An Investigation of Cryptocurrency Owners: Examining the Role of Fallacious Gambling Beliefs and Conspiratorial Thinking

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.

Name thesis:degree_name

Master of Science (MSc)

Discipline thesis:degree_discipline

Psychology

Grantor dc:publisher.institution

Graduate Studies

Year dc:date.issued

2024

Author dc:creator

• Tuico, Kyle Andrew

Advisor dc:contributor.advisor

• McGrath, Daniel S.

Committee members dc:contributor.committeemember

• Sears, Christopher R.
• Lee, Kibeom
• Radford, Scott K.

• cryptocurrency
• trading
• investing
• gambling
• problem gambling

Statement dc:rights

• University of Calgary graduate students retain copyright ownership and moral rights for their thesis. You may use this material in any way that is permitted by the Copyright Act or through licensing that has been assigned to the document. For uses that are not allowable under copyright legislation or licensing, you are required to seek permission.

Language dc:language.iso

en

DOI

https://dx.doi.org/10.11575/PRISM/47020

OAI identifier oai:identifier

oai:ucalgary.scholaris.ca:1880/119409