An Investigation of Cryptocurrency Owners: Examining the Role of Fallacious Gambling Beliefs and Conspiratorial Thinking
Date
2024-08-13
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Abstract
Introduction: Cryptocurrencies have become widely popular speculative assets in recent years, attracting traders and investors to the gambling-like cryptocurrency market. Previous literature indicates that cryptocurrencies may appeal to those who distrust authorities or perceive potential financial gains despite the notable risks. Therefore, the present study investigated whether fallacious gambling beliefs and conspiratorial thinking, along with gambling and behavioural factors, predict cryptocurrency ownership and identification as a trader. Methods: Participants (N = 574; n = 278 cryptocurrency owners; n = 278 non-owners) were recruited to participate in a cross-sectional online survey through Connect, an online crowdsourcing platform. Respondents completed measures assessing cryptocurrency engagement, gambling involvement, problem gambling severity, trait impulsivity, gambling fallacies, and conspiratorial thinking. Results: Hierarchical logistic regressions identified several predictors of cryptocurrency ownership, including male gender, younger age, higher household income, more severe problem gambling, higher sensation seeking, and lower negative urgency. Among cryptocurrency owners, predictors of trading versus investing included younger age, lower susceptibility to gambling fallacies, and higher engagement frequency. Conclusion: Although the observed predictors suggest some overlap between cryptocurrency engagement and gambling, the absence of other associations indicates distinct differences that warrant further exploration. Developing a greater understanding of cryptocurrency owners’ characteristics provides stakeholders with valuable insight, helping inform programs that prevent risky cryptocurrency engagement.
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Keywords
cryptocurrency, trading, investing, gambling, problem gambling
Citation
Tuico, K. A. (2024). An investigation of cryptocurrency owners: examining the role of fallacious gambling beliefs and conspiratorial thinking (Master's thesis, University of Calgary, Calgary, Canada). Retrieved from https://prism.ucalgary.ca.