Keywords
consumer finance, cryptocurrency, FinTech, inflation, portfolio choice, stimulus
Abstract
Using transaction-level data from millions of U.S. households, we provide the first comprehensive characterization of retail cryptocurrency investment. Crypto investors are distinguished not by demographics but by a latent behavioral type revealed through consumption patterns—one that also predicts higher participation in traditional equity brokerages. The economic forces driving crypto investment, including income shocks, workplace peer effects, and inflation exposure, mirror those driving traditional investment. Crucially, households whose consumption matches the crypto-investor profile are more responsive to all these drivers across both asset classes, suggesting that investor type is a more relevant distinction than asset class.
Original Publication Citation
Who Invests in Crypto? Wealth, Financial Constraints, and Risk Attitudes (2023) with Scott Baker, Tetyana Balyuk, Marco Di Maggio, Mark Johnson, and Jason Kotter Revise and Resubmit, Review of Financial Studies
BYU ScholarsArchive Citation
Aiello, Darren; Baker, Scott R.; Balyuk, Tetyana; Maggio, Marco Di; Johnson, Mark J.; and Kotter, Jason, "Who Invests in Crypto? Revealed Types and Economic Drivers of Retail Investment" (2026). Faculty Publications. 9130.
https://scholarsarchive.byu.edu/facpub/9130
Document Type
Working Paper
Publication Date
2026
Publisher
Review of Financial Studies
Language
English
College
Marriott School of Business
Department
Finance
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