examples, and venture designs, we speculated that Bitcoin financial backers would show contrasts of various components, contrasted with share financial backers. In view of our suppositions about these distinctions, we furthermore conjectured that financial backers' character, mental states, and speculation examples could foresee whether to put resources into Bitcoin or offers. 

Member Recruitment 

Study members were enlisted between April 9 and April 16, 2018. A greeting email to partake in the overview was shipped off completely enrolled individuals from the think-tank (Embrain®, Seoul, South Korea) who were beyond 20 years old. Of that load of reached, 59 applicants reacted to the primary email. Of these responders, 110 met the incorporation measures for Bitcoin financial backers, 319 met the consideration standards for share financial backers, and 3,765 met the incorporation models for non-inves

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