article published Matthias Pelster author 67265 https://orcid.org/0000-0001-5740-2420 Bastian Breitmayer author Tim Hasso author 186 department 578 department 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. 2019 eng cryptocurrenciesbitcoininvestorrisk-seeking 0165-176510.1016/j.econlet.2019.06.013 18298-100 Pelster, Matthias, Bastian Breitmayer, and Tim Hasso. “Are Cryptocurrency Traders Pioneers or Just Risk-Seekers? Evidence from Brokerage Accounts.” <i>Economics Letters</i> 182 (2019): 98–100. <a href="https://doi.org/10.1016/j.econlet.2019.06.013">https://doi.org/10.1016/j.econlet.2019.06.013</a>. M. Pelster, B. Breitmayer, and T. Hasso, “Are cryptocurrency traders pioneers or just risk-seekers? evidence from brokerage accounts,” <i>Economics Letters</i>, vol. 182, pp. 98–100, 2019. Pelster M, Breitmayer B, Hasso T. Are cryptocurrency traders pioneers or just risk-seekers? evidence from brokerage accounts. <i>Economics Letters</i>. 2019;182:98-100. doi:<a href="https://doi.org/10.1016/j.econlet.2019.06.013">10.1016/j.econlet.2019.06.013</a> Pelster, M., Breitmayer, B., &#38; Hasso, T. (2019). Are cryptocurrency traders pioneers or just risk-seekers? evidence from brokerage accounts. <i>Economics Letters</i>, <i>182</i>, 98–100. <a href="https://doi.org/10.1016/j.econlet.2019.06.013">https://doi.org/10.1016/j.econlet.2019.06.013</a> M. Pelster, B. Breitmayer, T. Hasso, Economics Letters 182 (2019) 98–100. @article{Pelster_Breitmayer_Hasso_2019, title={Are cryptocurrency traders pioneers or just risk-seekers? evidence from brokerage accounts}, volume={182}, DOI={<a href="https://doi.org/10.1016/j.econlet.2019.06.013">10.1016/j.econlet.2019.06.013</a>}, journal={Economics Letters}, author={Pelster, Matthias and Breitmayer, Bastian and Hasso, Tim}, year={2019}, pages={98–100} } Pelster, Matthias, et al. “Are Cryptocurrency Traders Pioneers or Just Risk-Seekers? Evidence from Brokerage Accounts.” <i>Economics Letters</i>, vol. 182, 2019, pp. 98–100, doi:<a href="https://doi.org/10.1016/j.econlet.2019.06.013">10.1016/j.econlet.2019.06.013</a>. 102792019-06-19T19:00:44Z2022-01-06T06:50:33Z