Crypto-Crowdfunding and Investor Behavior: An Exploratory Analysis of Investment Perceptions

Abstract ―​

The rapid evolution of fintech has accelerated the integration of blockchain technology and cryptocurrencies into crowdfunding platforms, reshaping entrepreneurial finance and chal-lenging traditional conceptions of money, intermediation, and financial risk. This study empir-ically examines the socio-cultural, demographic, and behavioural factors influencing funders’ perceptions and investment decisions in crypto-crowdfunding, an emerging model situated at the intersection of digital currencies, financial inclusion, and decentralised capital formation. Using primary survey data from 1,000 respondents across Europe, the United States, and In-dia, and measuring perceptions through a structured five-point Likert questionnaire, the anal-ysis investigates how risk perception, trust and security, investor awareness, and perceived benefits shape participation in crypto-crowdfunded projects. The findings indicate that block-chain-enabled transparency and decentralisation significantly enhance perceived reliability and trust, while simultaneously altering traditional assessments of financial risk. Socio-cultural characteristics (such as gender, age, education, and country of origin) emerge as significant determinants of investor awareness, perceived risks, and expected benefits, confirming pro-nounced behavioural heterogeneity in digital-finance participation. Regression results reveal strong interdependencies between trust, risk perception, and awareness, underscoring the im-portance of effective risk-management mechanisms and adaptive governance frameworks to support sustainable adoption. By providing empirical evidence on individual-level determi-nants of participation in crypto-crowdfunding, the study contributes to the literature on the future of money by clarifying how cryptocurrencies function not only as speculative assets, but also as instruments of decentralised financial intermediation with distinct risk-governance implications.