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After the extraordinary rise of the Bitcoin value in 2017, cryptocurrencies rose in their popularity and gained additional media attention. An increasing number of people were interested in investing in this relatively new asset class. But what is the rational for buying cryptocurrencies? Do people want to make "quick cash"? Could cryptocurrencies replace our centralised central bank based monetary system? These questions led to the decision to study the factors that drive the demand for cryptocurrencies. This paper gives a systematic introduction to the Blockchain technology, the underlying technology for the majority of cryptocurrencies. By analysing a questionnaire, this paper studies the influence of economic, financial and psychological factors on the demand for cryptocurrencies. Additionally, the findings give interesting insights in the different behavioural trait of students and junior bankers.
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Michel S. Scharnitzki studied Economics in his undergraduate at the University of Heidelberg. He started working part time at one of Germany¿s largest banks following a semester abroad in California. After his graduation he decided to pursue a Gap Year in order to gain extended work experience in Investment Banking, Corporate Strategy and Asset Management. Scharnitzki went on to do his MSc in Quantitative Finance at the Strathclyde Business School in Glasgow. Beside his interest in decision making processes he also spends time studying the alternative markets and the impact of technological developments on the capital markets.
