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| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | Retail investors’ cryptocurrency investments |
| Organization Unit | |
| Authors |
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| Language |
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| Institution | Swiss Finance Institute |
| Series Name | Swiss Finance Institute Research Paper |
| Number | 23-51 |
| ISSN | 1556-5068 |
| Number of Pages | 40 |
| Date | 2022 |
| Abstract Text | We use transaction data gathered by a large fintech firm to study retail investors’ investments in cryptocurrencies. Crypto investors tend to be young, male, high-income, and live in wealthy urban areas with high levels of self-employment and low levels of altruism. Crypto investments are positively associated with stock investments and the use of robo-investing apps, as well as with gambling and the use of round numbers. Net flows into cryptocurrencies are negatively correlated with short-term past returns but positively with longer-term ones. Historical high and low price points also seem to matter. Personal initial experiences of crypto returns at adoption affect subsequent crypto investments. Investors exhibit little market timing ability, but controlling for the time of entry, women do better and stock investors worse. |
| Official URL | https://www.sfi.ch/en/publications/n-23-51-retail-investors-cryptocurrency-investments |
| Digital Object Identifier | 10.2139/ssrn.4268236 |
| Other Identification Number | merlin-id:23534 |
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| Keywords | Cryptocurrency, retail investors, fintech, market timing |