Understanding speculative investment behavior in the Bitcoin context from a dual-systems perspective

Hyun-Sun Ryu (College of Software, Sungkyunkwan University, Suwon, The Republic of Korea)
Kwang Sun Ko (Department of Financial IT, Kim & Chang, Seoul, The Republic of Korea)

Industrial Management & Data Systems

ISSN: 0263-5577

Publication date: 12 August 2019



The purpose of this paper is to examine users’ decision-making mechanism of speculative investment behavior and its sequential consequences in the Bitcoin context from a dual-systems perspective.


Original data were collected via a survey of 334 participants with experience in Bitcoin speculative investment. The partial least squares method was used to test the proposed model.


Speculative investment behavior in the Bitcoin context is driven by strong impulse and weak self-control, leading to negative consequences. The extent of the imbalance between the two cognitive systems is greater with the subjective norm than without it, thus facilitating speculative investment behavior. Noteworthy differences in the impulse and self-control effects on Bitcoin speculative investment are found with differences in Bitcoin objective and subjective knowledge.


This study is the first attempt to empirically investigate users’ decision-making mechanism used when speculating in Bitcoin.



This work was supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea (NRF-2019S1A5A8034813).


Ryu, H.-S. and Ko, K.S. (2019), "Understanding speculative investment behavior in the Bitcoin context from a dual-systems perspective", Industrial Management & Data Systems, Vol. 119 No. 7, pp. 1431-1456. https://doi.org/10.1108/IMDS-10-2018-0441



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