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The Journal of Alternative Investments

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Investigating the Investment Behaviors in Cryptocurrency

Dingli Xi, Timothy Ian O’Brien and Elnaz Irannezhad
The Journal of Alternative Investments Fall 2020, jai.2020.1.105; DOI: https://doi.org/10.3905/jai.2020.1.108
Dingli Xi
is a Master of Economics and Public Policy in the School of Economics of the University of Queensland in St. Lucia, Australia
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Timothy Ian O’Brien
is a Bachelor of Politics, Philosophy and Economics in the School of Economics of the University of Queensland in St. Lucia, Australia
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Elnaz Irannezhad
is a postdoctoral research fellow at the Australian Institute of Business and Economics of the University of Queensland in St. Lucia, Australia
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Abstract

This article investigates the socio-demographic characteristics that individual cryptocurrency investors exhibit and the factors that go into their investment decisions in different Initial Coin Offerings (ICOs). We conducted a web-based revealed preference survey among Australian and Chinese blockchain and cryptocurrency followers, and applied a Multinomial Logit model to inferentially analyze the characteristics of cryptocurrency investors and the determinants of their choice of investment in “cryptocurrency coins” versus other types of ICO tokens. The results showed differences in the determinant of these two choices among Australian and Chinese cryptocurrency folks. The significant factors of these two choices included age, gender, education, occupation, and investment experience, and they aligned well with the behavioral literature. Furthermore, in addition to differences in how they ranked the attributes of ICOs, there was further variance between how Chinese and Australian investors ranked deterrence factors and investment strategies.

TOPICS: Currency, emerging markets

Key Findings

  • • The significant factors of the choice of investment in cryptocurrency include age, gender, education, occupation, and previous investment experience.

  • • Chinese and Australian investors rank the ICO attributes differently.

  • • The deterrence factors and investment strategies vary between Chinese and Australians.

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The Journal of Alternative Investments: 23 (3)
The Journal of Alternative Investments
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Winter 2021
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Investigating the Investment Behaviors in Cryptocurrency
Dingli Xi, Timothy Ian O’Brien, Elnaz Irannezhad
The Journal of Alternative Investments Aug 2020, jai.2020.1.105; DOI: 10.3905/jai.2020.1.108

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Investigating the Investment Behaviors in Cryptocurrency
Dingli Xi, Timothy Ian O’Brien, Elnaz Irannezhad
The Journal of Alternative Investments Aug 2020, jai.2020.1.105; DOI: 10.3905/jai.2020.1.108
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