How Bitcoin’s ups and downs are changing the way you bet
研究了比特币价格波动对区块链赌博平台LuckyBit上下注行为的影响，发现价格水平提高会增加风险偏好但减少下注频率，而价格波动大会降低平均下注金额。
We investigate the relationship between Bitcoin price fluctuations and gambling behavior on the blockchain-based LuckyBit platform. Using transaction data spanning four years, we analyze how Bitcoin’s exchange rate, price movements and volatility impact key gambling metrics, including bet size, gambling frequency, and risk appetite. Employing regression models and clustering techniques, we identify distinct behavioral responses among different gambler cohorts. Our findings reveal that higher Bitcoin price levels are associated with increased risk-taking but reduced gambling frequency, whereas higher weekly price volatility leads to a significant reduction in average bet sizes across all player groups. These results suggest that gamblers perceive Bitcoin’s price movements as a psychological reference point, influencing their betting decisions in a manner similar to traditional financial decision-making.