Digital Token Investment Behavior: A Case Study of Thailand

Abstract

The objectives of this research are (1) to study the investment behavior in digital tokens and (2) to study the differences in motivations based on the types of digital tokens. Data was collected using questionnaires from a sample group of 400 investors in Thailand who have experience investing in either Investment Token or Utility Token. The data were analyzed using descriptive statistics, including mean, percentage, and T-Test statistics. The study found that most investors in Thailand choose to invest in digital tokens for investment purposes. The main objective of investing in Investment Token is to experiment with new investment opportunities. Meanwhile, the primary goal of investing in Utility Token is to gain various benefits. In the future, most investors from both groups plan to continue investing in digital tokens. Regarding the differences in investment motivations, the T-Test analysis revealed that investors in Utility Token rated the importance of returns and the benefits they receive the highest, finding them most attractive. On the other hand, investors in Investment Token rated the importance of a well-designed website and application for purchasing tokens from issuers as the highest, emphasizing the visual appeal, user-friendliness, and attractiveness of the platform. Both groups showed different motivations regarding products, with distinct preferences. Additionally, their motivations differed in aspects such as the economy and the reliability, security, and credibility of Blockchain technology and financial systems.