Demographic Characteristics and Behavioral Biases of Cryptocurrency adoptor: Evidence from an Online Survey in China*

This study aims to explore the social characteristics and behavioral biases of Chinese cryptocurrency investors, and how these factors impact their investment returns. Through an online survey, data from 274 respondents, including both investors and non-investors, were collected. The survey covered demographic characteristics, investment behaviors, and perceptions of the cryptocurrency market. The study found that typical Chinese cryptocurrency investors are usually male, have a STEM background, aged between 28 and 42, with higher education levels and income. These investors tend to take higher risks and have a deep understanding of blockchain technology. However, their investment performance typically lags behind the overall market, except for those who entered the market in 2021. The research concludes that education level, income, and overseas study experiences are significantly correlated with positive investment returns. Knowledge of blockchain technology and a positive attitude towards the future of cryptocurrencies are key factors for investment success. These findings are crucial for understanding the dynamics of the emerging cryptocurrency market, formulating policies aimed at protecting investors and stabilizing the market.