THE INFLUENCE OF PERSONALITY AND MOTIVATIONS ON THE INTENTS TO INVEST IN CRYPTOCURRENCIES

Since the creation of Bitcoin in 2009, the cryptocurrency market has grown considerably. Recently, triggered by the development of Metaverse and NFT, the topic of cryptocurrencies was increasingly covered by the mainstream media, which has raised public attention and awareness again. Despite various literature surveys highlighting the concept of cryptocurrencies from different contexts, comprehensively and systematically studies on how personality and motivation contribute to the intention of investing cryptocurrencies has received little research attention. This thesis aims to fill this gap in the literature by exploring the relationship between personality and the intention to invest in cryptocurrencies. The study draws on two well-established theoretical frameworks: Deci & Ryan's self-determination theory and the Big-Five model. In addition, the study also examines locus of control, risk-taking propensity, and intrinsic/extrinsic motivation. Data collected from a sample of 438 participants are used to examine the research model and test the hypotheses with the employment of partial least squares structural equation modeling. The results suggest that conscientiousness negatively affects intrinsic and extrinsic motivation, leading to lower investment in cryptocurrencies. On the other hand, risk tolerance has a significant impact on motivation and investment behavior. The study contributes to the literature on cryptocurrency investment behavior and provides practical implications for investment advice and risk management. The results also confirm the theory that psychological factors and external information can disrupt rational decision-making, leading to overreaction and impulsive behavior. The study has important implications for both academics and policymakers. It provides a deeper understanding of the psychological factors that influence investment behavior in the cryptocurrency market and offers practical implications for investment advice and risk management.