Many agree that bitcoin’s major upside over the last 10 years has largely been the result of FOMO, a fear of missing out.

Loosely related to that, it’s also likely been fueled by a generous amount of testosterone 

After all, investing in Bitcoin is rather easy. It doesn’t require much due diligence, and there are no companies to do background on. 

That sets the stage for a wild variety of predictions and expectations on the future of bitcoin and other cryptocurrencies for the next few decades. Those predictions range from total collapse to a situation in which cryptocurrency replaces cash entirely.  

Bitcoin investors are fueled by the fact that some financial experts speculate that one coin could be worth $1 million within five years. That fact alone should be enough to attract a flock of investors.

However, other financial experts, no less credible, are warning investors that crypto will eventually go to zero.

That won’t dissuade a large group of predominantly male traders who are prong to a higher level of risk-taking. On the other side of the gender divide, female traders seemingly do level things out a bit and tend to counterbalance the male impulse trading.

Plenty of experiments have shown how testosterone affects decision making. People with higher levels of testosterone are more likely to take bigger risks. And bitcoin investing is all about the risk.

One recent study found that the amount of money that a male trader makes in a day is associated with his testosterone level.

The new data reveals that the interest in cryptocurrencies still comes largely from men around the age of 35. The majority — 58 percent — are young, between the ages of 18 and 34.

On other hand, women and older investors are largely steering clear of the crypto game.

Only 15% of bitcoin traders are women. Still, that percentage of female investors has increased compared to early last year, when only 10% of bitcoin investors were female.

It doesn’t help that bitcoin trades 24/7, not giving the testosterone any downtime. The 12-year-old crypto already has more trading hours than the S&P 500, founded in 1957.

Cointelegraph recently reported that the most active trading time in terms of volume was 1 am.

Late night and weekend trading are known for volatility and price crashes tend to happen then. That could possibly be because there is nothing else to trade at that time, in U.S. markets, or that is an hour in which men are willing to take more risk. 

The bitcoin craze--as has been the case for all bubbles historically--is an overwhelmingly male affair. Several studies show that the more women in the market, the smaller the odds of a price bubble. 

Since last year, cryptocurrency has been the fourth most traded asset, following real estate, stocks, mutual funds and bonds. A recent poll conducted by CNBC and Momentive now finds that 10% of investors surveyed have invested in cryptocurrency.

Some 65% of those cryptocurrency investors jumped into the digital coin in the last year, citing the excitement of investing and the fast returns.