Behavioral Biases in Cryptocurrency Investment: An Analysis of Investor Psychology and Market Dynamics in Iran

This study examines the behavioral biases prevalent among cryptocurrency investors in Iran, focusing on overconfidence, herding, loss aversion, and anchoring. Utilizing a mixed-methods approach, the research integrates quantitative data from ۱۴۸ survey respondents and qualitative insights from semi-structured interviews with ۱۲ participants. The results reveal significant levels of overconfidence, with ۶۴.۲% of investors overestimating their knowledge and trading abilities, leading to excessive risk-taking and trading. Herding behavior, exhibited by ۵۶.۳% of participants, is influenced primarily by social media and online forums. Loss aversion affects ۶۹.۵% of investors, leading to irrational decision-making such as holding onto losing investments. Anchoring on historical price points distorts investment decisions for ۶۱.۲% of investors. Regression analysis identifies demographic and behavioral predictors of these biases, and thematic analysis of interviews highlights the emotional and social factors at play. The study underscores the need for investor education, regulatory oversight, and the development of tools to mitigate these biases, contributing to a more stable and efficient cryptocurrency market. Future research should explore the long-term effects of these biases and the role of emerging technologies in shaping investor behavior.

کلیدواژه ها:

Behavioral biases ، Cryptocurrency ، Overconfidence ، Herding ، Loss aversion ، Anchoring.