Sources and publications

The CFA Institute report highlights that gamification in investment apps—using game-like elements such as points, badges, leaderboards, and copy trading—can significantly increase user engagement and financial literacy, especially among younger investors. However, it also carries risks, as it may encourage impulsive trading, short-term strategies, and the exploitation of behavioral triggers for firm profit at the expense of investors. Ethical design, transparent rewards, and clear risk disclosures are essential to ensure gamification benefits users without causing financial harm.

The study explores how social media influences Bitcoin adoption, emphasizing responsible engagement. It finds that social media can effectively increase awareness and understanding of cryptocurrencies, but responsible adoption requires managing both internal risks (such as impulsive decisions, emotional biases, or overconfidence) and external risks (misinformation, scams, market volatility). When these risks are not properly managed, investing in crypto can lead to substantial financial losses or even psychologically harmful behavior. The authors stress that promoting literacy, credible information sources, and transparent guidance on social media is crucial to support informed, responsible cryptocurrency adoption.

The 2024 Frontiers in Psychology article “Basic human values and the adoption of cryptocurrency” examined 714 German adults to understand how personal values shape crypto adoption. The study found that openness-to-change values (curiosity, independence) predict awareness, while self-enhancement values (ambition, power) drive intention and ownership. Positive attitudes and perceived understanding of crypto increased adoption, whereas negative beliefs had no effect. Overall, adoption reflects empowerment and financial ambition rather than curiosity.

The OECD stresses the urgent need to improve digital financial literacy among crypto-asset users, as many lack the knowledge and skills to navigate the market safely. It recommends comprehensive education focused on risk awareness, scam prevention, and responsible behaviour, supported by collaboration between regulators, industry, and educators. Strengthening literacy, the OECD concludes, is key to fostering a safer and more responsible crypto environment.

This paper analyzes data from 95 countries between 2015 and 2022, showing that retail crypto adoption closely follows Bitcoin’s price movements. A 1% rise in Bitcoin’s price is linked to roughly a 0.9% increase in active users, with activity typically lagging price growth—indicating speculative, rather than fundamental, adoption. The majority of new users are men under 35, who react most strongly to price changes. Small holders tend to buy during rallies, while large holders sell, suggesting profits flow from retail to more experienced participants. Simulations reveal that over 75% of retail investors would have lost money.