투자 편향이 암호화폐 투자에 미치는 영향에 관한 연구

Although cryptocurrency investors are aware that their investments are uncertain and risky, they continue to invest significant amounts of money in cryptocurrencies. This phenomenon contradicts the traditional financial theory, which states that investment decisions are rational. However, it occurs frequently in reality. This study aims to identify the investment biases that lead to irrational investment decisions in cryptocurrencies, and the antecedents of these biases, and to analyze the impact of these factors on cryptocurrency investment decisions. Therefore, this study adopted the bounded rationality theory and social cognitive theory to identify the investment bias factors and their antecedents. We then examine the relationships between the identified bias factors and their antecedents, and cryptocurrency investment decisions. The results show that overconfidence bias has the greatest influence on cryptocurrency investment decisions, while herding bias has a relatively minor influence. The endowment effect bias was found to reinforce cryptocurrency investment. Information complexity had the greatest influence on herding bias but relatively little influence on overconfidence bias. Conversely, information deficiency had the greatest influence on the endowment effect bias, but had no influence on overconfidence bias or self-serving biases. Finally, information complexity was found to influence cryptocurrency investment decisions more than a lack of information. This study contributes to identifying the causes of irrational investment behavior arising from the uncertainty of cryptocurrencies, thereby providing proper direction and guidelines for fostering a healthy cryptocurrency investment culture and promoting the development of the blockchain ecosystem.