Comment: (In-press) Journal of Alternative InvestmentsThis study investigates the socio-demographic characteristics that individual cryptocurrency investors exhibit and the factors which go into their investment decisions in different Initial Coin Offerings. A web based revealed preference survey was conducted among Australian and Chinese blockchain and cryptocurrency followers, and a Multinomial Logit model was applied to inferentially analyze the characteristics of cryptocurrency investors and the determinants of the choice of investment in cryptocurrency coins versus other types of ICO tokens. The results show a difference between the determinant of these two choices among Australian and Chinese cryptocurrency folks. The significant factors of these two choices include age, gender, education, occupation, and investment experience, and they align well with the behavioural literature. Furthermore, alongside differences in how they rank the attributes of ICOs, there is further variance between how Chinese and Australian investors rank deterrence factors and investment strategies.