Who buys Bitcoin? The Cultural determinants of Bitcoin Activity

Sean Foley, B.P.M. Frijns, Alexandre Garel, Tai-Yong Roh

Research output: Contribution to conferencePaperAcademic


We 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 2009-2018. 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.
Original languageEnglish
Number of pages43
Publication statusPublished - 9 Sept 2021
EventDerivative Markets Conference Online 2021 - Online, Auckland Centre for Financial Research, Auckland , New Zealand
Duration: 9 Sept 201910 Sept 2021


ConferenceDerivative Markets Conference Online 2021
Country/TerritoryNew Zealand
Internet address


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