Disentangling the “crypto fever”: An exploratory study of the psychological profiles of cryptocurrency owners

Matteo Paolo Robba*, Angela Sorgente, Paola Iannello

*Corresponding author

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

Cryptocurrencies are innovative digital assets that became significantly popular in recent years. Despite their popularity, literature about cryptocurrencies is still lacking. Specifically, little is known about the psychological profiles of cryptocurrency owners. The present paper aims to investigate the role of financial literacy, self-efficacy, risk tolerance, and impulsivity in cryptocurrency ownership in a representative sample of 1,153 Italian consumers. In particular, a Latent Profile Analysis was performed on data obtained from an online survey to identify different psychological profiles (i.e., different configurations of financial literacy, self-efficacy, risk tolerance, and impulsivity levels). Results indicate the presence of six different psychological profiles and that these profiles are differently associated with the likelihood to own cryptocurrencies. Specifically, the psychological profile that best describes those who hold cryptocurrencies is characterized by high levels of financial literacy, risk tolerance, and self-efficacy in investment domains. These findings would suggest that psychological characteristics play a key role in cryptocurrency ownership.
Original languageEnglish
Title of host publicationATTI DEL XXIX CONGRESSO. Lucca, 18-20 settembre 2023. ASSOCIAZIONE ITALIANA DI PSICOLOGIA, Sezione Sperimentale
Pages1-561
Number of pages567
Volume2023
Publication statusPublished - 2023
EventXXIX Congresso AIP Sezione Sperimentale - Lucca
Duration: 18 Sept 202320 Sept 2023

Conference

ConferenceXXIX Congresso AIP Sezione Sperimentale
CityLucca
Period18/9/2320/9/23

Keywords

  • Financial decision-making
  • Consumer behavior
  • Latent Profile Analysis
  • Cryptocurrency ownership

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