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Who buys Bitcoin? The cultural determinants of Bitcoin activity

The cultural determinants of Bitcoin activity

descriptionPublicationkeyboard_double_arrow_right Article , Conference object 01 Nov 2022 France, Netherlands, Netherlands Publisher:Elsevier BVJournal:International Review of Financial Analysis, volume 84, page 102,385 (issn: 1057-5219,

Authors: Foley, Sean; Frijns, Bart; Garel, Alexandre; Roh, Tai-Yong;

doi: 10.1016/j.irfa.2022.102385

handle: 1820/8ddc8fe9-ed67-4563-a8fc-100781188513 , 1820/87ac4731-3fdc-44e4-a1a2-0bc66b51ec74 , 1820/f5a981a2-1a32-44b0-8b6e-791123249c81 , 1820/b89a9209-b52f-47a5-87e2-9cb685fb29f9

Who buys Bitcoin? The cultural determinants of Bitcoin activity

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Abstract

We examine the relationship between national culture and a country's Bitcoin activity. Given that Bitcoin is a high-risk currency/investment that is frequently used for illegal purposes and whose market is relatively opaque, we focus on the cultural dimension of individualism, which has been related to financial market participation, risk-taking behavior, and overconfidence. Using unique data that includes the originating country for Bitcoin transactions, we examine the relationship between individualism and a country's Bitcoin activity for a sample of 80 countries between 2009 and 2020. We find a significant and positive relationship between a country's individualism and its use of Bitcoin consistent with cultural values affecting the demand for such high-risk currency/investments.

Countries

France, Netherlands, Netherlands

Related Organizations

Audencia Business School
France
Macquarie University
Australia
Open University in the Netherlands
Netherlands
Audencia Group
France
Auckland University of Technology
New Zealand

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Keywords

Cryptocurrency, [QFIN]Quantitative Finance [q-fin], Individualism, National culture, Bitcoin, [QFIN] Quantitative Finance [q-fin]

Impact byBIP!

	citations This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	16
	popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.	Top 10%
	influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	Average
	impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.	Top 10%