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Post: The Influence of Trustworthy Faces on ICO Investments

The Influence of Trustworthy Faces on ICO Investments

Key Points:

  • Initial coin offerings (ICOs) tend to attract more investments when the people offering them have “trustworthy” faces, according to research by Professor Sinh Thoi Mai from the Hanken School of Economics in Finland.
  • The study found that ICOs with member images that ranked highly on a trustworthiness scale received up to 95% more investments compared to those with low rankings.
  • A sample of 5,826 ICOs was manually collected, with a total amount raised of around $24 billion. Facial photo images from each ICO’s investor packets were evaluated for trustworthiness.


Professor Sinh Thoi Mai’s research sheds light on the influence of human perception and trust on the success of ICOs. The study suggests that potential investors are more likely to participate in ICOs when they perceive the individuals behind the project as trustworthy. This aligns with the psychological phenomenon where people tend to trust and invest in individuals they perceive as reliable and honest.

The evaluation of trustworthiness through facial images introduces an interesting angle to ICO investing. However, it is important to note that this research focuses on perceived trustworthiness based on physical appearance alone and does not reflect the actual trustworthiness of the individuals or the project. Evaluating the credibility of an ICO should involve a comprehensive analysis of the team, project, and underlying technology.

Hot Take:

This study highlights the importance of trust and credibility in the cryptocurrency world. It suggests that presenting individuals associated with ICOs as trustworthy can positively influence investment outcomes. However, it is crucial for investors to conduct thorough due diligence and not rely solely on physical appearance when evaluating the potential of an ICO. Trust should be built on a solid foundation of transparency, expertise, and a comprehensive understanding of the project and its objectives. Ultimately, long-term success in the cryptocurrency space relies on delivering on promises and building trust through action rather than appearances alone.

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