Description:
Cryptocurrencies are innovative digital assets that became significantly popular in recent years. Despite their popularity, literature about cryptocurrencies is still lacking. Specifically, little is known about the psychological profiles of cryptocurrency owners. The present paper aims to investigate the role of financial literacy, self-efficacy, risk tolerance, and impulsivity in cryptocurrency ownership in a representative sample of 1,153 Italian consumers. In particular, a Latent Profile Analysis was performed on cross-sectional data to identify different psychological profiles (i.e., different configurations of financial literacy, self-efficacy, risk tolerance, and impulsivity levels). Results indicate the presence of six different psychological profiles and that these profiles are differently associated with the likelihood to own cryptocurrencies. Specifically, the psychological profile that best describes those who hold cryptocurrencies is characterized by high levels of financial literacy, risk tolerance, and self-efficacy in investment domains. These findings would suggest that psychological characteristics play a key role in cryptocurrency ownership