What drives problematic Bitcoin investment behavior?: The role of financial literacy

【Author】 Ryu, Hyun-Sun

【Source】INTERNATIONAL JOURNAL OF BANK MARKETING

【影响因子】5.083

【Abstract】PurposeAlongside its remarkable growth, problematic Bitcoin investment (BI) behavior and its associated negative consequences have become prevalent, and only a few studies have examined it. Therefore, this study aims to examine problematic BI behavior by investigating its specific antecedents and consequences and identifying which antecedents were more influential in it. In addition, we also examine the role of financial literacy on the relationship between the antecedents and problematic BI behavior.Design/methodology/approachWe collected survey data from 413 investors with Bitcoin investment experience in 2018, when a Bitcoin frenzy occurred. The partial least squares method was used to test the proposed research model.FindingsThe results show that prudent, negative urgency, overexpectation and sensation seeking are positively associated with problematic BI behavior, while restraint is negatively associated. Problematic BI behavior is negatively related to investor well-being. Our findings also indicate that both objective and subjective financial literacy moderate the relationship between the antecedents and problematic BI behavior. Four types of investors in terms of their objective and subjective Bitcoin knowledge show different patterns in the relationship between the antecedents and problematic BI behavior.Originality/valueThis study offers insights for researchers by providing a deeper understanding of the contextual antecedents of problematic BI behavior and the role of financial literacy in it. This study provides detailed implications for financial institutions, policymakers, and regulators to guide rational Bitcoin investment behaviors.

【Keywords】Bitcoin; Problematic investment; Behavioral control; Emotional preoccupation; Financial literacy; Investment outcome

【发表时间】2024 2024 SEP 10

【收录时间】2024-09-18

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-行为分析