El Haj Mohamad, Moustafa Ahmed A
Nantes Université, Univ Angers, Laboratoire de Psychologie des Pays de la Loire (LPPL - EA 4638), Nantes, France.
CHU Nantes, Clinical Gerontology Department, Nantes, France.
Front Neurosci. 2023 Jul 13;17:1205814. doi: 10.3389/fnins.2023.1205814. eCollection 2023.
Cryptocurrency investment and trading are rapidly growing activities due to the development of applications and platforms that offer fast, continuous, and easy entry into the cryptocurrency world. To understand decision making in cryptocurrency holders, we assessed temporal discounting, that is, whether Bitcoin holders disregard rewards if they are distant in time and overvalue rewards if they are more immediate. Further, we compared performance between short-term investors (i.e., day-traders) vs. long-term investors.
Using an online survey, we invited 144 Bitcoin holders to answer temporal discounting questionnaires dealing with money ("Which do you prefer, that you get right now 20 USD in cash or 100 USD in a month?") and Bitcoin ("Which do you prefer, that you get right now 0.1 or 1 Bitcoin in a month?").
Analysis demonstrated no significant differences between temporal discounting for money and Bitcoin. However, and critically, higher temporal discounting for both money and Bitcoin was observed in short-term investors compared with long-term investors. In a similar vein, significant positive correlations were observed between day trading and temporal discounting for both money and Bitcoin.
These findings demonstrate how Bitcoin holders with short-term time horizons tend to prioritize immediate rewards over larger but delayed rewards. Future research can assess the neural basis of temporal discounting for cryptocurrencies.
由于应用程序和平台的发展，加密货币投资和交易活动正在迅速增长，这些应用程序和平台提供了快速、持续且便捷的进入加密货币世界的途径。为了了解加密货币持有者的决策过程，我们评估了时间贴现，即比特币持有者是否会忽视远期奖励而高估近期奖励。此外，我们还比较了短期投资者（即日交易者）和长期投资者之间的表现。
通过在线调查，我们邀请了144名比特币持有者回答关于金钱（“你更倾向于现在得到20美元现金还是一个月后得到100美元？”）和比特币（“你更倾向于现在得到0.1个比特币还是一个月后得到1个比特币？”）的时间贴现问卷。
分析表明，金钱和比特币的时间贴现之间没有显著差异。然而，至关重要的是，与长期投资者相比，短期投资者在金钱和比特币上的时间贴现更高。同样，日交易与金钱和比特币的时间贴现之间存在显著的正相关。
这些发现表明，短期视野的比特币持有者倾向于优先考虑近期奖励而非更大但延迟的奖励。未来的研究可以评估加密货币时间贴现的神经基础。
