How do personality traits affect investors' decision on crypto market including cryptocurrencies and NFTs?

IF 1.9 Q2 BUSINESS, FINANCE Review of Behavioral Finance Pub Date : 2023-12-05 DOI:10.1108/rbf-03-2023-0075

Ji Luo, Qingning Cao, Shuguang Zhang

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Abstract

Purpose

The purpose of the research paper is to investigate the relationship between personality traits and investment decisions in the crypto market, including cryptocurrencies and NFTs. The study aims to explore the effect of dark personalities and the big five personalities on investment decisions in the crypto market.

Design/methodology/approach

The research was conducted through two online questionnaire studies. In Study 1, data were collected from the general public, while in Study 2, data were collected from crypto investors. The researchers analyzed the effect of dark personalities and the big five personalities on investment decisions in the crypto market.

Findings

The present research found that Machiavellianism, narcissism, psychopath, sadism and extraversion have positive effects on having crypto investments. In addition, focusing on actual crypto investors, the present paper showed that personalities including Machiavellianism, narcissism, psychopath, consciousness and extraversion have statistically significant effect on investment decisions such as making investments in Bitcoin.

Originality/value

The study is original in exploring the relationship between personality traits and investment decisions in the newly emerging crypto market, including cryptocurrencies and NFTs. The research provides insights into how different personality traits affect investment decisions in the crypto market, which can be valuable for investors in making informed decisions.

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人格特征如何影响投资者对加密市场(包括加密货币和nft)的决策?

研究论文的目的是研究人格特质与加密市场投资决策之间的关系，包括加密货币和nft。该研究旨在探讨黑暗人格和五大人格对加密市场投资决策的影响。设计/方法/方法本研究通过两项在线问卷调查进行。在研究1中，数据收集自普通公众，而在研究2中，数据收集自加密投资者。研究人员分析了黑暗人格和五大人格对加密市场投资决策的影响。目前的研究发现，马基雅维利主义、自恋、精神病患者、虐待狂和外向性对加密货币投资有积极影响。此外，本文以实际的加密货币投资者为研究对象，表明马基雅维利主义、自恋、精神病患者、意识和外向性等人格对投资比特币等投资决策有统计学上显著的影响。该研究在探索新兴加密市场(包括加密货币和nft)中人格特征与投资决策之间的关系方面具有独创性。该研究提供了不同性格特征如何影响加密市场投资决策的见解，这对投资者做出明智决策很有价值。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Behavioral Finance BUSINESS, FINANCE-

CiteScore

4.70

自引率

5.00%

发文量

期刊介绍： Review of Behavioral Finance publishes high quality original peer-reviewed articles in the area of behavioural finance. The RBF focus is on Behavioural Finance but with a very broad lens looking at how the behavioural attributes of the decision makers influence the financial structure of a company, investors’ portfolios, and the functioning of financial markets. High quality empirical, experimental and/or theoretical research articles as well as well executed literature review articles are considered for publication in the journal.