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 language | English |
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Title of host publication | ATTI DEL XXIX CONGRESSO. Lucca, 18-20 settembre 2023. ASSOCIAZIONE ITALIANA DI PSICOLOGIA, Sezione Sperimentale |
Pages | 1-561 |
Number of pages | 567 |
Volume | 2023 |
Publication status | Published - 2023 |
Event | XXIX Congresso AIP Sezione Sperimentale - Lucca Duration: 18 Sept 2023 → 20 Sept 2023 |
Conference
Conference | XXIX Congresso AIP Sezione Sperimentale |
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City | Lucca |
Period | 18/9/23 → 20/9/23 |
Keywords
- Financial decision-making
- Consumer behavior
- Latent Profile Analysis
- Cryptocurrency ownership