Who invests in crypto? Profiling Portuguese investors in the digital asset market

Purpose This study aims to profile Portuguese investors in cryptoassets and examine the sociodemographic and behavioral determinants of ownership. Data were collected from a 2023 survey conducted by the CMVM (Portuguese Securities Market Commission) in collaboration with a consortium of Portuguese universities. Design/methodology/approach Logistic regression models with sequential variable elimination were applied to the full sample. The sample was also divided by gender and financial confidence to examine differences in the determinants of cryptocurrency ownership across these subgroups. Findings Results show that younger, male, employed individuals who trade more frequently and have higher subjective digital literacy are more likely to invest. Objective financial literacy is positively correlated with ownership, while subjective financial literacy is negatively correlated. Partitioning by gender indicates broadly similar determinants, but with some differences. For men, securities ownership and regular social media use increase the likelihood of investing, whereas for women, higher education and objective literacy are most relevant. Confidence also matters. Overconfident male employees and underconfident individuals with strong digital literacy and social media use are more likely to hold cryptoassets. Originality/value This study is among the first to analyze the determinants of cryptoasset ownership in Portugal by integrating demographic, behavioral and literacy factors with financial confidence. In particular, it offers a unique examination of how overconfidence and underconfidence affect the influence of information sources, digital engagement and trading behaviors on investment decisions.