Are cryptocurrency traders pioneers or just risk-seekers? evidence from brokerage accounts

M. Pelster, B. Breitmayer, T. Hasso, Economics Letters 182 (2019) 98–100.

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Journal Article | Published | English
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Abstract
Are cryptocurrency traders driven by a desire to invest in a new asset class to diversify their portfolio or are they merely seeking to increase their levels of risk? To answer this question, we use individual-level brokerage data and study their behavior in stock trading around the time they engage in their first cryptocurrency trade. We find that when engaging in cryptocurrency trading investors simultaneously increase their risk-seeking behavior in stock trading as they increase their trading intensity and use of leverage. The increase in risk-seeking in stocks is particularly pronounced when volatility in cryptocurrency returns is low, suggesting that their overall behavior is driven by excitement-seeking.
Publishing Year
Journal Title
Economics Letters
Volume
182
Page
98-100
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Pelster M, Breitmayer B, Hasso T. Are cryptocurrency traders pioneers or just risk-seekers? evidence from brokerage accounts. Economics Letters. 2019;182:98-100. doi:10.1016/j.econlet.2019.06.013
Pelster, M., Breitmayer, B., & Hasso, T. (2019). Are cryptocurrency traders pioneers or just risk-seekers? evidence from brokerage accounts. Economics Letters, 182, 98–100. https://doi.org/10.1016/j.econlet.2019.06.013
@article{Pelster_Breitmayer_Hasso_2019, title={Are cryptocurrency traders pioneers or just risk-seekers? evidence from brokerage accounts}, volume={182}, DOI={10.1016/j.econlet.2019.06.013}, journal={Economics Letters}, author={Pelster, Matthias and Breitmayer, Bastian and Hasso, Tim}, year={2019}, pages={98–100} }
Pelster, Matthias, Bastian Breitmayer, and Tim Hasso. “Are Cryptocurrency Traders Pioneers or Just Risk-Seekers? Evidence from Brokerage Accounts.” Economics Letters 182 (2019): 98–100. https://doi.org/10.1016/j.econlet.2019.06.013.
M. Pelster, B. Breitmayer, and T. Hasso, “Are cryptocurrency traders pioneers or just risk-seekers? evidence from brokerage accounts,” Economics Letters, vol. 182, pp. 98–100, 2019.
Pelster, Matthias, et al. “Are Cryptocurrency Traders Pioneers or Just Risk-Seekers? Evidence from Brokerage Accounts.” Economics Letters, vol. 182, 2019, pp. 98–100, doi:10.1016/j.econlet.2019.06.013.

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