가상자산에 대한 소고: 행태재무학 관점에서 바라본 가상자산

This study finds that initial virtual asset makers transfer their risks to the last holders and there is no reason for investing virtual asset with rational decision. But virtual asset is invested by a lot of irrational investors with the hope of making a lot of money. According to literatures research, the reason why people invest virtual asset is as follows. People believe that what they own defines them, so they must own more things for their own happiness. But in modern society where low growth and polarization have become extreme, they think that they can not achieve this through their own efforts, because they believe that moving between classes is nearly impossible and they choose between fight or flight, in order to avoid suffering economically out of fear that they will be left behind in the competition. Bitcoiners chose fight rather than flight and designed a new financial system based on virtual assets that negates the existing financial system, and the craze for virtual asset of many people participating appears in the form of herding. Herding acts as a factor that destabilizes the financial market by expanding the volatility of the financial market.