Kto inwestuje w kryptoaktywa? Demografia, źródła wiedzy i postrzeganie ryzyka na rynkach aktywów wysokiego ryzyka

Katarzyna Niewińska; Tomasz Rosiak; Agnieszka Postuła; Paweł Wójcik; Jacek Pasieczny

doi:10.26354/bb.1.2.99.2025

Published : 2025-08-29

Vol. 99 No. 2 (2025)

Who Invests in Cryptoassets? Demographics, Knowledge Sources, and Risk Perception in High-Risk Asset Markets

Katarzyna Niewińska

https://orcid.org/0000-0002-0902-7491

Tomasz Rosiak

https://orcid.org/0000-0001-8599-3862

Agnieszka Postuła

https://orcid.org/0000-0001-9495-0733

Paweł Wójcik

https://orcid.org/0000-0003-1560-263X

Jacek Pasieczny

https://orcid.org/0000-0002-9405-3861

DOI: https://doi.org/10.26354/bb.1.2.99.2025

Abstract

The aim of this study is to identify behavioral and decision-making factors that determine interest in high-risk assets, with particular emphasis on cryptoassets. The analysis covers demographic variables (age, gender, education), prior investment experience, knowledge sources, and product comprehensibility. In February 2025, a two-stage CAWI survey was conducted: a random-quota poll (N = 3500) and a targeted study of investors and individuals interested in cryptoassets (N = 940). Regression and correlation analyses indicated that industry conferences and fintech events are significantly associated with investment interest, especially among older respondents and women. Gender differences were also observed in responses to webinars and online training. The results highlight the need to diversify financial education strategies. A limitation of the study is that all of the respondents came from a single country, which may restrict the generalizability of the results to populations in different cultural and social contexts. Furthermore, the data were collected over a relatively short period, which may limit the study’s ability to capture dynamic changes in the phenomenon under investigation.

Keywords:

cryptoassets, cryptocurrencies, behavioral finance, investment decision-making, financial literacy

JEL Codes

G41, D14, A20

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Niewińska, K., Rosiak, T., Postuła, A., Wójcik, P., & Pasieczny, J. (2025). Who Invests in Cryptoassets? Demographics, Knowledge Sources, and Risk Perception in High-Risk Asset Markets. Safe Bank, 99(2), 14–28. https://doi.org/10.26354/bb.1.2.99.2025

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