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Jurnal Minds: Manajemen Ide dan Inspirasi
Vol. 9, No.1 (June) 2022: 53-64
53
*Corresponding Author : dewiprihatini@unej.ac.id
DOI: 10.24252/minds.v9i1.27067
ISSN-E: 2597-6990
ISSN-P: 2442-4951
http://journal.uin-alauddin.ac.id/index.php/minds
Publisher: Program Studi Manajemen, Universitas Islam Negeri Alauddin Makassar
DEMOGRAPHIC FACTORS, PERSONALITY TRAITS, AND
THE PERFORMANCE OF CRYPTOCURRENCY TRADERS
Dewi Prihatini1*, and Danang Sudarso Widya Prakoso Joyo Widakdo2
1 Faculty of Economics and Business, Universitas Jember, Indonesia
2 Faculty of Economics and Business, Politeknik Negeri Banyuwangi, Indonesia
ABSTRACT: The study determines the relationship between demographic
factors and personality traits with the performance of cryptocurrency traders.
The research data is obtained from 100 cryptocurrency traders using the quota
sampling method, correlational, with a quantitative approach. This study applies
the Chi-square test to examine the relationship of demographic factors with
performance and the Rank-Spearman test for the relationship of personality traits
with performance. The results found that demographic characteristics (gender,
age, length of trading) were positively associated with performance.
Furthermore, personality traits (extraversion, agreeableness, conscientiousness,
neuroticism, openness to experience) have negative and insignificant influences
on the performance of cryptocurrency traders.
Keywords: Demographics; Personality Traits; Performance; Cryptocurrency;
Traders
Submitted: 31 January 2022; Revised: 15 March 2022; Accepted: 17 March 2022
Prihatini & Widakdo
52
INTRODUCTION
Due to the Covid-19 pandemic, purchasing power has declined, especially
in the manufacturing and tourism industries. Adrian & Mancini-Griffoli (2019)
said the existing money tends to be stored or invested in stocks, mutual funds,
forex, and cryptocurrencies (digital currency). There are several options in
cryptocurrency, namely lending, staking, or trading. Traders often use this
trading activity to profit by taking advantage of price fluctuations (Solimano,
2018). Cryptocurrency traders expect optimal performance to increase the
number of their earnings. Measuring the performance of a trader can be seen
through the ROI (return on investment) he gets.
There are two types of traders in the crypto market: institutional and retail
traders. Institutional traders buy and sell assets for the accounts they manage,
while retail traders buy and sell assets for their performances. Usually, retail
traders make transactions in small quantities, while institutional traders trade in
large amounts. For retail traders to compete with institutional traders, retail
traders need to perform well to be still able to make profits.
From the final quarter of 2020 to the first quarter of 2021, cryptocurrency
trading activity showed a very positive trend or experienced a bull market. Since
it was first launched in 2009, Cryptocurrencies have fascinated people, especially
after the advent of blockchain technology (Nakamoto, 2008; Vigna and Casey,
2015). The coinmarcetcap.com site recorded an increase in Bitcoin coins from the
beginning of October 2020 to its mid-April 2021 peak of more than 500%. If used
properly, it will provide a massive profit for a trader. However, traders still
experience losses due to a lack of concentration when making transactions, are
less ability to do market analysis, and Fear of Missing Out (Pichet, 2017).
Individual factors might have led investors to cryptocurrency investments,
despite the shortcomings mentioned above and concerns. Warren et al. (1990)
and Jamshidinavid et al. (2012) state that person's investment choices are related
to their personality traits and demographic characteristics (age, gender,
education level, length of trading). Studies have suggested that investors’
personalities, such as openness, extraversion, agreeableness, and neuroticism of
the Big Five, affect investment decisions (Zhang et al., 2014; Conlin et al.,
2015; Tauni et al., 2017; Oehler et al., 2018). This trader's investment options will
determine how to manage their capital. In choosing among demographic factors,
traders such as gender, education level, age, and extended trading may have a
role. Bohr and Bashir (2014) found to form their study that cryptocurrency
investors have significantly different characteristics compared to general
investors, such as younger age.
Personality can also affect a person's performance in addition to
demographic factors. Pervin et al. (2010) explained that personality affects
people's thoughts, feelings, and behavior. McCrae & Costa Jr (2013) developed
the personality category in The Big Five character, consisting of five primary
dimensions: Extroversion, Agreeableness, Conscientiousness, Neuroticism, and
Openness to Experience. This model does not group a person's personality into
just five categories, but these five dimensions are a group of personality traits
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(Ramdhani, 2012). Differences in character can consider by a person in choosing
a job that suits his personality. This consideration will allow a person to feel
comfortable in doing his work. This sense of comfort and fit in work is what will
eventually improve one's performance. It is in line with the research results from
Fiernaningsih (2017) that personality influences team member performance.
The nature of cryptocurrency is very transparent because all transactions
will be recorded. If a trader enters a cryptocurrency address, the number of
cryptocurrencies owned will be visible (Bunjaku et al., 2017). He further added
that although it is very transparent, information about the sender and recipient
remains anonymous because it requires a high level of security. The use of
cryptocurrencies has several advantages, including inflation cannot develop in
peer-to-peer cryptocurrency systems and networks, and there is no master server
responsible for all operations. Hundreds of distributed servers can carry out
transactions. Neither governments nor banks can control cryptocurrency
exchanges. Each cryptocurrency user can make unlimited transactions without
being limited by personal, location, and amount. Payments made in this system
are impossible to cancel. Cryptocurrencies cannot be counterfeited, copied, or
double-spend, so this capability guarantees the entire system's integrity, and
lastly is, the low operating costs of cryptocurrencies. Ivaschenko (2016) mentions
that the use of cryptocurrencies has disadvantages in addition to advantages.
Some of them are significant changes in the ups and downs of cryptocurrency
currencies depending directly on government statements in various countries
that cause problems in the short term. Investing in cryptocurrencies has a
considerable risk that must be considered in the medium and long term.
It becomes essential to conduct a study based on the nature and risk of
trading cryptocurrency for a trader into a study to determine the relationship
between demographic factors (gender, age, education, length of trading) and
personality traits (extraversion, agreeableness, conscientiousness, neuroticism,
openness to experience) with the performance of cryptocurrency traders. This
study seeks to identify which individual factors might lead investors to
cryptocurrency performance, despite the drawbacks above and concerns. We
specifically try to focus on the psychological and demographic aspects of
investors.
THEORETICAL REVIEW
Performance of Trader
The trader is a term for people who trade on specific instruments such as
stocks, forex, or digital currency in a short period. Currently, traders and
investors are quite a rising job in Indonesia. Traders have the principle of buying
when the price goes down and selling when the price goes up. The trader will
benefit from capital gains when the price rises. Trading is a profession that
requires thorough analysis to achieve the target and maximum profit. Before
starting trading, it is recommended to know the correct type of trading and the
proper application.
Prihatini & Widakdo
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Until now, there is still little interest in studying the performance of
individual traders and investors in the market developing country (Garay &
Pulga, 2021). Campbell et al. (2014), using Indian stock portfolio data, found that
investment experience and feedback on investment returns significantly affect
investor behavior, performance, and favorite stocks. Trading performance can be
described as a mechanism used to evaluate a trader's return and risk tolerance or
lack thereof. All types of traders can be measured, from day traders, to swing
traders and everything in between. Traders are disappointed with all the ratios
and formulas for measuring trading performance because the majority are not
statisticians, so they start to focus on this measurement, namely calculating how
many winning trades, how much trading loss, and net profit.
Demographic Factors
The word demography comes from the word demos meaning resident, and
grain means drawing or writing. So demographics are defined as writings or
images related to the population (Faqih, 2010:3). In a broad sense, it is a
systematic study of the symptoms and direction of population development
within its social framework. Population analysis can cover the entire community
or be categorized based on specific criteria, including gender, age, level of
education, and experience (length of trading).
Gender/sex is an innate person from birth that causes physical and
psychological differences between men and women. A person should be able to
take advantage of the advantages and disadvantages that arise due to sex
differences in his work. In specific fields, the position is neutral for the sex so that
it can be done by both men and women, although there will still be differences
between the work results. Green et al. (2009) conducted a study and showed that
the accuracy of the thinking of female employees is significantly less expected
compared to men. Eckel & Grossman (2008) also stated that women are more
sensitive to risk than men, as seen from their decision-making.
Age is a social learning process that can form self-efficacy that can affect
performance (Bandura, 1997). Age is considered a broad measure of experience
and attitude towards decision-making. Employees have more experience, high
commitment, and a good work ethic (Robbins & Judge, 2015). Age is a measure
of a person's maturity in thinking. A person who has grown up must be
responsible for his decisions, so he will be more careful in making choices.
Decisions taken with careful consideration should provide the expected output.
The older you get, the longer you work and the more proficient you are in your
field of work (Selmer & Lauring, 2016).
Education is the basis for a person to gain knowledge and broad insights.
Educational background influences a person's behavior and mindset (Lin, 2011).
Bandura (1997) suggests that education is a learning process that a person
receives and forms self-efficacy that affects performance. A person who has a
high level of education has a higher self-efficacy. The higher the formal education
received, the more opportunities to learn and get better knowledge to complete
a job.
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The longer a person's work experience, the more expert he will be in doing
his work. The longer they do the job, the more people understand the work and
find the most efficient way to do it. If the implementation of the work is
exemplary, then the performance will also be judged suitable. Christanti &
Mahastanti (2011) stated that investment over a long period affects investors'
investment decisions. Investors new to trading consider all factors related to their
investment decisions. While the longer an investor trades, the fewer or fewer
factors are considered. The longer you trade, the more experience you get, so
investment decisions are more influenced based on experience.
A person's gender makes the difference between men and women, both
physical and psychic. Men prioritize logic, and women prioritize feelings. This
assumption is in line with research from Green et al. (2009) that the accuracy of
male employees' thinking is significantly better. The more mature one should be
more controlling and think logically to distinguish which needs and wants and
determine their priorities. According to Selmer & Lauring (2016), with increasing
age, it will be longer to work and more proficient in work. Education is a way for
a person to gain knowledge that can be used for various things and facilitate
things. Learning is applicable to find a suitable method of completing a job in a
job. The length of trading can determine how much experience a trader has. The
more knowledge one has, the more intelligent a person does his job. Christanti &
Mahastanti (2011) found that the length of trading influences an investor's
investment decisions.
Research on the relationship between demographic and performance
factors by Kurniasih and Lestari found that education affected performance,
while gender, age, and working life had no effect. Anggita & Kawedar (2017)
found that the level of education and length of a position affected performance,
while generation had no effect. Guterresa et al. (2020) found evidence that
education affects team member performance, and thus:
H1: There is a relationship between gender and trader’s performance.
H2: There is a relationship between age and trader’s performance.
H3: There is a relationship between the level of education and the trader’s performance.
H4: There is a relationship between the length of trading and the trader’s performance.
Personality Traits
Many characters and personalities attached to the individual can identify
the prominent personalities that govern the individual's behavior. These
personalities correspond to their characteristics. Two personality models
commonly used to classify and identify individual characters are the Myers-
Briggs Type Indicator (MBTI) and the prominent five personalities (Robbins &
Judge, 2015:130).
The Big Five Personality is a personality model that encapsulates key
human personality traits (Mount et al., 2005) and is relevant to different cultures
(McCrae & Costa Jr, 2013). The selection of the name Big Five Personality does
not mean that there are only five personalities, but rather a grouping of
thousands of individual characteristics into five large sets called personality
Prihatini & Widakdo
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dimensions (Ramdhani, 2012). Robbins & Judge (2015:132) state that the
personality dimensions of the Big Five Personality model are as follows: (a)
Extraversion, which is a personality that describes someone who is supple,
friendly, and assertive; (b) Agreeableness which is a personality that describes
the character of someone kind, happy to cooperate, and full of trust; (c)
Conscientiousness which is a personality that describes someone trustworthy,
persistent, organized, and responsible; (d) Emotional Stability which is a
personality that describes someone calm and not easily nervous; and (e)
Openness to experience which describes someone who likes new things.
Nasyroh & Wikansari (2017) suggest that the personality dimensions of
agreeableness and neuroticism significantly correlate with performance. The
personality dimensions of extraversion, conscientiousness, and openness have an
insignificant connection with performance. On the other hand, Putri & Isbanah
(2020) found that extraversion and agreeableness affect performance. Based on
this description, the proposed hypotheses and the conceptual model are:
H 5: There is a relationship between extraversion and trader performance.
H 6: There is a relationship between agreeableness and trader performance.
H 7: There is a relationship between conscientiousness and trader performance.
H 8: There is a relationship between neuroticism and trader performance.
H 9: There is a relationship between openness and trader performance.
Figure 1. Conceptual Framework
METHODOLOGY
According to data from the Indonesian Blockchain Association, as of July
2021, there are 7.4 million crypto traders in Indonesia. This figure is an 85 percent
increase compared to 2020, which only amounted to 4 million people. This
number is expected to increase in the following years, so the number of crypto
traders cannot be directly ascertained because it is dynamic. Because the
population was not certainly known at the time of the study, the sampling
method in this study used the quota sampling method with the Lemeshow
formula (Bungin, 2009: 99), so we obtained a sample of 100 people.
Gender
Age
Demographic
Education
Old Trading
Extraversion
Agreeableness
Conscientious
Neuroticism
Extraversion
Personality
Trait
Performance
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This type of data is primary data obtained directly from research
respondents. The instrumentation uses a validity test with the Pearson Product
Moment method (Pardede & Manurung, 2014:31) and a reliability test with the
Cronbach-Alpha method (Ghozali, 2017:47). This research is a correlational study
because the aim is to analyze the relationship and the degree of relationship
between two or more variables. Hypothesis testing uses the Chi-square test to
test the relationship between demographic factors and performance. Because the
Chi-square test is a non-parametric comparative test performed on two variables,
the data scale of one or both variables is nominal (Sutrisno, 2000), and the Rank-
Spearman test on personality trait-to-performance relationships (Nugroho,
2005:36).
RESULTS
Respondent Demographics Data
The results of observations of 100 respondents obtained demographic data
of respondents covering gender, age, education last, and length of trading as
presented in the following table:
Table 1. Respondent Demographics Data
Demographic
Category
Frequency
Percentage
Gender
Male
56
56%
Female
44
44%
Age
20-24 years
59
59%
25-29 years
22
22%
30-34 years
15
15%
35-39 years
2
2%
40-44 years
2
2%
Education
Upper School of Advanced Schools
45
45%
Diploma
23
23%
Bachelor
27
27%
Master
3
3%
Doctor
2
2%
Length of
Trading
One year
39
39%
Two years
33
33%
Three years
7
7%
Four years
11
11%
Five years
10
10%
Return On
Investment
(ROI)
0-20%
14
14%
21-40%
29
29%
41-60%
18
18%
61-80%
22
22%
81-100%
17
17%
Prihatini & Widakdo
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Instrument Test
The results of the data instrument test, which include the validity test
(Pearson Product Moment) and reliability test (Cronbach-Alpha), show the
results as presented in Table 2:
Table 2. Instrumentation Test Results
Grain
Validity Test
Reliability Test
r-count
r-table
Meaning
Meaning
X5.1
0,733
0,195
Valid
0,694
Reliable
X5.2
0,859
0,195
Valid
X5.3
0,775
0,195
Valid
X6.1
0,846
0,195
Valid
0,814
Reliable
X6.2
0,872
0,195
Valid
X6.3
0,843
0,195
Valid
X7.1
0,808
0,195
Valid
0,769
Reliable
X7.2
0,878
0,195
Valid
X7.3
0,792
0,195
Valid
X8.1
0,782
0,195
Valid
0,655
Reliable
X8.2
0,733
0,195
Valid
X8.3
0,674
0,195
Valid
X9.1
0,830
0,195
Valid
0,686
Reliable
X9.2
0,790
0,195
Valid
X9.3
0,735
0,195
Valid
Validity test results show that all items on the personality traits variable have an
r-count > r-table, suggesting the reliability of a research tool.
Hypothesis Testing
Hypothesis test results of the relationship between demographic and
performance factors and the personality traits and performance are as follows:
Table 3. Hypothesis Testing Results
Test
Free Variable
Result
Significance
Chi-square
Gender
10,033
0,040
Age
33,226
0,007
Education
15,547
0,485
Length of Trading
31,628
0,011
Rank-
Spearman
Extraversion
-0,105
0,299
Agreeableness
-0,098
0,334
Conscientiousness
-0,150
0,135
Neuroticism
-0,100
0,320
Openness
-0,183
0,069
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In Table 3, the Chi-square test results show that is there is a relationship
between gender, age, and length of trading with the performance of
cryptocurrency traders with a value of significance < (0.05). There is no
relationship between education and the performance of cryptocurrency traders
with a value of significance of > (0.05). The results of the Rank-Spearman test
(Table 3) show that there is no relationship between personality trait variables
and the performance of cryptocurrency traders with a value of significance >
(0.05).
DISCUSSION
The chi-square test results found that gender has a relationship with
performance. In this case, it cannot describe the direction of the relationship
because the gender variable uses a nominal scale with no level. It is impossible
to determine the direction of the relationship of the variable that has this minor
scale. There is no definite measure for knowing how male or female a person is.
The distribution of the frequency of gender with the level of performance (ROI),
if averaged, shows that the average ROI for men is 45.85% and for women 55.95%.
This can indicate that female traders perform better than male traders on average.
This confirms the assumption that women are more thorough than men to be
more precise in analyzing the crypto market.
There is a significant relationship between age and performance. From the
cross tabulation results, it can be seen that the age range with the most significant
number of respondents is in the age range of 20-24 years. When calculating the
average ROI obtained from each age range, the 20–24-year age range obtains the
highest average of 55.6%. This can be interpreted that a trader's performance is
in its prime in this age range. At this age, range traders have a high enthusiasm
for work and prove their ability to succeed. A cryptocurrency trader in this age
range also mostly does not have significant responsibilities such as supporting
his family, so traders can be more willing to take risks to get more profits. In
terms of performance, it will show better results and a significant relationship
between age and trader’s performance. This result is in line with Anggita &
Kawedar (2017) and Putri (2021), who found the effect of age demographic on
performance.
There is no relationship between the respondent's education and
performance. It could be because the education variable measured in this study
is the level of formal education, while in cryptocurrency trading, technical
knowledge from informal education may be more applicable. The results of the
cross tabulation show that the majority of respondents are high school graduates
or the equivalent. The calculation of ROI obtained from each level of education
reveals that high school graduate obtains an average of 50.5%, still below
Diploma graduates who have an average ROI of 55.7%. Meanwhile, S3 or
Doctoral graduates have an average ROI of only 30.5%. This shows that it is not
a guarantee that higher education will always excel in cryptocurrency trading.
The absence of associations in this study is not necessarily the same as the
Prihatini & Widakdo
60
relationship between formal education and one's performance in other fields of
work. For jobs that require formal education as a basis for competence, such as
architect or teacher, one's performance is most likely related to the last formal
education taken (Pebrianti and Trianasari, 2021).
There is a strong relationship between the length of trading and
performance. The longer the trader pursues trading crypto assets, the more
experience. This experience can teach traders how to deal with the condition that
occurs in the future. From the calculation results of the average ROI, traders who
have one year of experience get an ROI of 48.4%, while traders who have three
years of experience get the highest ROI of 63%. Although the chi-square test
cannot show the direction of the relationship, the greater the ROI of traders with
more extended experience indicates that the longer a trader trades, the higher his
performance (ROI).
The results of the Spearman rank analysis show that extraversion does not
have a significant relationship with trader performance. Extraversion is a
person's positive traits such as having high enthusiasm, friendliness, energy, and
ambition. This study confirms that although respondents have high extraversion,
it is not directly related to high performance. That is because cryptocurrency
traders can still earn without directly connecting with other people.
The agreeableness has no relationship with the trader's performance.
Friendliness has positive traits such as being cooperative, friendly, and caring for
others. Although respondents have relatively high agreeableness, it has no
relationship with traders' performance. There is no relationship between the
nature of friendship and traders' performance in line with the absence of a
connection between the previous character of extraversion. The spirit of
agreeableness also measures the high low nature of interacting with others. The
research results contradict Nasyroh & Wikansari (2017), who found a significant
association between agreeableness and performance.
There is no relationship between conscientiousness and performance.
People with high conscientiousness have traits such as being punctilious, orderly,
meticulous, and full of preparation. Although these traits are necessary for
traders to trade crypto assets, the results of this study show no association
between conscientiousness and performance. Although not measured based on
interactions with others, the nature of conscientiousness can still have no relation
to a trader's performance. It is not easy to refrain from emotions from taking a
role in trading crypto assets. The influence of emotions or passions in trading
assets can mess with the nature of prudence. The nature of diplomacy will be
disturbed by emotions, and excessive caution can also worsen performance. It is
because if you are too careful, then you cannot bring out your optimal abilities.
It may result in a lack of a relationship between conscientiousness and
performance. These results align with Nasyroh & Wikansari's (2017) finding that
conscientiousness is related to performance but is insignificant.
There is no relationship between neuroticism and performance. People with
high neuroticism tend to feel anxious, temperamental, moody, and self-pitying.
Neuroticism measured the emotional control of the study respondents.
Reasonable dynamic control is needed so that when trading crypto assets, the
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trader still executes the trading strategy by what he planned and does not get
carried away with emotions or passions. The study results that did not show any
association between neuroticism and performance are inversely proportional to
Nasyroh & Wikansari's (2017) research. The results showed that neuroticism has
a significant association with performance. This difference can occur because the
investigated object is the team member of the Human Resource Management
division.
There is no relationship between openness and trader performance. The
nature of transparency will be related to the number of knowledge traders have.
The amount of knowledge is related to the performance of traders. Although not
directly related to traders' performance, good openness is still necessary for
trading crypto assets. It is because the cryptocurrency world continues to
undergo changes and developments. If you cannot keep up with it, the trader
will find it difficult to profit. The results of studies that show the absence of an
association between openness and performance, in contrast to the effects of
research conducted by Nasyroh & Wikansari (2017), found that transparency has
an association with performance, although not significant.
This study explores whether demographic characteristics and human
personality are closely related to a trader's ability to trade cryptocurrencies. This
research shows that women have a higher potential to become successful
cryptocurrency traders than men. Trading activities should be started at a young
age because the focus and productivity are still high, plus the need for
consistency in trading because the length of trading is also related to the ability
to generate ROI as an indicator of trader performance. Although only the three
variables of this study were significantly related to a trader's performance, we
believe the results obtained offer some contribution to the literature. Studies such
as this that describe the performance of cryptocurrency traders based on
statistical evidence are rarely conducted. As stated by Bartos (2015), the
discussion of whether efficient market conditions better explain the performance
of cryptocurrency traders, psychological states, or investment patterns is still a
matter of debate.
FURTHER STUDY
Based on the study results, gender, age, and length of trading experience
have a relationship with cryptocurrency traders' performance. Education has
nothing to do with performance. Personality traits (extraversion, agreeableness,
conscientiousness, neuroticism, and openness) have no connection with the
performance of cryptocurrency traders. This study shows that traders with
neuroticism or emotional control traits that are not good should learn to control
their emotions. Researchers should then discuss the relationship of demographic
factors better using analysis that can also describe the direction and intensity of
a relationship. In addition, it is also advisable to add other demographic factors
such as marital status, type of employment, and informal education.
Prihatini & Widakdo
62
ACKNOWLEDGMENT
We acknowledge all respondents for Asosiasi Pedagang Aset Kripto
Indonesia (ASPAKRINDO), insightful correspondence, and our enumerators for
all kinds of help.
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