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Who Buys Bitcoin? The Cultural Determinants of Bitcoin Activity

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aut.relation.articlenumber102385
aut.relation.endpage102385
aut.relation.journalInternational Review of Financial Analysis
aut.relation.startpage102385
aut.relation.volume84
dc.contributor.authorFoley, S
dc.contributor.authorFrijns, B
dc.contributor.authorGarel, A
dc.contributor.authorRoh, TY
dc.date.accessioned2025-06-30T22:32:07Z
dc.date.available2025-06-30T22:32:07Z
dc.date.issued2022-11-01
dc.description.abstractWe 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.
dc.identifier.citationInternational Review of Financial Analysis, ISSN: 1057-5219 (Print), Elsevier BV, 84, 102385-102385. doi: 10.1016/j.irfa.2022.102385
dc.identifier.doi10.1016/j.irfa.2022.102385
dc.identifier.issn1057-5219
dc.identifier.urihttp://hdl.handle.net/10292/19431
dc.languageen
dc.publisherElsevier BV
dc.relation.urihttps://www.sciencedirect.com/science/article/pii/S1057521922003350
dc.rights© 2022 The Authors. Published by Elsevier Inc. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).
dc.rights.accessrightsOpenAccess
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subject3502 Banking, Finance and Investment
dc.subject35 Commerce, Management, Tourism and Services
dc.subject1501 Accounting, Auditing and Accountability
dc.subject1502 Banking, Finance and Investment
dc.subject1801 Law
dc.subjectFinance
dc.subject3501 Accounting, auditing and accountability
dc.subject3502 Banking, finance and investment
dc.subject3801 Applied economics
dc.titleWho Buys Bitcoin? The Cultural Determinants of Bitcoin Activity
dc.typeJournal Article
pubs.elements-id608230

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