TY  - UNPD
A1  - Lammer, Dominique Marcel
A1  - Hanspal, Tobin
A1  - Hackethal, Andreas
T1  - Who are the Bitcoin investors? Evidence from indirect cryptocurrency investments
T2  - SAFE working paper series ; No. 277
N2  - Cryptocurrencies have received growing attention from individuals, the media, and regulators. However, little is known about the investors whom these financial instruments attract. Using administrative data, we describe the investment behavior of individuals who invest in cryptocurrencies with structured retail products. We find that cryptocurrency investors are active traders, prone to investment biases, and hold risky portfolios. In line with attention effects and anticipatory utility, we find that the average cryptocurrency investor substantially increases log-in and trading activity after his or her first cryptocurrency purchase. Our results document which investors are more likely to adopt new financial products and help inform regulators about investors' vulnerability to cryptocurrency investments.
T3  - SAFE working paper - 277 
KW  - Bitcoin
KW  - Cryptocurrencies
KW  - Structured retail products
KW  - Retail investors
KW  - Household finance
KW  - Investor behavior
Y1  - 2020
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/53453
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-534536
IS  - December 2019
PB  - SAFE
CY  - Frankfurt am Main
ER  -