An Empirical Investigation of Users’ Different Cognitive Processes in Bitcoin Investment Behavior

Abstract

The purpose of this study is to examine users’ decision-making mechanism of Bitcoin investment behavior and its sequential consequences from a dual-systems perspective. Original data were collected via a survey of 334 participants with experience in Bitcoin investment. The partial least squares method was used to test the proposed model. The results of this study revealed that Bitcoin investment behavior is driven by strong impulse and weak self-control, leading to negative consequences. The extent of the imbalance between the two cognitive systems is greater with the subjective norm than without it, thus facilitating Bitcoin investment behavior. Noteworthy differences in the impulse and self-control effects on Bitcoin investment are found with differences in Bitcoin objective and subjective knowledge. This study is the first attempt to empirically investigate users’ decision-making mechanism used when investigating in Bitcoin.