MI

NIPROJECTREPORT

ON

ATTI
TUDEOFI
NVESTORSTOWARDS
CRYPTOCURRENCY

Submi
tt
edi
npar
ti
alf
ulf
il
lmentoft
her
equi
rementof

MASTEROFBUSI
NESSADMI
NISTRATI
ON

Sessi
on:2021-2022

Undert
heGui
danceof St
udentname
Mr
s.PREETIVI
KAL HUBAZEHRA
 DECLARATI
ON
Under
signed,her
eby decl
aret
hatt
he pr
ojectt
it
led
At
" t
it
udeofi
nvest
ort
owar
dsCr
ypt
ocur
rency
"submi
tt
ed
i
spar
ti
alf
ulf
il
lmentf
ort
heawar
dofDegr
eeofMast
erof
Busi
nessAdmi
nist
rat
ionofAPJAbdulKal
am Techni
cal
Uni
ver
sit
yisabonaf
ied r
ecor
d ofwor
kdonebyme
undert
hegui
danceofMr
s.PREETIVI
KALma'
am MBA
depar
tment
,RUDRAGROUPOFI
NSTI
TUTI
ONS,
MEERUT.
Thi
srepor
thasnotpr
evi
ousl
yfor
medt
hebasi
sfort
he
awar
dofanydegr
ee,di
ploma,orsi
mil
art
it
leofany
uni
ver
sit
y.

Dat
e Si
gnat
ure

HUBAZEHRA

2
 CERTI
FICATE

Thi
sist
o cer
ti
fyt
hat t
he pr
oject t
it
led
At
ti
tudeofI
nvest
orsTowar
dsCr
ypt
ocur
rency
i
s a bonaf
ide wor
k car
ri
ed outby HUBA
ZEHRAacandi
dat
efort
heawar
dofMast
erof
Busi
nessAdmi
nist
rat
ion,
isabenef
it
edr
ecor
d
oft
hepr
ojectwor
kdonebyHUBAZEHRAof
t
hedept.MBA

Mr
s.PREETIVI
KAL

3
 ACKNOWLEDGMENT

Iwoul
dtoex
pressmyspeci
alt
hanksofgr
ati
tude
t
omyt
eacherMr
s.PREETIVI
KAL,whogav
eme
t
he gol
den oppor
tuni
tyt
o do t
his wonder
ful
,
pr
ojectofMar
ket
ingManagement

Whoal
sohel
pedmei
ncompl
i
tingmypr
oject
.I
comet
oknow aboutsomanynew t
hingsIam
r
eal
l
ythankf
ult
othem.

Secondl
yIwoul
dal
sol
i
ket
othanksmypar
ent
s
andf
ri
endswhohel
pedmeal
oti
nfi
nal
i
zingt
his
pr
ojectwi
thi
nli
mit
edt
imef
rame.

HUBAZEHRA

MBA-1sty
ear

4
 EXECUTI
VESUMMARY
A cr
ypt
ocur
rencyi
s a di
git
alorv
irt
ualcur
rencyt
hatuses
cr
ypt
ogr
aphy f
orsecur
it
y.A cr
ypt
ocur
rency i
s di
ff
icul
tto
count
erf
eitbecauseoft
hisCr
ypt
ocur
renci
esmakei
teasi
ert
o
t
ransf
er f
unds bet
ween t
wo par
ti
es i
n a t
ransact
ion;
t
hese 
tr
ansf
ers 
aref
aci
l
itat
edt
hrought
heuseofpubl
i
cand
pr
ivat
ekey
sforsecur
it
ypur
poses.Thesef
undt
ransf
ersar
e
donewi
thmi
nimalpr
ocessi
ngf
ees,
all
owi
nguser
stoav
oidt
he
st
eep f
ees char
ged by most banks and 
fi
nanci
al
i
nst
it
uti
ons 
for
 wi
ret
ransf
ers.
I
tisnotcont
rol
l
edbyanycent
ral
gov
ernment
.

Thi
sresear
chst
udyi
saboutt
heat
ti
tudeofi
nvest
orst
owar
ds
cr
ypt
ocur
rencyast
hiscur
rencyi
sinf
luenci
ngt
hewhol
ewor
ld
wher
emaj
ori
tyofi
nvest
orsorgener
alpeopl
epr
efer
stouseor
i
nvestr
athert
hant
hepapercur
rency
/tr
adi
ti
onali
nvest
ment
av
enues.

5
 TABLEOFCONTENTS

S.
NO CHAPTERS
1 I
NTRODUCTI
ON AND RATI
ONALE OF
STUDY
2 OBJECTI
VES,SCOPE&LI
MITATI
ONSOF
STUDY
3 RESEARCHMETHODOLOGY
4 DATA ANALYSI
S AND
I
NTERPRETATI
ONS
5 FI
NDI
NGANDCONCLUSI
ONS
6 RECOMMENDATI
ONANDSUGGESTI
ON
7 BI
BLI
OGRAPHYANDREFERENCES
8 ANNEXURE

6
 CHAPTER1

I
NTRODUCTI
ON&RATI
ONALEOFSTUDY
I
NTRODUCTI
ON

 TECHNOLOGYBEHI
NDCRYPTOCURRENCY

 TYPESOFCRYPTOCURRENCI
ES

 LEGALI
TYOFCRYPTOCURRENCI
ESBYCOUNTRY
ORTERRI
TORY

7
 I
NTRODUCTI
ON&RATI
ONALEOFSTUDY

I
NTRODUCTI
ON

Thi
srepor
tist
ost
udyonat
ti
tudeofi
nvest
orst
owar
dscr
ypt
ocur
rency
andi
tson-
goi
nggl
obal
trend.

A 
cry
ptocur
rency
 (or
 cr
ypt
ocur
rency
)isa 
digi
talasset
 desi
gnedt
owor
k
as a 
medi
um of exchange 
that uses 
cry
ptogr
aphy
 to secur
e i
ts
t
ransact
ions,t
ocont
rolt
hecr
eat
ionofaddi
ti
onaluni
ts,andt
over
if
ythe
t
ransf
er of asset
s. 
Cry
ptocur
renci
es ar
e a t
ype of
 di
git
al
cur
renci
es,
 
alt
ernat
ive cur
renci
es 
and 
vi
rt
ual cur
renci
es.
Cr
ypt
ocur
renci
es use decent
ral
i
zed cont
rol
 
as opposed t
o
cent
ral
i
zed 
elect
roni
c money
 and 
cent
ral banki
ng 
syst
ems.
 The
decent
ral
i
zedcont
rol
ofeachcr
ypt
ocur
rencywor
kst
hrougha 
blockchai
n,
whi
ch i
s a publ
i
c t
ransact
ion dat
abase, f
unct
ioni
ng as a
di
str
ibut
ed 
l
edger
.

Cr
ypt
ocur
rencyi
sref
err
edasmostsecur
ewayofpay
mentt
ransf
ersand
av
eryr
iskyf
ori
nvest
mentpur
pose,buti
t’
sal
way
ssai
dhi
ghert
her
isk,
hi
ghert
her
etur
n.

Cr
ypt
ocur
rency
,isahott
opi
cgoi
ngar
ound,peopl
ear
einv
est
ingheav
il
y
i
nthi
ssomear
egai
ningandsomear
elosi
ng.

Cr
ypt
ocur
rency i
s an encr
ypt
ed, decent
ral
i
zed di
git
al cur
rency
t
ransf
err
ed bet
ween peer
s and conf
ir
med i
n a publ
i
cledgerv
iaa
pr
ocessknownasmi
ning.

Mi
ningi
sthepr
ocessofconf
ir
mingt
ransact
ionsandaddi
ngt
hem t
oa
publ
i
cledger
.To addat
ransact
iont
othel
edger
,the“
miner
”must
sol
ve 
an i
ncr
easi
ngl
y-
compl
ex comput
ati
onal pr
obl
em 
(l
ike a
mat
hemat
ical
puzzl
e).Mi
ningi
sopensour
cesot
hatany
onecanconf
ir
m

8
t
het
ransact
ion.Thef
ir
st“
miner
”tosol
ve 
thepuzzl
e addsa“
block”of
t
ransact
ionst
othel
edger
.Thewayi
nwhi
cht
ransact
ions,
 
blocks,and
t
hepubl
i
cbl
ockchai
nledgerwor
ktoget
herensur
ethatnoonei
ndi
vi
dual
caneasi
l
yaddorchangeabl
ockatwi
l
l.Onceabl
ock 
i
saddedt
othe
l
edger
,al
lcor
rel
ati
ng 
tr
ansact
ionsar
eper
manent
,andt
heyaddasmal
l
t
ransact
ionf
eet
othe 
miner
’swal
l
et(
alongwi
thnewl
ycr
eat
edcoi
ns)
.
Themi
ningpr
ocessi
swhatgi
vesv
aluet
othecoi
nsandi
sknownas
a 
proof
-of
-wor
ksy
stem.

Thecr
ypt
ocur
rencymar
kethasev
olv
eder
rat
ical
l
yandatunpr
ecedent
ed
speedov
ert
hecour
seofi
tsshor
tli
fespan.Si
ncet
her
eleaseoft
he
pi
oneeranar
chi
ccr
ypt
ocur
rency
,Bi
tcoi
n,t
othepubl
i
cinJanuar
y2009,
mor
ethan550cr
ypt
ocur
renci
eshav
ebeendev
eloped,t
hemaj
ori
tywi
th
onl
yamodi
cum ofsuccess.

 TECHNOLOGYBEHI
NDCRYPTOCURRENCY

A 
blockchai
n,
 or
igi
nal
l
y bl
ock chai
n,
 i
s a cont
inuousl
y gr
owi
ng l
i
st
of
 r
ecor
ds, cal
l
ed 
blocks, whi
ch ar
e l
i
nked and secur
ed
usi
ng 
cry
ptogr
aphy
. Each bl
ock t
ypi
cal
l
y cont
ains a 
cry
ptogr
aphi
c
hash 
oft
hepr
evi
ousbl
ock,
 
a t
imest
amp 
andt
ransact
iondat
a.Bydesi
gn,
abl
ockchai
nisi
nher
ent
lyr
esi
stantt
omodi
fi
cat
ionoft
hedat
a.I
tis"
an
open,
 
dist
ri
but
ed l
edger
 t
hatcan r
ecor
dtr
ansact
ions bet
ween t
wo
par
ti
esef
fi
ci
ent
lyandi
nav
eri
fi
abl
eandper
manentway
". 
Foruseasa
di
str
ibut
ed 
l
edger
,a bl
ockchai
nist
ypi
cal
l
y managed by a 
peer
-t
o-
peer
 net
wor
k col
l
ect
ivel
y adher
ing t
o a pr
otocolf
orv
ali
dat
ing new
bl
ocks.Oncer
ecor
ded,t
hedat
ainanygi
venbl
ockcannotbeal
ter
ed
r
etr
oact
ivel
ywi
thoutt
he al
ter
ati
on ofal
lsubsequentbl
ocks,whi
ch
r
equi
rescol
l
usi
onoft
henet
wor
kmaj
ori
ty.

9
Bl
ockchai
nsar
e secur
ebydesi
gn 
andexempl
i
fyadi
str
ibut
edcomput
ing
sy
stem wi
th hi
gh 
Byz
ant
ine f
aul
ttol
erance.
 Decent
ral
i
zed consensus
hast
her
efor
ebeenachi
evedwi
thabl
ockchai
n. 
Thi
smakesbl
ockchai
ns
pot
ent
ial
l
ysui
tabl
efort
her
ecor
dingofev
ent
s,medi
calr
ecor
ds,and
ot
her
 r
ecor
ds management
 act
ivi
ti
es, such as 
i
dent
it
y
management
, 
tr
ansact
ion pr
ocessi
ng, document
ing 
prov
enance,
 
food
t
raceabi
l
ity
 orv
oti
ng.

10
 TYPESOFCRYPTOCURRENCI
ES

i
. BI
TCOI
N-Bi
tcoi
nisa 
digi
talcur
rency
 cr
eat
edi
n2009.I
tfol
l
owst
hei
deas
setouti
na 
whi
tepaper
 byt
hemy
ster
iousSat
oshiNakamot
o,whoset
rue
i
dent
it
y has y
ett
o be v
eri
fi
ed.Bi
tcoi
n of
fer
sthe pr
omi
se ofl
ower
t
ransact
ion f
ees t
han t
radi
ti
onalonl
i
ne pay
mentmechani
sms and i
s
oper
ated by a decent
ral
i
zed aut
hor
it
y, unl
i
ke gov
ernment
-i
ssued
cur
renci
es.Bi
tcoi
nisoneoft
hef
ir
stdi
git
alcur
renci
est
ouse 
peer
-t
o-
peer
 t
echnol
ogy t
o f
aci
l
itat
e i
nst
ant pay
ment
s. The i
ndependent
i
ndi
vi
dual
sandcompani
eswhoownt
hegov
erni
ngcomput
ingpowerand
par
ti
cipat
eint
heBi
tcoi
nnet
wor
k,al
soknownas"
miner
s,"ar
emot
ivat
ed
byr
ewar
ds(
ther
eleaseofnewbi
tcoi
n)andt
ransact
ionf
eespai
dinbi
tcoi
n.
Thesemi
ner
scanbet
houghtofast
hedecent
ral
i
zedaut
hor
it
yenf
orci
ng
t
hecr
edi
bil
i
tyoft
heBi
tcoi
nnet
wor
k.

i
i
. ETHEREUM -Ati
tssi
mpl
est
,Et
her
eum i
sanopensof
twar
epl
atf
orm
basedonbl
ockchai
ntechnol
ogyt
hatenabl
esdev
eloper
sto bui
l
dand
depl
oydecent
ral
i
zedappl
i
cat
ions.Li
ke 
Bit
coi
n,Et
her
eum i
sadi
str
ibut
ed
publ
i
cbl
ockchai
nnet
wor
k.Al
thought
her
ear
esomesi
gni
fi
cantt
echni
cal
di
ff
erencesbet
weent
het
wo,
themosti
mpor
tantdi
sti
nct
iont
onot
eist
hat
Bi
tcoi
nandEt
her
eum di
ff
ersubst
ant
ial
l
yinpur
poseandcapabi
l
ity
.Bi
tcoi
n
of
fer
sonepar
ti
cul
arappl
i
cat
ionofbl
ockchai
ntechnol
ogy
,apeert
opeer
el
ect
roni
ccashsy
stem t
hatenabl
esonl
i
neBi
tcoi
npay
ment
s.Whi
l
ethe
Bi
tcoi
nbl
ockchai
nisusedt
otr
ackowner
shi
pofdi
git
alcur
rency(
bit
coi
ns)
,
t
heEt
her
eum bl
ockchai
nfocusesonr
unni
ngt
hepr
ogr
ammi
ngcodeofany
decent
ral
i
zedappl
i
cat
ion.

i
i
i. LI
TECOI
N -Li
tecoi
nisa peer
-t
o-peerI
nter
netcur
rencyt
hatenabl
es
i
nst
ant
,near
-zer
ocostpay
ment
stoany
onei
nthewor
ld.Li
tecoi
nisan
opensour
ce,gl
obalpay
mentnet
wor
kthati
sful
l
ydecent
ral
i
zedwi
thout
anycent
ralaut
hor
it
ies.Mat
hemat
icssecur
est
henet
wor
kandempower
s
i
ndi
vi
dual
sto cont
rolt
hei
r own f
inances.Li
tecoi
nfeat
ures f
ast
er

11
 t
ransact
ionconf
ir
mat
iont
imesandi
mpr
ovedst
orageef
fi
ciencyt
hant
he
l
eadi
ng mat
h-based cur
rency
.Wi
th subst
ant
iali
ndust
rysuppor
t,t
rade
v
olume and l
i
qui
dit
y,Li
tecoi
nis a pr
oven medi
um of commer
ce
compl
ement
aryt
oBi
tcoi
n.

i
v. RI
PPLES-Ri
ppl
e’
scr
ypt
ocur
rencyhasbeenadopt
edbybanksandot
her
f
inanci
ali
nst
it
uti
ons.Thosecompani
esbel
i
eveRi
ppl
e’
ssy
stem of
fer
s
bot
h bet
terpr
ices and i
s mor
e secur
ethan ot
herdi
git
alcur
renci
es,
i
ncl
udi
ngBi
tcoi
n.I
tal
l
owsuser
stosend,
recei
ve,
andhol
danycur
rencyi
n
adecent
ral
i
zedwayv
iat
heRi
ppl
enet
wor
k.Thecompanyi
scash-
fl
ow
posi
ti
veandhol
dsav
astst
oreofXRP,whi
chi
tper
iodi
cal
l
yrel
easesi
nto
t
hemar
ket
.
Ri
ppl
esai
dtr
ansact
ionsi
nXRP 
canbeset
tl
edi
nfourseconds,
fast
ert
han
anymaj
orcr
ypt
ocur
rencyr
ightnow.Ri
ppl
emar
ket
sit
sel
fasacr
oss-
bor
der pay
ment
s sol
uti
on f
or l
arge f
inanci
ali
nst
it
uti
ons based on
bl
ockchai
ntechnol
ogy
.

NOTE- The number of cr

ypt
ocur
renci
es av
ail
abl
e ov
er t
he i
nter
net as of
7 
Januar
y 2018 
i
sov
er1384andgr
owi
ng

12
Tabl
e1–Showi
ngmar
ketcapi
tal
i
sat
ionbyv
ari
ouscr
ypt
ocur
renci
es.

13
  LEGALI
TYOFCRYPTOCURRENCI
ESBYCOUNTRYORTERRI
TORY

Count
ry
or Legal
it
y
t
err
it
ory

 
Legal

TheEur
opeanUni
onhaspassednospeci
fi
clegi
slat
ionr
elat
ivet
othest
atusof
bi
tcoi
n as a cur
rency
,buthas st
ated t
hatVAT/
GST i
s notappl
i
cabl
etot
he
conv
ersi
onbet
weent
radi
ti
onal
(fi
at)cur
rencyandbi
tcoi
n.

VAT/
GSTandot
hert
axes(
suchasi
ncomet
ax)st
il
lappl
ytot
ransact
ionsmade
usi
ngbi
tcoi
nsf
orgoodsandser
vices.
 

I
nOct
ober2015,t
heCour
tofJust
iceoft
heEur
opeanUni
onr
uled t
hat"
The
exchangeoft
radi
ti
onalcur
renci
esf
oruni
tsoft
he‘
bit
coi
n’v
irt
ualcur
rencyi
s
exemptf
rom VAT"andt
hat"
MemberSt
atesmustexempt
,int
eral
i
a,t
ransact
ions
r
elat
ingt
o‘cur
rency
,banknot
esandcoi
nsusedasl
egalt
ender
’"
,maki
ngbi
tcoi
na

 
European cur
rencyasopposedtobeingacommodity
. Accor
dingt
ojudges,t
hetaxshoul
dn’
t

Uni
on bechargedbecausebi
tcoi
nsshoul
dbet
reatedasameansofpay ment
.

Accor
dingt
othe 
Eur
opeanCent
ralBank,t
radi
ti
onalf
inanci
alsect
orr
egul
ati
oni
s
notappl
i
cabl
etobi
tcoi
nbecausei
tdoesnoti
nvol
vet
radi
ti
onalf
inanci
alact
ors.
Ot
her
sint
heEU hav
est
ated,howev
er,t
hatexi
sti
ngr
ulescanbeext
endedt
o
i
ncl
udebi
tcoi
nandbi
tcoi
ncompani
es.

TheEur
opeanCent
ralBankcl
assi
fi
esbi
tcoi
nasaconv
ert
ibl
edecent
ral
i
zedv
irt
ual
cur
rency
.InJul
y2014t
he 
Eur
opeanBanki
ngAut
hor
it
yadv
isedEur
opeanbanksnot
t
odeal
inv
irt
ual
cur
renci
essuchasbi
tcoi
nunt
ilar
egul
ator
yregi
mewasi
npl
ace.

I
n2016t
heEur
opeanPar
li
ament
'
spr
oposalt
osetupat
askf
orcet
omoni
torv
irt
ual
cur
renci
est
ocombatmoneyl
aunder
ingandt
err
ori
sm,passedby542v
otest
o51,
wi
th 11 abst
ent
ions, has been sent t
o t
he Eur
opean Commi
ssi
on f
or
consi
der
ati
on.
 The Eur
opean Commi
ssi
on al
so not
abl
y pr
esent
ed a "
par
all
el"
pr
oposalai
medatpr
event
ingt
axev
asi
ont
echni
quesasr
eveal
edi
nthe 
Panama

14
Count
ry
or Legal
it
y
t
err
it
ory

Paper
s.I
n 2017 i
twasr
eveal
ed t
hatt
hepr
oposalwi
l
lrequi
recr
ypt
ocur
rency
exchangesand 
cry
ptocur
rencywal
l
ets 
toi
dent
if
ysuspi
ciousact
ivi
ty.

 
Legal

I
n2013t
he 
G7'
s 
Financi
alAct
ionTaskFor
ce 
i
ssuedt
hef
oll
owi
ngst
atementi
n
gui
del
i
neswhi
chmaybeappl
i
cabl
etocompani
esi
nvol
vedi
ntr
ansmi
tt
ingbi
tcoi
n
G7
and ot
hercur
renci
es,"
Int
ernet
-based pay
mentser
vices t
hatal
l
ow t
hir
d par
ty
f
undi
ng f
rom anony
mous sour
ces may f
ace an i
ncr
eased r
isk of [
money
l
aunder
ing/
ter
ror
istf
inanci
ng]
."Theyconcl
udedt
hatt
hismay"
posechal
l
engest
o
count
ri
es i
n[ant
i-
moneyl
aunder
ing/
count
ert
err
ori
stf
inanci
ng]r
egul
ati
on and
super
visi
on"
.

 
Il
legal

Asof2017 
bit
coi
nwasl
egali
nAl
ger
ia,butpert Huf
he  fi
ngt
onPost
,"Al
ger
iai
s
goi
ngt
obanbi
tcoi
nint
henewFi
nancel
awof2018"

 
Alger
ia Accor
dingt
othe"
Jour
nal
Off
ici
el"(
28December2017)
:

Ar
t.117.— Thepur
chase,sal
e,use,andhol
dingofso-
cal
l
edv
irt
ualcur
rencyi
s
pr
ohi
bit
ed.Vi
rt
ualcur
rencyi
sthatused byi
nter
netuser
svi
athe web.I
tis
char
act
eri
zedbyt
heabsenceofphy
sicalsuppor
tsuchascoi
ns,not
es,pay
ment
s
bychequeorcr
edi
tcar
d.Anybr
eachoft
hispr
ovi
sioni
spuni
shabl
einaccor
dance
wi
tht
hel
awsandr
egul
ati
onsi
nfor
ce.

 
Legal
 
Mor
occo

15
 On15Nov
ember2017adi
git
alser
vicescompanyMTDSi
ntr
oducedbi
tcoi
nasa
modeofpay
mentf
ori
tsser
vicesi
nMor
occo.

On20Nov
ember2017t
heexchangeof
fi
cei
ssuedapubl
i
cst
atementi
nwhi
chi
t
decl
ared,“
TheOf
fi
cedesChangeswi
shest
oinf
ormt
hegener
alpubl
i
cthatt
he
t
ransact
ionsv
iav
irt
ualcur
renci
esconst
it
utean i
nfr
ingementoft
heexchange
r
egul
ati
ons,
li
abl
etopenal
ti
esandf
inespr
ovi
dedf
orby[
exi
sti
ngl
aws]
 i
nfor
ce.
”

Thef
oll
owi
ngday
,themonet
aryaut
hor
it
iesal
sor
eact
edi
nast
atementi
ssued
j
oint
lybyt
heMi
nist
ryofEconomyandFi
nance,
BankAl
-Maghr
ibandt
heMor
occan
Capi
talMar
ketAut
hor
it
y(AMMC)
,war
ningagai
nstr
isksassoci
atedwi
thbi
tcoi
n,
whi
chmaybeused"
fori
l
li
citorcr
imi
nalpur
poses,
incl
udi
ngmoneyl
aunder
ingand
t
err
ori
stf
inanci
ng"
.

On19December2017,Abdel
l
ati
fJouahr
i,gov
ernorofBankAl
-Maghr
ib,sai
data
pr
essconf
erencehel
dinRabatdur
ingt
hel
astquar
ter
lymeet
ingoft
heBankAl
-
Maghr
ib'
sBoar
dof2017t
hatbi
tcoi
nisnotacur
rencybuta"
fi
nanci
alasset
",He
al
sowar
nedofi
tsdanger
sandcal
l
edf
oraf
ramewor
ktobeputi
npl
acef
or
consumerpr
otect
ion.

 
Legal

Asof17Januar
y2017,
TheCent
ralBankofNi
ger
ia(
CBN)haspassedaci
rcul
art
o
i
nfor
m al
lNi
ger
ian banks t
hatbank t
ransact
ions i
n bi
tcoi
n and ot
herv
irt
ual
cur
renci
eshav
ebeenbannedi
nNi
ger
ia.

Howev
er,dur
ingt
hey
ear
,theCBN (
thr
oughi
tsDeput
yDi
rect
oronBanki
ngand
 
Niger
ia Pay
ment
sSy
stem,Musa I
topa-
Jimoh)cl
ari
fi
ed t
heci
rcul
arand i
tsst
ance on
bi
tcoi
n,ci
ti
ngt
hatal
otofpeopl
emi
sint
erpr
ett
hecent
ralbank’
srecentwar
ning.I
t
not
edt
hat"
Cent
ralbankcannotcont
rolorr
egul
atebi
tcoi
n.Cent
ralbankcannot
cont
rolorr
egul
atebl
ockchai
n.Justt
hesamewaynoonei
sgoi
ngt
ocont
rolor
r
egul
atet
heI
nter
net
.Wedon’
towni
t"
.

Lat
eron,acommi
tt
eewassetupbyt
heCent
ralBankofNi
ger
ia(
CBN)andt
he
Ni
ger
iaDeposi
tInsur
anceCor
por
ati
on(
NDI
C)t
olooki
ntot
hepossi
bil
i
tyoft
he
count
ryadopt
ing t
het
echnol
ogydr
ivi
ng bi
tcoi
nand ot
herdi
git
alcur
renci
es–

16
 bl
ockchai
n.Thecommi
tt
eehassubmi
tt
edi
tsr
epor
tbut"
sev
eralsub-
commi
tt
ees
ar
est
il
lwor
kingont
hei
ssue"accor
dingt
otheDi
rect
or,Banki
ng& Pay
ment
s
Sy
stem Depar
tmentatCBN,
Mr.‘
DipoFat
okun.

 
Legal

 
Sout
h
Af
ri
ca I
nDecember2014t
heReser
veBankofSout
hAf
ri
cai
ssuedaposi
ti
onpaperon
Vi
rt
ualCur
renci
eswher
ebyi
tdecl
aredt
hatv
irt
ualcur
rencyhad‘
nol
egalst
atusor
r
egul
ator
yfr
amewor
k’.

 
Legal

 
Nami
bia
I
n Sept
ember2017 t
he Bank ofNami
biai
ssued a posi
ti
on paperon Vi
rt
ual
Cur
renci
esent
it
led 
wher
eini
tdecl
aredcr
ypt
ocur
rencyexchangesar
enotal
l
owed
andcr
ypt
ocur
rencycannotbeaccept
edaspay
mentf
orgoodsandser
vices.

 
Legal

TheReser
veBankOfZi
mbabwei
sscept
icalaboutbi
tcoi
nandhasnotof
fi
cial
l
y
 
Zimbabwe
per
mit
ted i
tsuse.On5 Apr
il2017 howev
er,
 
Bit
Mar
i,aPan-
Afr
icanBl
ockchai
n
pl
atf
orm gotl
i
censed,t
hroughi
tsbanki
ng par
tner
, 
Agr
iBank,t
o oper
atei
nthe
count
ry.

 
Legal

Bi
tcoi
n woul
d seem t
o be cl
assi
fi
ed pur
suantt
othe cur
rentpr
ovi
sions of
 
Canada t
he 
PPSA 
simpl
yasan"
int
angi
ble"
.
Bi
tcoi
nisexpect
ed t
o ber
egul
ated underant
i-
moneyl
aunder
ing and count
er-
t
err
ori
stf
inanci
ngl
awsi
nCanada,basedonaf
eder
albudgetbi
l
l(C-
31)
,passedi
n
2014.
 Regul
ati
onsmustbeenact
edbef
oret
hispr
ovi
sionbecomesact
ive,
 
howev
er,
oncet
heyar
eiti
sexpect
edt
hat"
deal
ersi
ndi
git
alcur
rency
"wi
l
lber
egul
atedas

17
 moneyser
vicesbusi
nesses.TheAut
hor
it
edesMar
chesFi
nanci
ers,
ther
egul
atori
n
t
hepr
ovi
nceofQuebec,hasdecl
aredt
hatsomebi
tcoi
nrel
atedbusi
nessmodel
s
i
ncl
udi
ngexchangesandATMsar
eregul
atedunderi
tscur
rentMSBAct
.

 
Legal

The 
U.S.Tr
easur
y cl
assi
fi
edbi
tcoi
nasaconv
ert
ibl
edecent
ral
i
zedv
irt
ualcur
rency
 
Uni
ted
i
n2013.
 TheCommodi
tyFut
uresTr
adi
ngCommi
ssi
on,
CFTC,
classi
fi
edbi
tcoi
nasa
St
ates
commodi
tyi
nSept
ember2015.PerI
RS,
bit
coi
nist
axedasapr
oper
ty.

I
nSept
ember2016,af
eder
alj
udger
uledt
hat"
Bit
coi
nsar
efundswi
thi
nthepl
ain
meani
ngoft
hatt
erm"
.

 
Legal

 
Mexi
co
Bi
tcoi
nisl
egali
nMexi
coasof2017.I
tist
ober
egul
atedasav
irt
ualassetbyt
he
Fi
nTechLaw.

 
Legal

 
Nicar
agua
Newsr
epor
tsi
ndi
cat
ethatbi
tcoi
nsar
ebei
ngusedi
nthecount
ry.

 
Legal

 
Cost
a
Ri
ca TheCost
aRi
canCent
ralBankannouncedt
hatbi
tcoi
nandcr
ypt
ocur
renci
esar
enot
consi
dercur
renci
es,
andar
enotbackedbyt
hegov
ernmentnorl
aws.Howev
er,
they
ar
enoti
l
legal
.Ther
ear
eaf
ewmer
chant
swhodoacceptbi
tcoi
nsi
nthecount
ry.

 
Legal

 
Jamai
ca

TheBankofJamai
ca(
BoJ)
,thenat
ionalCent
ralBank,haspubl
i
clydecl
aredt
hati
t
must cr
eat
e oppor
tuni
ti
es f
or t
he expl
oit
ati
on of t
echnol
ogi
es i
ncl
udi
ng

18
 CHAPTER2

OBJECTI
VES,SCOPEAND LI
MITATI
ONSOFTHE
STUDY
 OBJECTI
VES

 SCOPE

 LI
MITATI
ON

OBJECTI
VES,
SCOPEANDLI
MITATI
ONSOFTHESTUDY

 OBJECTI
VES

To st
udyt
hei
nvest
or’
sbehav
iourt
owar
dscr
ypt
ocur
renci
esandi
tson-
goi
ng
t
rend.Thi
srepor
tai
msatunder
standi
ng t
hei
nvest
or’
sbehav
iour/at
ti
tude
t
owar
dsv
ari
ouscr
ypt
ocur
renci
esi
nwor
ldt
oknowt
her
easonsbehi
nd

 Toexpl
oreandanal
yset
hei
mpactofv
ari
ousdemogr
aphi
cvar
iabl
eson
i
nvest
ors’
att
it
udet
owar
dscr
ypt
ocur
rency
.

 Toexami
net
hel
evelofi
mpor
tanceoft
hef
act
orsaf
fect
ingt
hebuy
ingof
cr
ypt
ocur
rencyamongt
hei
nvest
ors.

 Todescr
ibet
hest
ateofcr
ypt
ocur
rency
.

 SCOPE

Thescopeoft
hest
udyext
endst
othei
nvest
or’
sat
ti
tudet
owar
dscr
ypt
ocur
rency
.
Thest
udywi
l
lthr
owal
i
ghtonwhati
nvest
or’
swantf
rom cr
ypt
ocur
rencyandhow
t
hey per
cei
vet
hem and how gov
ernmentl
evelofr
egul
ati
on af
fect
sthei
r
i
nvest
ment
/usageofcr
ypt
ocur
renci
es.
40
 Tost
udyandexami
ner
epor
t,pr
imar
yresear
chmet
hodi
.e.Sur
veymet
hodhas
beenused.

 LI
MITATI
ONOFSTUDY

 Smal
lsampl
esi
ze,
ther
efor
egener
ali
sat
ionscanbemadecaut
iousl
y

 Unwi
l
li
ngnesst
ofi
l
lsur
veyf
orms

 pastr
esear
chesar
erel
ati
vel
yless,t
her
efor
elessempi
ri
calev
idencest
o
suppor
tther
esul
t

41
 CHAPTER3

RESEARCHMETHODOLOGY

Me
thod
olog
yisu
sua
ll
yagu
ide
li
nes
yst
emf
ors
olv
ingap
robl
em,
wit
hspeci
fi
ccomponent
s
suchasphases,t
asks,met
hods,t
echni
quesandt
ool
s.I
tcanbedef
inedal
soas
f
oll
ows

1.“
Theanal
ysi
soft
hepr
inci
plesofmet
hodsr
ulesandpost
ulat
ese
mpl
oye
dbya
di
sci
pli
ne.
” 
2.“
Thes
yst
ema
ti
cst
udyofme
thod
sth
ata
re,c
anb
e,orh
aveb
eenappl
i
edwi
thi
na
di
sci
pli
ne”
;
3.“
Thes
tudyord
esc
ri
pt
ionofme
thod
s”

Amet
hodol
ogycanbeconsi
der
edt
oincl
udemul
ti
plemet
hods,eachasappl
i
ed
t
ovar
iousf
acet
soft
hewhol
escopeoft
hemet
hodol
ogy
.Ther
esear
chcanbe
di
vi
dedbet
weent
wopar
ts;
theyar
equal
i
tat
iver
esear
chandquant
it
ati
ver
esear
ch.

Pr
imar
yDat
a-

Dat
athathasbeencol
l
ect
edf
rom f
ir
st-
hand-
exper
iencei
sknownaspr
imar
ydat
a.
Pr
i
mar
yda
tah
asn
otb
eenp
ubl
i
she
dye
tan
dismor
ere
li
abl
e,a
uth
ent
i
can
dobj
ect
ive.Pr
imar
y
dat
ahasnotbeenchangedoral
ter
edbyhumanbei
ngs,t
her
efor
eit
sval
i
dit
yis
gr
eat
ert
hansecondar
ydat
a.

I
MPORTANCEOFPRI
MARYDATA

I
. Pr
imar
ydat
acan’
tbenegl
ect
ed
I
I. Ar
esear
chcanbeconduct
edwi
thoutsecondar
ydat
a.Butar
esear
chbased
ononl
ysecondar
ydat
aisl
eastr
eli
abl
eandmayhav
ebi
ases

46
I
II
. I
nst
ati
sti
calsur
vey
siti
snecessar
ytogeti
nfor
mat
ionf
rom pr
imar
ysour
ces
andwor
konPr
imar
ydat
a.

Secondar
ydat
a

Da
tac
oll
ect
edf
rom as
our
cet
hath
asa
lr
ead
ybe
enp
ubl
i
she
dina
nyf
ormi
sca
ll
edas
secondar
ydat
a.Ther
evi
ewofl
i
ter
atur
einanyr
esear
chi
sbasedonsecondar
ydat
a.
Most
lyf
rom books,
jour
nal
sandper
iodi
cal
s.

I
MPORTANCEOFSECONDARYDATA

I
. Secondar
ydat
acanbel
essv
ali
dbuti
tsi
mpor
tancei
sst
il
lther
e.
I
I. Somet
imesi
tisdi
ff
icul
ttoobt
ainpr
imar
ydat
a.
I
II
. I
nthesecasesget
ti
ngi
nfor
mat
ionf
rom secondar
ysour
cesi
seasi
erand
 
possi
ble.
I
V. Somet
imest
hepr
imar
ydat
aispr
esentbutt
her
espondent
sar
enotwi
l
li
ngt
o
r
eveal
it.

PURPOSE

The mai
n pur
pose oft
his st
udy i
sto st
udy t
he i
nvest
or’
s at
ti
tude t
owar
ds
cr
ypt
ocur
rencyandi
tson-
goi
ngt
rend.

METHODOFDATACOL
LECTI
ON

Th
ein
for
mat
i
onn
eed
edf
ort
hi
sst
udywa
scol
l
ect
edf
rom t
hei
nve
stor
sint
hef
orm ofsur
vey
i
.e.Googl
efor
ms.

47
 CHAPTER4

DATAANALYSI
SANDI
NTERPRETATI
ON

FREQUENCYDATA

DATAANALYSI
SANDI
NTERPRETATI
ON

FREQUENCYDATA
Q1)Whati
syourage?
Val
id Cumul
ativ
e
  Fr
equency Per
cent Per
cent Per
cent
18-
25 20 36.4 36.4 36.
4
25-
35 16 29.
1 29.
1 65.
5
35-
45 14 25.
5 25.
5 90.
9
Above 5 9.
1 9.
1 100.
0
45
Tot
al 55 100.
0 100.
0  

Q2)Whati
syourgender
?
Vali
d Cumul at
ive
  Fr
equency Percent Percent Per
cent
Gender Male 30 54.5 54.5 54.5
Female 25 45.5 45.5 100.0
Tot
al 55 100.0 100.0  

Q3)Whati
syourmar
it
alst
atus?
Val
id Cumul
ati
ve
  Fr
equency Per
cent Per
cent Per
cent

48
Val
i
d SinQ4
e)Wh
gl atisy2o
8urocc u
50p
.9ati
on5?0.9 50.
9
Occupat
Ma i
ro
r
ied 27 49.1 Val i
d
49.1Cumul
a1t
iv
0e
0.
0
  n Tot al Fr
equency
55 Per
c ent
100.0 Per
c ent
100. P
0  er
cent
Val
i
d A 21 38.2 38.2 38.2
st
udent
Serv
ice 17 30.
9 30.
9 69.
1
Busi
ness 17 30.
9 30.
9 100.
0
Tot
al 55 100.
0 100.
0  

Q5)Whati
syourannualhousehol
dincome?
Val
id Cumul
ativ
e
  I
ncome Fr
equency Per
cent Per
cent Per
cent
10 19 34.5 34.5 34.
5
l
akhs
to15
l
akhs
15 26 47.
3 47.
3 81.
8
l
akhs
to25
l
akhs
Above 10 18.
2 18.
2 100.
0
25
l
akhs
Tot
al 55 100.
0 100.
0  

Q6)Hav
eyouev
erboughtacr
ypt
ocur
rency
?
Ever
br
ought Val
id Cumul
ativ
e
  cr
y pt
o Fr
equency Per
cent Per
cent Per
cent
Yes 19 34.5 34.5 34.
5

49
Val
i
d No 17 30.
9 30.
9 65.
5
wil
li
ng 19 34.
5 34.
5 100.
0
to
i
nvest
i
n
near
fut
ure
Tot
al 55 100.
0 100.
0  

50
 Q7)Whi
choft
hef
oll
owi
ngcr
ypt
ocur
rencydoy
ouownorwi
ll
ingt
oown?

Cr
ypt
ocur
renci
es Fr
equency Per
cent Val
i
dPer
cent Cumul
ati
vePer
cent
Bi
tcoin 21 38.
2 38.
2 38.
2
Et
hereum 4 7.
3 7.
3 45.
5
Ri
pples 5 9.
1 9.
1 54.
5
Li
tecoi
n 2 3.
6 3.
6 58.
2
Ri
pples,l
it
ecoin 4 7.
3 7.
3 65.
5
Bi
tcoin,
li
tecoin 3 5.
5 5.
5 70.
9
Et
hereum, Ri
pples 2 3.
6 3.
6 74.
5
Et
hereum, l
it
ecoin 4 7.
3 7.
3 81.
8
Bi
tcoin,
Ripples 4 7.
3 7.
3 89.
1
Bi
tcoin,
Ethereum 3 5.
5 5.
5 94.
5
Bi
tcoin,
Ethereum,li
tecoi
n 1 1.
8 1.
8 96.
4
None 2 3.
6 3.
6 100.
0

51
 Q9)I
nwhatway
sdoy
ouusecr
ypt
ocur
rencyorwantt
ouse?

Val
id Cumul
ati
ve
  Fr
equency Per
cent Per
cent Per
cent
Tomakepur chases 3 5.
5 5.
5 5.
5
Onli
negambl i
ng 5 9.
1 9.
1 14.
5
Totransferfund 6 10.
9 10.
9 25.
5
Fori
nv estmentpurpose 20 36.
4 36.
4 61.
8
outofpr eferenceofnotwant
ingt
ousea 1 1.
8 1.
8 63.
6
bank
To t r
ansfer f unds ( within count ry), For 2 3.
6 3.
6 67.
3
i
nvestmentpurpose
Onli
negambling, Forinv
estmentpur pose 6 10.
9 10.
9 78.
2
Tomakepur chases, Onli
negambl i
ng 1 1.
8 1.
8 80.
0
Tomakepur chases, Forinvestmentpur pose 4 7.
3 7.
3 87.
3
Tomakepur chases,Tot r
ansf erfunds( wi
thin 2 3.
6 3.
6 90.
9
countr
y),
Forinvest mentpur pose
Onli
ne gambl i
ng,Outof pr efer
ence of not 3 5.
5 5.
5 96.
4
wanti
ngtouseabank
Tomakepur chases,Tot r
ansf erfunds( wi
thin 1 1.
8 1.
8 98.
2
countr
y)
Onli
ne gambl i
ng,To t ransfer funds ( wi
thin 1 1.
8 1.
8 100.
0
countr
y)

52
 Q10)Whentransacti
ngincrypt
ocurr
ency,how
impor
tantare/wil
lbethefoll
owingfact
orsto
you?[l
evelofregul
ati
on]

Val
id Cumul
ativ
e
  l
evel
s Fr
equency Per
cent Per
cent Per
cent
  most 21 38.2 38.2 38.
2
i
mport
ant
Fai
rl
y 22 40.
0 40.
0 78.
2
i
mport
ant
I
mpor
tant 5 9.
1 9.
1 87.
3
Sl
i
ght
ly 3 5.
5 5.
5 92.
7
i
mport
ant
Notatall 4 7.
3 7.
3 100.
0
i
mportant

Q10)Whent ransacti
ngi
ncryptocurrency,how
i
mport
antare/wi l
lbethef
oll
owingf actorstoyou?
[
Lev
el ofgov er
nmenti
ntervention]

53
 Val
id Cumul
ativ
e
Lev
els Fr
equency Per
cent Per
cent Per
cent
most 10 18.2 18.2 18.
2
i
mpor t
ant
Fai
rl
y 22 40.
0 40.
0 58.
2
i
mpor t
ant
I
mpor t
ant 12 21.
8 21.
8 80.
0
Sli
ght
ly 9 16.
4 16.
4 96.
4
i
mpor t
ant
Notatall 2 3.
6 3.
6 100.
0
i
mpor t
ant

Q10)Whentransacti
ngincry
ptocurr
ency,how
impor
tantare/wil
lbethefol
lowingfact
orsto
y
ou?[Priv
acyofpay ment]

Val
i
d Cumul
ati
ve
Levels Fr equency Percent Percent Per cent
Q10 )Wh
mo stent r
ansac 2t
i
4ngi
nc43r
.y
6ptocu
4r
3r
.ency
6 ,
how43.6
i i
mp
mpor o
trtan
antarte/wi l
lbet hefollowingfact orst
oy ou?
Fai
rly [
Secur 1
i8
t
yofp 3
a2.
y7
ment 32.
] 7 76.4
i
mpor
tant
I
mpor
tant 10 2 Va
18. 1l
i
8d
.2 Cumu9
l
at
4i
v
.
5e
Lev
els Fr
equency Per
cent Per
cent Per
cent
S
mosl
ti
ght
ly 363 655.
5
.
5 5
6.
55
.
5 100
6.
0
5.
5
i
mpoi
mp
rt
ano
tr
tant
Fai
rl
y 9 16.
4 16.
4 81.
8
i
mport
ant
I
mpor
tant 6 10.
9 10.
9 92.
7

Sl
i
ght
ly 4 7.
3 7.
3 100.
0
i
mport
ant

54
 Q11)Whydoy
ouwantt
oinv
esti
ncr
ypt
ocur
rency
?
Pur
pose Fr
equency Per
cent Val
i
dPer
cent Cumul
ati
vePer
cent
Forreturngain 27 49.
1 49.
1 49.
1
Fortransacti
on 4 7.
3 7.
3 56.
4
purpose
Fortransferoffund 14 25.
5 25.
5 81.
8

Fortr
ansferoffund, 2 3.
6 3.
6 85.
5
Forretur
ngain,For
tr
ansacti
onpurpose
Fortr
ansferoffund, 1 1.
8 1.
8 87.
3
Forret
urngain
Forretur
ngain,For 4 7.
3 7.
3 94.
5
tr
ansacti
onpurpose

Fortr
ansferoffund, 3 5.
5 5.
5 100.
0
Fortr
ansacti
on
pur
pose

55
 Q12)Howl
onghav
eyoubeenusi
ngcr
ypt
ocur
rencyf
or?

Usageper
iod Fr
equency Per
cent Val
i
dPer
cent Cumul
ati
vePer
cent
lessthan1y ear 26 47.
3 47.
3 47.
3
between1and2 21 38.
2 38.
2 85.
5
year
moret han2 8 14.
5 14.
5 100.
0
years

Q13)I
syourcur
rentcr
ypt
ocur
rencypor
tfol
iowor
thmor
ethany
ouri
nit
iali
nvest
ment
?

Wor
th Fr
equency Per
cent Val
i
dPer
cent Cumul
ati
vePer
cent
Yes 15 27.
3 27.
3 27.
3
Aboutthe 27 49.
1 49.
1 76.
4
same
No 13 23.
6 23.
6 100.
0

56
 Q14)Ot
hert
hencr
ypt
ocur
renci
es,
whi
chi
nvest
mentav
enuesy
ouwi
l
lpr
efer
?

Cumul
ati
ve
Ot
herav
enues Fr
equency Per
cent Val
i
dPer
cent Per
cent
St
ockmar ket 23 41.
8 41.
8 41.8
Commodi t
iesMar ket 10 18.
2 18.
2 60.0
Mutualfunds 17 30.
9 30.
9 90.9
Cur
rencymar ket 5 9.
1 9.
1 100.0

Q15)Woul
dyouconsi
dery
our
sel
fadayt
rader
,tr
ader
,orhol
derofcr
ypt
ocur
rency
?

Cumul
ati
ve
Consi
der
sas Fr
equency Per
cent Val
i
dPercent Per
cent
Daytrader 9 16.
4 16.4 16.
4
Trader 25 45.
5 45.5 61.
8
Holder 21 38.
2 38.2 100.
0
Tot
al 55 100.
0 100.0  

57
 DATAANALYSI
SANDI
NTERPRETATI
ON
I
nthest
udy
,dat
ahasbeenanal
ysedont
hebasi
sofdemogr
aphi
cfact
orsi
ncl
udedi
n
st
udywi
thr
estoft
hequest
ions.

 ONBASI
SOFGENDER,

 GENDERWI
SEPURCHASEI
NTENSI
ONOFCRYPTOCURRENCY.

Tabl
e1

Hav
e y
ou ev
er bought a
cr
ypt
ocur
rency
?
Tot
al

    Yes No Wi
l
li
ngt
oinv
esti
n
nearf
utur
e

Gender Mal
e 14 9 7 30

Femal
e 5 8 12 25

Tot
al 19 17 19 55

Aspert
het
abl
e,14mal
eshadboughtcr
ypt
ocur
rency
,9di
dn’
tand7mal
esar
e
wi
l
li
ngt
oinv
esti
nnearf
utur
e,outof30t
otal
mal
es.

5f
emal
eshadboughtcr
ypt
ocur
rencywher
eas8di
dn’
tandi
nter
est
ing12numberof

58
f
emal
es(
outof25t
otalf
emal
es)ar
eint
erest
ingt
oinv
esti
nnearf
utur
ethati
smor
e
t
hant
hatofmal
eswhower
ewi
l
li
ngt
oinv
est

 GENDERWI
SETYPESOFCRYPTOCURRENCI
ESTHEYOWN

Tabl
e2

Aspert
abl
e,outof30t
otalmal
es,11mal
esownort
heywi
l
li
ngt
oownbi
tcoi
n,1
mal
eownorhei
swi
l
li
ngt
oownEt
her
eum,2mal
esownort
heywi
l
li
ngt
oown
r
ippl
es,
1mal
eownorhei
swi
l
li
ngt
oownl
i
tecoi
n,2mal
esownort
heywi
l
li
ngt
oown
r
ippl
es&l
i
tecoi
n,2mal
esownort
heywi
l
li
ngt
oownbi
tcoi
nandl
i
tecoi
n,1mal
e
ownsorhei
swi
l
li
ngt
oownet
her
eum,r
ippl
es,2mal
esownort
heywi
l
li
ngt
oown
et
her
eum andl
i
tecoi
n,3mal
esownort
heywi
l
li
ngt
oownbi
tcoi
nandr
ippl
es,2
mal
esownort
heywi
l
li
ngt
oownbi
tcoi
nandet
her
eum ,
1mal
eownsorwi
l
li
ngt
o
ownbi
tcoi
nEt
her
eum andl
i
tcoi
nand2doesn’
townany
thi
ng.

Outof25f
emal
es,10f
emal
esownort
heywi
l
li
ngt
oownbi
tcoi
n,3f
emal
eownor
shei
swi
l
li
ngt
oownEt
her
eum,3f
emal
esownort
heywi
l
li
ngt
oownr
ippl
es,1
f
emal
eownorshei
swi
l
li
ngt
oownl
i
tecoi
n,2f
emal
esownort
heywi
l
li
ngt
oown
r
ippl
es&l
i
tecoi
n,1f
emal
eownort
heywi
l
li
ngt
oownbi
tcoi
nandl
i
tecoi
n,1f
emal
e
ownsorshei
swi
l
li
ngt
oownet
her
eum,
andr
ippl
es,2f
emal
esownort
heywi
l
li
ngt
o
ownet
her
eum andl
i
tecoi
n,1f
emal
eownort
heywi
l
li
ngt
oownbi
tcoi
nandr
ippl
es,
1
f
emal
eownorshei
swi
l
li
ngt
oownbi
tcoi
nandEt
her
eum.

 GENDERWI
SENUMBEROFCRYPTOCURRENCI
ESRESPONDENTOWN
ORTHEYWANTTOOWN.

Tabl
e3

59
Aspert
abl
e,outof30 mal
es,8 mal
esown orwantt
o own one numberof
cr
ypt
ocur
rency
,13mal
esownorwi
l
li
ngt
oownt
wonumberofcr
ypt
ocur
renci
es,
t
hreenumberofcr
ypt
ocur
renci
esar
eownedorwi
l
li
ngt
obeownby4mal
es,
5mal
es
ownorwi
l
li
ngt
oownf
ourormor
ecr
ypt
ocur
renci
es.

Outof25f
emal
es,14f
emal
esownorwantt
oownonenumberofcr
ypt
ocur
rency
whi
chi
sint
erest
inghi
ghert
hannumberofmal
ehad,showi
ngf
emal
esar
emor
e
i
ncl
i
nedt
owar
dsbuy
ingorwi
l
li
ngt
oownsi
ngl
ecur
rency
.7f
emal
esownorwi
l
li
ngt
o
ownt
wonumberofcr
ypt
ocur
renci
eswhi
chi
slesst
hanmal
es,
showst
hatmal
esar
e
mor
eincl
i
nedt
owar
dsmor
enumberofcur
renci
es.3f
emal
esownorwantt
oown
t
hreenumberofcr
ypt
ocur
renci
eswhi
chi
ssi
mil
art
othatofmal
e’
smi
ndset
.1
f
emal
eownsorwantt
oownf
ourormor
enumberofcr
ypt
ocur
renci
eswhi
chi
s
l
essert
hanmal
es,showst
hatf
emal
esar
enoti
ntot
hatmuchi
nvest
ingorusageof
mor
enumberofcr
ypt
ocur
renci
es.

 GENDERWI
SEUSAGEOFCRYPTOCURRENCYORWANTTOUSE.

Tabl
e4

60
Aspert
abl
e,outof30mal
es,1mal
eusecr
ypt
ocur
rencyt
omakepur
chasesi
.e.
any
thi
ng l
i
ke househol
d i
tems or ot
her ki
nd of pur
chases. 1 mal
e uses
cr
ypt
ocur
rencyf
oronl
i
negambl
i
ngi
.e.buyandsel
landi
mmedi
atel
ygai
n/l
ossr
etur
n,
3mal
esusescr
ypt
ocur
rencyf
ort
ransf
eroff
undi
.e.f
rom peert
opeeret
c,10mal
es
i
nvesti
nthi
sfori
nvest
mentpur
pose,
wher
eas1mal
eusesi
toutofpr
efer
enceofnot
want
ingt
ouseabank.Ther
ear
emul
ti
pleusesaswel
li.
e.2mal
eusesi
ttot
ransf
er
off
undsandal
sof
ori
nvest
mentpur
pose,5mal
esusesf
oronl
i
negambl
i
ngandf
or
i
nvest
mentpur
pose,1 mal
eto makepur
chaseand al
so f
ori
nvest
mentonl
i
ne
gambl
i
ng,3mal
esusei
ttomakepur
chasesandf
ori
nvest
mentpur
pose,1mal
eto
mal
epur
chases,t
otr
ansf
erf
undsandal
sof
ori
nvest
mentpur
pose,2mal
esusei
t
f
oronl
i
negambl
i
ng,
outpr
efer
enceofnotwant
ingt
ouseabank.

Outof25f
emal
es,
2femal
eusecr
ypt
ocur
rencyt
omakepur
chasesi
.e.any
thi
ngl
i
ke
househol
dit
emsorot
herki
ndofpur
chaseswhi
chi
shi
ghert
hant
hatofmal
e,
showi
ng f
emal
es ar
e mor
e usi
ng i
tfor pur
chase t
hings,4 f
emal
e uses
cr
ypt
ocur
rencyf
oronl
i
negambl
i
ngi
.e.buyandsel
landi
mmedi
atel
ygai
n/l
ossr
etur
n
whi
chi
smor
ethanmal
esnumbershowi
ngf
emal
e’
smi
ndsetar
etowar
dsgai
ning
t
hroughgambl
i
ng,3f
emal
esusescr
ypt
ocur
rencyf
ort
ransf
eroff
undi
.e.f
rom peer
t
opeeret
c,10f
emal
esi
nvesti
nthi
sfori
nvest
mentpur
pose,
wher
eas0f
emal
euses
i
toutofpr
efer
enceofnotwant
ingt
ouseabankshowsf
emal
est
il
lbel
i
evei
nusi
ng
banki
ngsy
stem f
ort
hings.Ther
ear
emul
ti
pleusesaswel
li.
e.0f
emal
eusesi
tto
t
ransf
eroff
undsandal
sof
ori
nvest
mentpur
posebutt
heyhav
esepar
ateusages,1
f
emal
esusesf
oronl
i
negambl
i
ngandf
ori
nvest
mentpur
posewhi
chi
slesst
hant
hat
ofmal
eshowi
ngf
emal
esar
elesst
owar
dsbot
hsi
mul
taneoususage,
1femal
eusei
t

61
t
omakepur
chasesandf
ori
nvest
mentpur
pose,1f
emal
etomakepur
chases,t
o
t
ransf
erf
undsandal
sof
ori
nvest
mentpur
pose,1f
emal
eusei
tforonl
i
negambl
i
ng,
outpr
efer
enceofnotwant
ingt
ouseabankand1f
emal
etomakepur
chases,t
o
t
ransf
erf
undsand1f
emal
eforonl
i
negambl
i
ngandt
ransf
eroff
unds.

 GENDERWI
SEPURPOSEOFI
NVESTI
NGI
NCRYPTOCURRENCY

Tabl
eno.5

Tabl
e5depi
ctst
hatmaj
ori
tyofmal
esi
nvesti
ncr
ypt
ocur
rencyt
ogai
nret
urn(
prof
it
)
i
.e.16mal
esoutof30t
otalmal
es,wher
easf
emal
esout
number
sthemal
ewher
e
t
hei
rpur
posei
sfort
ransf
eroff
unds.Ther
e ar
emul
ti
pur
pose f
ori
nvest
ing i
n
cr
ypt
ocur
rency
,wher
ebot
hequalnumberofmal
eandf
emal
epr
efer
stoi
nvesti
.e.
f
orr
etur
ngai
nandf
ort
ransact
ionpur
pose.

Ther
e ar
efemal
es who hav
e di
ff
erentmi
ndseti
n accor
dance t
oinv
est
ing i
n
cr
ypt
ocur
rencyf
ort
ransf
eroff
und&f
orr
etur
ngai
nandf
ort
ransact
ionpur
posei
.e.
0f
emal
esar
ether
e.

 GENDERWI
SEUSAGEPERI
ODOFCRYPTOCURRENCY

Tabl
e6

62
Tabl
e 6 depi
ctst
hatoutof25 t
otalf
emal
es,16 f
emal
es ar
e usi
ng
cr
ypt
ocur
renci
esf
orl
esst
han1y
earwhi
chout
number
sthemal
enumber
si.
e.
10mal
esoutof30mal
es.Pr
obabl
ereasoncoul
dbet
hatcr
ypt
ocur
rencyi
sa
newt
rendgoi
ngwher
emaj
ori
tyoff
emal
eshadj
ustst
art
edusi
ngcur
renci
es.
Maj
ori
tyofmal
esi
.e.14outof30hasbeenusi
ngcr
ypt
ocur
rencybet
ween1&
2y
earf
oll
owedbyl
essnumberofmal
esi
.e.6mal
eshasbeenusi
ngf
ormor
e
t
han2y
ear
swher
east
her
ear
elesserf
emal
esar
eusi
ngi
nsamet
imef
rame.

 GENDER WI
SE PORTFOLI
O WORTH MORE THAN RESPONDENT’
S
I
NITI
ALI
NVESTMENT.

Tabl
e7

Her
etabl
e7depi
cts,t
hat9mal
e’
spor
tfol
i
osar
ewor
thmor
ethant
hei
rini
ti
al
i
nvest
ment
,int
erest
ingl
yforbot
hmal
e(14outof30)andf
emal
e(13outof
25)
,thei
rval
ueofpor
tfol
i
oissameast
hei
rini
ti
ali
nvest
ment
.Pr
obabl
ereason
coul
dbet
hatr
ecent
lyt
her
ewashugef
luct
uat
ioni
npr
icesofcr
ypt
ocur
renci
es
So,i
finv
est
orhav
epl
ayedwel
ldur
ingt
hatt
imef
ramet
heywer
eluckyt
o
i
ncr
easet
hei
rwor
thofcr
ypt
ocur
rency

63
  GENDER WI
SE RESPONDENT’
S PREFERENCE FOR I
NVESTMENT
OTHERTHENCRYPTOCURRENCI
ES

Tabl
e8

Abov
etabl
e8,
depi
ctst
hatmaj
ori
tyofmal
eswi
l
lpr
efert
oinv
est
menti
nst
ock
mar
keti
.e.16mal
esoutof30mal
eswher
easl
esserf
emal
eshav
epr
efer
ence
i
ninv
est
ingst
ockmar
ketwher
east
her
ear
eleastnumberofbot
hmal
es(
3)
andf
emal
es(
2)whoar
einf
avourofcur
rencymar
ket
.Pr
obabl
ereasonf
or
t
hiscoul
dbet
hatcur
rencymar
keti
sofv
olat
il
enat
ure.

 GENDERWI
SERESPONDENTSTHEYCONSI
DERTHEMSELVESAS.

Tabl
e9

Tabl
e9,showst
hatmaj
ori
tynumberofmal
esi
.e.7outof30consi
der
t
hemsel
vesasdayt
raderwher
easl
eastnumberofnumberf
emal
esconsi
der
t
hemsel
vesasdayt
rader
.

Dayt
rader
sar
ethosewhobuyandsel
lonsameday
.Pr
obabl
ereasoni
sthat
t
her
ear
ehi
ghf
luct
uat
ionsi
ncr
ypt
ocur
rencymar
ketaspr
icesar
edet
ermi
ned
bydemandandsuppl
yandi
sdecent
ral
i
sed.Bot
hnumberofmal
es(
13)and

64
 ar
elowwhoconsi
dert
hemsel
vesasdayt
rader
.

 ONTHEBASI
SOFOCCUPATI
ON

 OCCUPATI
ONWI
SEPURCHASEI
NTENTI
ONOFCRYPTOCURRENCY

Tabl
e28

Tabl
e28depi
ctst
hatmaj
ori
tyofr
espondent
sar
est
udent
si.
e.21outoft
otal55
r
espondent
sfol
l
owedbybusi
nessandser
viceper
sonsi
.e.17each.Butt
hest
ats
showt
hatmaj
ori
tyofbusi
nessper
sonhav
epur
chasedorwi
l
li
ngt
opur
chasei
.e.9
outof19whosai
dyes,f
oll
owedbyser
viceper
son.Pr
obabl
ereasoncoul
dbet
hat
busi
nesspeopl
ear
eal
way
slooki
ngdi
ff
erenti
nvest
mentav
enuest
oinv
estandt
o
ear
nret
urn.Leastar
est
udent
swhoar
ewi
l
li
ngt
oinv
estorowns,r
easoncoul
dbe
i
ncomeconst
rai
nt.Tabl
eshowsi
nter
est
ingf
act
sthatst
udent
sar
eal
sowi
l
li
ngt
o
i
nvestandsamear
enotwi
l
li
ngt
oinv
esti
.e.9outof21t
otalst
udent
srespect
ivel
y.
Ther
eisst
il
lsomeconf
usi
onr
egar
dingcr
ypt
ocur
rencyi
nvest
mentamongst
udent
s.
Tal
ki
ngaboutser
vicecl
ass,number
sshow t
hatt
heyar
ewi
l
li
ngt
oinv
esti
nnear
f
utur
e.Ther
eisnosi
gni
fi
cantdi
ff
erenceamongt
henumberofser
vicer
espondent
s
whoanswer
edy
esnoandwi
l
li
ngt
oinv
esti
nnearf
utur
e.

77
  OCCUPATI
ONWI
SETYPESOFCRYPTOCURRENCI
ESTHEYOWN

Tabl
e29

Tabl
e29showst
hatmaj
ori
tyofst
udent
si.
e.12outof21ar
ewi
l
li
ngt
obuyor
boughtbi
tcoi
n.Reasonf
ort
hiscoul
dbet
hatbi
tcoi
nisahy
pe,
peopl
econsi
der
i
tasmostv
aluecr
ypt
ocur
rency
,wher
easr
espondent
sasst
udent
sdon’
thav
e
ornotwi
l
li
ngt
ohav
emul
ti
plet
ypesofcur
renci
es.Butsur
pri
singl
y,busi
ness
r
espondent
sar
ewi
l
li
ngt
oorhav
emul
ti
plecur
renci
esi
.e.Et
her
eum &r
ippl
es;
bi
tcoi
n&Et
her
eum,3r
espondent
seachoutof17busi
nessr
espondent
sand

78
 al
somaj
ori
tyoft
hem ar
eforbi
tcoi
n.Tal
ki
ngaboutser
vicer
espondent
s,t
hey
ar
ewi
l
li
ngt
odi
ver
sif
yty
pescur
renci
es.Yes,
theyar
einl
essnumberbutst
ats
showt
hatt
heyar
ewi
l
li
ngt
oinv
esti
nty
pesofcur
renci
esr
easoncoul
dbet
hat
asser
vicepeopl
etheydon’
twantt
oinv
esti
nsi
ngl
ecur
rencyascompar
eto
busi
nesspeopl
e,t
heywantt
odi
ver
sif
yri
sk.

 OCCUPATI
ONWI
SENUMBEROFCRYPTOCURRENCI
ESRESPONDENT
OWNORTHEYWANTTOOWN.

Tabl
e30

Tabl
e30depi
ctst
hatmaj
ori
tyofbusi
nessr
espondent
sar
ewi
l
li
ngt
oownorown2
t
ypesofcr
ypt
ocur
renci
eswher
easf
or1t
ypeofcr
ypt
ocur
rencyand3andmor
e,
r
espondent
sar
efew.Pr
obabl
ereasonf
ort
hiscoul
dbet
hatbusi
nessr
espondent
s
bel
i
evei
nequat
ingt
hei
rri
sk.Whi
l
est
udentr
espondent
swant
sorown1t
ypeof
cur
rencyandhav
elessi
ncl
i
nedt
owar
dsmor
enumberofcur
renci
es.Tal
ki
ngabout
ser
vicer
espondent
s,asment
ionedi
ntabl
e29,
theyl
i
ket
odi
ver
sif
ythei
rinv
est
ment
s.

 OCCUPATI
ONWI
SEUSAGEOFCRYPTOCURRENCYORWANTTOUSE.

Tabl
e31

79
Tabl
e 31 shows t
hatmaj
ori
tyofser
vice r
espondent
si.
e.9 outof17 ser
vice
r
espondent
swant
stousei
tfori
nvest
ment
,reasoncoul
dbet
hatser
vicepeopl
e
wantt
oinv
estf
orf
utur
epur
pose,si
mil
arl
ymaj
ori
tyofst
udent
susesf
ori
nvest
ment
pur
pose.Thi
sshowsy
oungst
ersar
ethi
nki
ngabouti
nvest
ingf
orf
utur
e,whi
chi
s
goodsi
gnf
ort
heyf
inanci
alst
abi
l
ity
.Tal
ki
ngaboutonl
i
negambl
i
ngpur
pose,t
her
e
ar
ever
yfewr
espondent
sinal
lthr
eecat
egor
ies.Ther
ear
emul
ti
plepur
posesaswel
l
l
i
ke t
o make pur
chases and f
ori
nvest
mentpur
pose.I
nter
est
ing t
hing i
sthat
r
espondent
sst
il
lbel
i
eveon t
hei
rbanki
ng sect
orasst
atsshowst
hat1 har
dly
r
espondentwhooptoutofbanki
ngpur
pose.

 OCCUPATI
ONWI
SEPURPOSEOFI
NVESTI
NGI
NCURRENCY

Tabl
e32

80
Tabl
e32depi
ctst
hatmaj
ori
tyofst
udent
spur
posei
ttoear
nret
urnoni
ti.
e.10
outof21r
espondent
s,f
oll
owedbybusi
nessi
.e.9outof17andser
vice
r
espondenti
.e.8outof17r
espondent
s.Ev
eryhumanwant
stoear
nsome
r
etur
noni
nvest
mentwher
easbusi
nessr
espondenti
.e.2outof17usesf
or
t
ransf
eroff
undswhi
chsuggest
sthatt
heyar
est
ickt
othei
reconomy
’spaper
cur
rency
.Fur
thert
her
ear
emul
ti
plepur
posesl
i
kef
orr
etur
ngai
nandf
or
t
ransact
ionpur
posewher
efew r
espondent
suse.Cr
ypt
ocur
rencyi
scur
rency
t
hatcanbeacti
npl
aceoft
hecount
ry’
str
adi
ti
onal
papercur
rency
.

 OCCUPATI
ONALWI
SEUSAGEPERI
ODOFCRYPTOCURRENCY

81
Tabl
e33

Tabl
e33showst
hatmaj
ori
tyofst
udent
sar
ewhoar
eusi
ngi
tforl
esst
han1i
.e.16
outof21t
otalst
udentr
espondent
s,f
oll
owedbyser
vicer
espondent
si.
e.7outof17.
Whi
l
emaj
ori
tyofbusi
nessr
espondent
sar
eusi
ngi
tforbet
ween1and2y
ear
si.
e.10
outof17i
nter
est
ingl
yther
ear
ever
yfewr
espondent
swhoar
eusi
ngf
ormor
ethan2
y
ear
s.

 OCCUPATI
ONWI
SEPORTFOLI
OWORTHMORETHANRESPONDENT’
S
I
NITI
ALI
NVESTMENT.

Tabl
e34

Tabl
e34depi
ctst
hatmaj
ori
tyofst
udent
si.
e.16outof21st
udent
s,hav
esame
wor
thast
hei
rini
ti
ali
nvest
ment
,wher
east
her
eisnosi
gni
fi
cantdi
ff
erencei
nter
ms
ofbusi
nessr
espondent
swhosepor
tfol
i
owor
thi
smor
eandpor
tfol
i
owor
thi
snot
mor
ethani
nit
iali
nvest
ment
s,possi
bleex
planat
iont
othi
scoul
dbet
hatbusi
ness
r
espondent
sar
eusi
ngi
tforbet
ween1and2y
ear
s(seet
abl
e33)whi
chi
ssuf
fi
cient
t
imeper
iodt
ocheckt
her
etur
n.Forser
vicer
espondentmaj
ori
tysay
sthatt
hei
r
por
tfol
i
owor
thi
ssamet
hei
rini
ti
ali
nvest
ment
.

82
  OCCUPATI
ONWI
SERESPONDENT’
SPREFERENCEFORI
NVESTMENT
OTHERTHENCRYPTOCURRENCI
ES

Tabl
e35

Tabl
e35depi
ctst
hatmaj
ori
tyofser
vicer
espondent
si.
e.11outof17pr
efer
sto
i
nvesti
nst
ockmar
ketf
oll
owedbybusi
nessr
espondent
s.Maj
ori
tyofst
udent
swant
t
obeonsaf
ersi
dei
,
e,t
heypr
efert
oinv
esti
nmut
ualf
unds.I
nter
est
ingl
yther
ear
e
v
eryf
ewf
ori
nvest
ingi
ncur
rencymar
ketascur
rencymar
keti
shi
ghl
yinf
luencedby
changei
ndol
l
arr
ate,
whi
chi
shi
ghl
yvol
ati
l
einnat
ure.

 OCCUPATI
ON STATUS WI
SE RESPONDENTS THEY CONSI
DER
THEMSELVES

Tabl
e36

Tabl
e36depi
ctst
hatmaj
ori
tyofbusi
nessr
espondent
sconsi
der
sthent
hemsel
ves
ast
raderi
.e.10 outof17 busi
nessr
espondent
swher
east
her
eisv
eryl
ess
r
espondent
swhoconsi
dert
hem asdayt
rader
,possi
bleexpl
anat
iont
othi
scoul
dbe
t
hatdayt
raderi
sri
skerbutgi
veshi
ghr
etur
naswel
l
.Maj
ori
tyofst
udent
sconsi
der

83
t
hem ashol
der,pr
obabl
ereasoncoul
dbet
hatt
heyt
hinkt
her
eisf
utur
escopef
or
t
hesecur
renci
esf
oll
owedbyser
vicer
espondent
s.

 ONTHEBASI
SOFANNUALHOUSEHOLDI
NCOME

 ANNUAL HOUSEHOLD I
NCOME WI
SE PURCHASE I
NTENTI
ON OF
CRYPTOCURRENCY

Tabl
e37

Tabl
e37depi
ctst
hatmost
lyr
espondent
sofannualhousehol
dincomei
.e.10
l
akhst
o12l
akhshav
enotbr
oughtcr
ypt
ocur
rencyf
oll
owedby6r
espondent
s
outof19t
otalr
espondent
sof10l
akhst
o15l
akhsar
ewi
l
li
ngt
oinv
esti
nnear
f
utur
e,wher
easmaj
ori
tyofr
espondent
sin15l
akhst
o25l
akhsgr
oupar
e
wi
l
li
ngt
oinv
esti
nnearf
utur
ewher
easi
nincomebr
acketofabov
e25l
akhs
onl
y6r
espondent
shav
epur
chasedcr
ypt
ocur
rencywhi
chi
slesst
hant
he
r
espondentofi
ncomegr
oupof15t
o25l
akhs.

 ANNUALHOUSEHOLDI
NCOMEWI
SETYPESOFCRYPTOCURRENCI
ES
THEYOWN

Tabl
e38

84
Tabl
e38depi
ctst
hatmaj
ori
tyofr
espondent
sofi
ncomegr
oup10-
15l
akhsi
.e.
11outoft
otal19want
stoownorownsbi
tcoi
n,f
oll
owedbyr
ippl
esi
.e.3out
of19,
wher
easi
n15-
25l
akhsi
.e.7outof26ar
ewi
l
li
ngt
oownorownsbi
tcoi
n
f
oll
owed by Et
her
eum and Et
her
eum, Li
tecoi
n. Ther
e ar
e mul
ti
ple
cy
rpt
ocur
renci
esownedorr
espondent
swantt
oowni
.e.r
ippl
es,Li
tecoi
n;
bi
tcoi
n&r
ippl
eset
c.wher
easr
espondent
sinabov
e25l
akhswant
stoownor
ownsmul
ti
plecur
renci
es,
mor
ethanot
heri
ncomegr
oups.

 ANNUAL HOUSEHOLD I
NCOME WI
SE NUMBER OF
CRYPTOCURRENCI
ESRESPONDENTOWNORTHEYWANTTOOWN.

Tabl
e39

Tabl
e39depi
ctst
hatmaj
ori
tyofr
espondent
si.
e.13outof19ofi
ncome
gr
oup10-
15l
akhswant
stoownorowns1numberofcr
ypt
ocur
rency
.Possi
ble
expl
anant
ion coul
d be t
hat i
ncome const
rai
nt as pr
ices of t
hese

85
 cr
ypt
ocur
renci
esar
ehi
ghandi
nvol
vehi
ghamountofi
nvest
ment
.Wher
easi
n
i
ncomegr
oupof15-
25l
akhs,
11r
espondent
shav
eorwi
l
li
ngt
oown2number
ofcr
ypt
ocur
renci
es.I
nter
est
ingl
yincat
egor
yofabov
e25,r
espondent
shav
e
mor
ethan1cur
rency
,reasoncoul
dbet
hatt
her
eincomei
ssuf
fi
cientt
oinv
est
ont
heset
hings.

 OCCUPATI
ONWI
SEUSAGEOFCRYPTOCURRENCYORWANTTOUSE.

Tabl
e40

86
Abov
etabl
e40showst
hat
,incomegr
oupof10l
akhst
o15l
akhshav
erespondent
s
i
.e.11outof19usesorwi
l
li
ngt
ousef
ori
nvest
mentpur
pose,possi
bleexpl
anat
ion
canbet
hatt
hisi
ncomegr
oupwant
stof
ocusonf
utur
ebui
l
dingt
hat
’swhyt
heyar
e
maki
ngi
nvest
menti
ntheset
hings.

Ther
ear
efewr
espondent
swhowant
stouseorusesf
oronl
i
negambl
i
ng,t
omake
pur
chasesi
nincomegr
oupof15-
25l
akhs,al
sot
her
ear
emul
ti
plepur
posesaswel
l
l
i
kei
nabov
e25l
akhs,4r
espondent
swant
stoorusesf
orbot
hinv
est
mentand
onl
i
negambl
i
ngpur
pose.

 ANNUAL HOUSEHOLD I
NCOME WI
SE PURPOSE OF I
NVESTI
NG I
N
CURRENCY

87
 Tabl
e41

Tabl
e41depi
ctst
hatmaj
ori
tyofr
espondent
sini
ncomegr
oupof10–15l
akhs,
thei
r
pur
posef
ori
nvest
ingi
ncr
ypt
ocur
rencyi
stogai
nret
urnwher
eas11r
espondent
sin
15-
25l
akhspur
posef
ori
nvest
ingi
sforr
etur
ngai
n,f
oll
owedbyabov
e25l
akhsi
.e.
6.
Ther
ear
erespondent
swhosepur
posei
susei
tfort
ransf
eroff
undi
.e.8outof26i
n
15-
25l
akhsi
ncome.Ther
ear
emul
ti
pur
posef
ori
nvest
ingi
ncr
ypt
ocur
rencyl
i
kef
or
bot
hret
urngai
nandf
ort
ransact
ionpur
posewher
east
her
ear
ever
yfewr
espondent
s
whosepur
poseI
stoi
nvesti
nfort
ransf
eroff
undandf
ort
ransact
ionpur
pose.

 ANNUAL HOUSEHOLD I
NCOME WI
SE USAGE PERI
OD OF
CRYPTOCURRENCY

88
Tabl
e42

Tabl
e42depi
ctst
hatr
espondent
sini
ncomegr
oupof10l
akhst
o15l
akhs,
16
outof19r
espondent
sint
hatar
eusi
ngf
orl
esst
han1y
earwher
eas13
r
espondent
sar
eusi
ngf
orbet
ween1and2y
earof15-
25l
akhsi
ncomegr
oup,
wher
easr
espondent
sini
ncomegr
oupofabov
e25,t
her
eisnosi
gni
fi
cant
di
ff
erencei
nter
msofnumberofr
espondent
susi
ngf
ormor
ethan1y
ear
.
Possi
bleexpl
anat
ioncanbet
hatt
heyi
nvestt
heexcessmoneyf
orl
ongper
iod
oncr
ypt
ocur
rency
.

 ANNUAL HOUSEHOLD I
NCOME WI
SE PORTFOLI
O WORTH MORE
THANRESPONDENT’
SINI
TIALI
NVESTMENT.

Tabl
e43

Tabl
e43depi
ctst
hatmaj
ori
tyofr
espondent
sinannuali
ncomegr
oupof15
l
akhst
o25l
akhsi
.e.11outof26hadpor
tfol
i
owor
thaboutsameasi
nit
ial
i
nvest
mentwher
eas13r
espondent
sof10l
akhst
o15l
akhshav
esamewor
th
asi
nit
iali
nvest
ment
.Possi
bler
easoncanbet
hatwhent
her
eisl
argeamount
i
sinv
est
edt
her
eisdi
rectr
elat
ionshi
pbet
weenv
aluet
opor
tfol
i
o.I
nter
est
ingl
y,
8r
espondent
sof15l
akhst
o25l
akhshav
emor
eval
uet
hent
hei
rini
ti
al
i
nvest
ment
.

89
  ANNUALHOUSEHOLD I
NCOMEWI
SERESPONDENT’
S PREFERENCE
FORI
NVESTMENTOTHERTHENCRYPTOCURRENCI
ES

Tabl
e44

Tabl
e44depi
ctst
hati
nincomegr
oupof10-
15l
akhsmaj
ori
tyofr
espondent
si.
e.9
outof19pr
efer
stoi
nvesti
nmut
ualf
undsasi
tissaf
ersi
deasl
essr
iskandhav
e
l
essr
etur
n.Wher
easmaj
ori
tyofr
espondent
singr
oupof15-
25l
akhspr
efer
stoi
nvest
i
nst
ockmar
ketasi
tinv
olv
eshi
ghr
iskbutr
esul
tsi
nhi
ghr
etur
nsamewi
thabov
e25
l
akhsr
espondent
s.

 ANNUALHOUSEHOLD I
NCOMESTATUSWI
SERESPONDENTSTHEY
CONSI
DERTHEMSELVES

Tabl
e45

Tabl
e45depi
ctst
hatmaj
ori
tyofr
espondent
sini
ncomegr
oupof10-
15l
akhs
consi
der
sthemsel
vesashol
der
,possi
bler
easoncoul
dbet
hatt
hisi
ncomegr
oup
want
stoear
nret
urnasext
rai
ncomewher
easr
espondent
singr
oupof15l
akhs–25

90
 CHAPTER5

FI
NDI
NGSANDCONCLUSI
ON
 St
udyshows t
hatbot
h mal
e and f
emal
einv
est
ors ar
eincl
i
ned t
owar
ds
cr
ypt
ocur
renci
es

 Fur
ther
,var
iousi
nvest
orsofdi
ff
erentagegr
oupshav
edi
ff
erentmi
ndset
r
elat
edt
obuy
ing,
pur
pose/
usage,
impor
tancel
evel
stowar
dscr
ypt
ocur
renci
es
dependi
ngont
hei
rage.

 Testshowst
hatI
nvest
orsi
nvar
iousdemogr
aphi
cfact
orsconsi
der
susi
ng
cr
ypt
ocur
rencymai
nlyf
orr
etur
nandf
ort
ransact
ionpur
pose.

 I
nvest
orsofagegr
oupof18-
25y
ear
sandabov
e45y
ear
sconsi
der
slev
elof
r
egul
ati
onandpr
ivacyofst
atementashi
ghl
yimpor
tant
.

 Mal
einv
est
orsconsi
derl
evelofr
egul
ati
on,
pri
vacyofpay
mentandsecur
it
yof
pay
mentashi
ghl
yimpor
tant

 Femal
esar
eal
soact
ivel
ypar
ti
cipat
ingi
ninv
est
ingcr
ypt
ocur
rency
.

 St
udyshowst
hatt
her
ear
efew i
nvest
orswho usescr
ypt
ocur
rencyov
er
banki
ngf
unct
ionsl
i
kef
ort
ransf
err
ingf
undet
c

 I
nter
est
ingf
acti
sthatt
her
ear
ever
ylessi
nvest
orswhousesf
orgambl
i
ng
pur
posewhi
chi
sagoodsi
gnf
orcount
ry’
seconomy
.

 Si
ngl
einv
est
orsconsi
derl
evelofr
egul
ati
on,gov
ernmenti
nter
vent
ion,pr
ivacy
ofst
atement
,secur
it
yofpay
mentashi
ghl
yimpor
tantast
heywantt
hei
r
i
nvest
mentt
obesaf
e.

 Onanal
ysi
ngt
hei
nvest
orsbehav
iourbasedondemogr
aphi
c,st
udyr
evel
sthat
i
nvest
orsar
emor
ein-
cli
ngt
owar
dsusageofcr
ypt
ocur
rency
.

 St
udydepi
ctst
hati
nvest
orswhoar
ehav
ingi
ncomeabov
e25l
akhsconsi
der
s
pr
ivacyandsecur
it
yofpay
mentashi
ghl
yimpor
tant
.

 St
udent
sar
emor
eget
ti
ngi
nvol
vei
nthi
shott
rendasi
tiswhol
enewconcept

110
 f
oei
nvest
mentpur
pose.

 Besi
desi
nvest
ingi
nthi
s,i
nvest
orspr
efer
stoi
nvesti
nst
ockmar
ketand
mut
ual
funds.

 Maj
ori
tyofi
nvest
orsconsi
der
sthemsel
vesast
rader
.

 Anot
heri
nter
est
ingf
acti
sthatmaj
ori
ty’
sinv
est
orscur
rentpor
tfol
i
owor
thi
s
sameast
hei
rini
ti
ali
nvest
ment
s.

 St
udydepi
ctst
hati
nvest
orsmost
lypr
efer
stoi
nvesti
nbi
tcoi
n,aspr
obabl
e
r
easoncoul
dbewor
dofmout
h.

 I
nvest
ors di
ver
sif
ies t
hei
rri
sk by i
nvest
ing i
n mul
ti
ple number of
cr
ypt
ocur
renci
esanddi
ff
erentcur
renci
es.

111
 CHAPTER6

RECOMMENDATI
ONSANDSUGGESTI
ONS
 Gov
ernmentshoul
dful
l
ygi
vef
reedom onusageofcr
ypt
ocur
renci
es.

 Ful
l
yut
il
isat
ionofcr
ypt
ocur
rencywi
l
lin-
tur
nhel
pgov
ernmentt
ocont
roland
checkt
heact
ivi
ti
es.

 I
nvest
orsshoul
ddi
ver
sif
ythei
rinv
est
mentv
iew poi
nti
.e.t
heyshoul
dthi
nk
bey
ondot
herf
act
orsl
i
ker
etur
norl
evelofr
isk.I
nst
eadt
heyshoul
dfocuson
usi
ngcr
ypt
ocur
renci
esf
orot
herf
unct
ionsl
i
kebanki
ngf
unct
ions.

 Agoodr
egul
ati
onandcont
rolbygov
ernmentov
ercr
ypt
ocur
rencywi
l
lboost
mor
aleofi
nvest
ors.

 I
nvest
orsar
est
il
lconf
usedast
heyt
hinkcr
ypt
ocur
rencyi
sbi
tcoi
nonl
ybut
t
her
ear
emor
ethan1500+cur
renci
eswor
ldwi
de.

 Femal
einv
est
orsar
eingoodnumberofi
nvest
ing,butt
heyshoul
dcomeout
mor
eandt
hinkmor
eonusi
ngofcr
ypt
ocur
rency
.

 I
nvest
orsshoul
dhol
dcr
ypt
ocur
rencyf
orgoodt
imeper
iodascr
ypt
ocur
rency
i
shi
ghl
yvol
ati
l
einnat
ure.

112
 CHAPTER7

BI
BLI
OGRAPHYANDREFERENCES

 Al
exanderD’
Alf
onso,P.L.( .The f
2016) utur
e ofcr
ypt
ocur
rency
.Ry
erson
uni
ver
sit
y.

 Bear
y,M.( .ASur
2014) veyofCr
ypt
ocur
renci
es:gener
alwor
kings&secur
it
y.

 Bi
ehl
,Z.(
n.d.
).i
nvesti
n bl
ockchai
n.Ret
ri
eved f
rom I
nvesti
n bl
ockchai
n:
ht
tps:
//www.
inv
est
inbl
ockchai
n.com/
reddi
t-
cry
ptocur
rency
-sur
vey
/

 But
eri
n, V. (
n.d.
). Bl
ockgeeks. Ret
ri
eved f
rom Bl
ockgeeks:
ht
tps:
//bl
ockgeeks.
com/
gui
des/
what
-i
s-bl
ockchai
n-t
echnol
ogy
/

 Car
eyCagi
nal
pa,G.C.(
2018,Feb6)
.Val
uat
ion,l
i
qui
dit
ypr
ice,andst
abi
l
ityof
cr
ypt
ocur
r es.Val
enci uat
ion,l
i
qui
dit
ypr
ice,andst
abi
l
ityofcr
ypt
ocur
renci
es,pp.
1131-
1134.

 Cr
ypt
ocur
rencyMar
ketCapi
tal
i
zat
ions.(
n.d.
).Ret
ri
eved f
rom Coi
nmar
ket
cap:
ht
tps:
//coi
nmar
ket
cap.
com/

 Cr
ypt
osl
ate.(
n.d.
).Ret
ri
evedf
rom Cr
ypt
osl
ate:
htt
ps:
//cr
ypt
osl
ate.
com/
coi
ns/

 khan, I
. (
n.d.
). Bl
ockgeeks. Ret
ri
eved f
rom Bl
ockgeeks:
ht
tps:
//bl
ockgeeks.
com/
gui
des/
what
-i
s-bl
ockchai
n-t
echnol
ogy
/

 khar
pal
, A. (
n.d.
). CNBC. Ret
ri
eved f
rom CNBC:
ht
tps:
//www.
cnbc.
com/
2017/
12/
14/
bit
coi
n-et
her
-l
it
ecoi
n-r
ippl
e-di
ff
erences-
bet
ween-
cry
ptocur
renci
es.
html

 Mi
str
y,K.( .ASt
2015) udyofI
ndi
vi
dualI
nvest
ors’Behav
iori
nSt
ockMar
ket
-Wi
th
Speci
alRef
erencet
oIndi
anSt
ockMar
ket
.

 Nel
son, A. (
n.d.
). Cr
ypt
ocur
rency r
egul
ati
ons i
n 2018. Ret
ri
eved f
rom
Bi
tcoi
nmagazi
ne: ht
tps:
//bi
tcoi
nmagazi
ne.
com/
art
icl
es/
cry
ptocur
rency
-
r
egul
ati
on-
2018-
wher
e-wor
ld-
stands-
ri
ght
-now/

 PWC.(
n.d.
).2015PWCconsumercr
ypt
ocur
rencysur
vey
.Ret
ri
evedf
rom Pwc:
ht

113
ANNEXURE

115
Aa

116
118
119