---
_id: '10279'
abstract:
- lang: eng
  text: '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. '
article_type: original
author:
- first_name: Matthias
  full_name: Pelster, Matthias
  id: '67265'
  last_name: Pelster
  orcid: ' https://orcid.org/0000-0001-5740-2420'
- first_name: Bastian
  full_name: Breitmayer, Bastian
  last_name: Breitmayer
- first_name: Tim
  full_name: Hasso, Tim
  last_name: Hasso
citation:
  ama: 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>
  apa: 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>
  bibtex: '@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} }'
  chicago: '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>.'
  ieee: 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.
  mla: 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>.
  short: M. Pelster, B. Breitmayer, T. Hasso, Economics Letters 182 (2019) 98–100.
date_created: 2019-06-19T19:00:44Z
date_updated: 2022-01-06T06:50:33Z
department:
- _id: '186'
- _id: '578'
doi: 10.1016/j.econlet.2019.06.013
intvolume: '       182'
jel:
- D1
- G1
keyword:
- cryptocurrencies
- bitcoin
- investor
- risk-seeking
language:
- iso: eng
page: 98-100
publication: Economics Letters
publication_identifier:
  issn:
  - 0165-1765
publication_status: published
status: public
title: Are cryptocurrency traders pioneers or just risk-seekers? evidence from brokerage
  accounts
type: journal_article
user_id: '21810'
volume: 182
year: '2019'
...