What Drives the Beliefs in Bitcoin? – Survey Results



Year of publication 2019
Type Article in Proceedings
Conference Proceedings of the 3rd International Scientific Conference on Recent Advances in IT, Tourism, Economics, Management and Agriculture – ITEMA 2019
MU Faculty or unit

Faculty of Economics and Administration

Keywords Sentiment, Cryptocurrencies, Economic Beliefs
Attached files
Description This paper examines the factors that affect the sentiment towards bitcoin of the given population - their beliefs about the future development of investors’ interest in bitcoin in two weeks, one month, and one-quarter period ahead. To do so, it employs data from a unique longitudinal survey which was conducted in six waves during the period from September to December 2018 on a balanced sample of 141 university students. The variety of factors are considered in the study, such as the collection of socio-demographic factors, expectations about dynamics of popular currency pairs, the degree of financial knowledge, respondents overconfidence or the technology acceptance factor. Using the ordered probit for panel data, this study found support for the above-mentioned factors at least in the one studied horizon. Moreover, it was shown that respondents evaluate also the past returns of Bitcoin when shaping their beliefs.
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