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When Ethics and Sustainability Shape Cryptocurrency Investment

Research conducted by three professors from Rennes School of Business, published in the Journal of Business Ethics, examines how ethical, sustainable and environmental convictions influence individual decisions to invest in cryptocurrencies.

A study at the crossroads of finance and sustainability

The global cryptocurrency market, with a capitalisation exceeding USD 2.7 trillion, is attracting a growing number of individual investors. While its financial potential is clear, it also raises questions about its environmental footprint, regulatory framework, and potential misuse.

In their article “The Influence of Ethical, Sustainable, and Environmental Beliefs on Individual Cryptocurrency Participation in Denmark, Finland, and Sweden”, Dr Akanksha Jalan, Dr Roman Matkovskyy and Dr Julia Roloff investigate how ethical and environmental beliefs shape investment behaviour. Their study is based on a survey of 1,500 retail investors across Scandinavia.

Key findings

The research highlights that:

  • Overall, ethical and environmental convictions significantly influence the intention to hold cryptocurrencies, but asymmetrically:
    • Positive or neutral ethical/sustainability views significantly increase intentions to hold crypt
    • Negative beliefs, however, do not reduce participation; critics often still want to invest showing that financial motives dominate ethics
  • Experienced investors develop stronger convictions, whether positive or negative.
  • Higher education and crypto knowledge strengthen the impact of ethical beliefs on investment intentions.
  • Gender differences emerge: men are more responsive to ethical considerations, while women place greater emphasis on sustainability.
  • Despite these considerations, loss-chasing emerges: the prospect of financial gain remains a key driver, even among sceptical investors.

Implications for society and academia

These findings provide valuable insights for several stakeholders:

  • Policy-makers : to strengthen transparency and incorporate environmental and social criteria into cryptocurrency regulation.
  • Financial and technology actors : to better anticipate investor expectations around ethics and sustainability.
  • Academia : to advance research into socially responsible investment within this rapidly evolving market.

A publication of international recognition

This article, published in the Journal of Business Ethics, a FT 50 ranked journal, illustrates Rennes School of Business’s contribution to global research on pressing contemporary issues: financial innovation, business ethics, and the sustainable transition.

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