  This study investigates the socio-demographic characteristics that individual
cryptocurrency investors exhibit and the factors which go into their investment
decisions in different Initial Coin Offerings. A web based revealed preference
survey was conducted among Australian and Chinese blockchain and cryptocurrency
followers, and a Multinomial Logit model was applied to inferentially analyze
the characteristics of cryptocurrency investors and the determinants of the
choice of investment in cryptocurrency coins versus other types of ICO tokens.
The results show a difference between the determinant of these two choices
among Australian and Chinese cryptocurrency folks. The significant factors of
these two choices include age, gender, education, occupation, and investment
experience, and they align well with the behavioural literature. Furthermore,
alongside differences in how they rank the attributes of ICOs, there is further
variance between how Chinese and Australian investors rank deterrence factors
and investment strategies.
