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Cryptocurrencies and the Entrepreneurial Mindset: The Role of Financial Literacy in Driving Adoption

Author

Listed:
  • Alexandru Ursu

    (Department of Psychology, Babeș-Bolyai University, 400015 Cluj-Napoca, Romania)

  • Petru L. Curșeu

    (Department of Psychology, Babeș-Bolyai University, 400015 Cluj-Napoca, Romania
    Department of Organization, Open Universiteit, 6419 AT Heerlen, The Netherlands)

  • Sabina R. Trif

    (Department of Psychology, Babeș-Bolyai University, 400015 Cluj-Napoca, Romania)

  • Alina Maria Cociș (Fleștea)

    (Department of Psychology, Babeș-Bolyai University, 400015 Cluj-Napoca, Romania)

Abstract

Cryptocurrencies are rapidly transforming digital finance and entrepreneurship, yet their adoption by entrepreneurs remains rather poorly understood. Drawing on the Threat-Rigidity Model (TRM) and the opportunity recognition literature, this study examines how entrepreneurial experience, financial literacy, perceived opportunities, and perceived threats influence entrepreneurial intention to use cryptocurrencies. We tested a moderated mediation model in which the association between financial literacy and experience, on the one hand, and intention to use cryptocurrencies, on the other, was mediated by perceived opportunities. In this model, perceived threats served as a moderator on the relationship between financial literacy and intention, as well as between perceived opportunities and adoption intention. Data were collected from a sample of 133 Romanian entrepreneurs across diverse industries. The results supported the mediating role of perceived opportunities in the relationship between financial literacy and intention to use cryptocurrencies in business and showed that the positive association between financial literacy and intention was attenuated by perceived threats. Entrepreneurial experience did not significantly influence perceived opportunities, while women entrepreneurs reported lower intention to adopt cryptocurrencies in business. This study is among the first to use the TRM to explore how the interplay of perceived opportunities and threats shapes cryptocurrency adoption in entrepreneurship. Other implications, limitations, and directions for future research are also discussed.

Suggested Citation

  • Alexandru Ursu & Petru L. Curșeu & Sabina R. Trif & Alina Maria Cociș (Fleștea), 2025. "Cryptocurrencies and the Entrepreneurial Mindset: The Role of Financial Literacy in Driving Adoption," Administrative Sciences, MDPI, vol. 15(10), pages 1-18, October.
    • Handle: RePEc:gam:jadmsc:v:15:y:2025:i:10:p:403-:d:1775436
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    References listed on IDEAS

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