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Behavioral and Psychological Determinants of Cryptocurrency Investment: Expanding UTAUT with Perceived Enjoyment and Risk Factors

Author

Listed:
  • Eugene Bland

    (Department of Accounting, Finance, and Business Law, College of Business, Texas A&M University-Corpus Christi, 6300 Ocean Dr., Corpus Christi, TX 78412, USA)

  • Chuleeporn Changchit

    (Department of Decision Sciences and Economics, College of Business, Texas A&M University-Corpus Christi, 6300 Ocean Dr., Corpus Christi, TX 78412, USA)

  • Robert Cutshall

    (Department of Decision Sciences and Economics, College of Business, Texas A&M University-Corpus Christi, 6300 Ocean Dr., Corpus Christi, TX 78412, USA)

  • Long Pham

    (Department of Decision Sciences and Economics, College of Business, Texas A&M University-Corpus Christi, 6300 Ocean Dr., Corpus Christi, TX 78412, USA)

Abstract

With their potential for high returns and expanding role in the financial landscape, cryptocurrency investments have garnered the attention of the financial press and investors. Applying an integrated research model based on the Unified Theory of Acceptance and Use of Technology (UTAUT), this study investigates the factors influencing individual investors’ attitudes toward cryptocurrency investments and their intention to continue investing. The model incorporates constructs such as performance expectancy, effort expectancy, social influence, perceived risk, perceived privacy, technology competency, perceived enjoyment, and prior experience. Data from 506 cryptocurrency investors located in the United States were collected through a 50-item questionnaire. The findings indicate that performance expectancy and perceived enjoyment positively impact attitudes toward cryptocurrency investments, which, in turn, influence the intention to continue investing. Perceived privacy positively affects performance expectancy, while technology competency enhances effort expectancy. These results offer valuable insights for policymakers and cryptocurrency exchanges to foster sustainable growth in the cryptocurrency market. Despite its contributions, the study acknowledges limitations, including a focus on current investors in the US and the exclusion of factors such as optimism and innovativeness. Future research should explore these aspects across different populations and regions to gain a more comprehensive understanding of cryptocurrency investment behavior.

Suggested Citation

  • Eugene Bland & Chuleeporn Changchit & Robert Cutshall & Long Pham, 2024. "Behavioral and Psychological Determinants of Cryptocurrency Investment: Expanding UTAUT with Perceived Enjoyment and Risk Factors," JRFM, MDPI, vol. 17(10), pages 1-22, October.
    • Handle: RePEc:gam:jjrfmx:v:17:y:2024:i:10:p:447-:d:1491161
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    References listed on IDEAS

    as
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    5. Muhammad Athar Nadeem & Zhiying Liu & Abdul Hameed Pitafi & Amna Younis & Yi Xu, 2021. "Investigating the Adoption Factors of Cryptocurrencies—A Case of Bitcoin: Empirical Evidence From China," SAGE Open, , vol. 11(1), pages 21582440219, March.
    6. Hasibul Islam & Masud Rana & Shimanto Saha & Taslima Khatun & Mustari Rahman Ritu & Md. Rashidul Islam, 2023. "Factors influencing the adoption of cryptocurrency in Bangladesh: an investigation using the technology acceptance model (TAM)," Technological Sustainability, Emerald Group Publishing Limited, vol. 2(4), pages 423-443, October.
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    8. Eugene Bland & Chuleeporn Changchit & Charles Changchit & Robert Cutshall & Long Pham, 2024. "Investigating the Components of Perceived Risk Factors Affecting Mobile Payment Adoption," JRFM, MDPI, vol. 17(6), pages 1-18, May.
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