Two financial worlds and the bridge between them: profiling crypto, traditional, and dual investors

P. Lara-Bueno, D. Tercero-Lucas

Journal of International Financial Markets, Institutions and Money Vol. 109, pp. 102326

Summary:

This paper examines whether cryptocurrency investors differ from traditional stock market participants and identifies a third group that combines both asset types. Using data from the 2021 wave of the Survey of Financial Competencies conducted by the Bank of Spain, we analyze a nationally representative sample of Spanish households through logistic and multinomial regression models. Results show that crypto investors are more likely to be younger, male, and have lower income and educational attainment. They are also less likely to own pension products or feel confident about their retirement planning compared to stock market investors. In contrast, dual investors—those holding both crypto and traditional assets—exhibit higher financial literacy and greater risk tolerance, but do not differ significantly in income or education from stock investors. Our results reveal the existence of distinct investor profiles and highlight the need for tailored financial education and regulatory approaches that reflect the heterogeneity of market participants.

Spanish layman's summary:

El estudio compara el perfil de los inversores en criptomonedas, en bolsa y de quienes participan en ambos mercados. Los resultados muestran perfiles claramente diferenciados y apuntan a la necesidad de adaptar la educación financiera y los enfoques regulatorios a esa heterogeneidad.

English layman's summary:

The study compares the profiles of cryptocurrency, stock market, and dual investors. The results reveal clearly differentiated investor profiles and point to the need for tailored financial education and regulatory approaches.

Keywords: Cryptocurrency; Stock market; Investors; Financial literacy; Household finance

JCR-JIF Impact Factor and WoS quartile: 6,000 - Q1 (2025)

DOI reference: https://doi.org/10.1016/j.intfin.2026.102326

Published on paper: June 2026.

Published on-line: March 2026.

Citation:
P. Lara-Bueno, D. Tercero-Lucas, "Two financial worlds and the bridge between them: profiling crypto, traditional, and dual investors", Journal of International Financial Markets, Institutions and Money, Vol. 109, pp. 102326, June 2026. [Online: March 2026] doi: 10.1016/j.intfin.2026.102326