IDEAS home Printed from https://ideas.repec.org/a/sae/sagope/v9y2019i3p2158244019865813.html

Acceptance and Penetration of Bitcoin: The Role of Psychological Distance and National Culture

Author

Listed:
  • Juneman Abraham
  • Dian Utami Sutiksno
  • Nuning Kurniasih
  • Ari Warokka

Abstract

Previous studies showed that a number of factors play roles in influencing Bitcoin penetration and acceptance, both at country and individual level, such as trust, perceived risk, security threat, perceived benefit, perceived ease of use, as well as macro-technological and socioeconomic factors. This present study aimed at finding theoretical models at the macro- and microlevels that are able to explain the penetration and acceptance. Study 1 examined hypotheses on the predictive relationship between national cultural orientation and Bitcoin penetration involving 60 countries. Study 2, using a construal level perspective, tested the predictive strength of psychological distances against Bitcoin acceptance, involving 565 Indonesians ( M age = 28.88 years, SD age = 12.482 years). The results showed that national culture of individualism, uncertainty avoidance, and long-term orientation are able to predict the penetration. Spatial/physical distance, social distance, and hypothetical distance are able to predict the acceptance. This research is pivotal in obtaining the fundamental factors of community vulnerability in accepting and endorsing new e-money, i.e. Bitcoin. Monetary policy is expected to consider cultural and psychological factors in intervening against economic–technological disruptive innovations developing among societies.

Suggested Citation

  • Juneman Abraham & Dian Utami Sutiksno & Nuning Kurniasih & Ari Warokka, 2019. "Acceptance and Penetration of Bitcoin: The Role of Psychological Distance and National Culture," SAGE Open, , vol. 9(3), pages 21582440198, July.
    • Handle: RePEc:sae:sagope:v:9:y:2019:i:3:p:2158244019865813
    DOI: 10.1177/2158244019865813
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/2158244019865813
    Download Restriction: no
    File URL: https://libkey.io/10.1177/2158244019865813?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Thomas Kim, 2015. "The Predecessors of Bitcoin and Their Implications for the Prospect of Virtual Currencies," PLOS ONE, Public Library of Science, vol. 10(4), pages 1-18, April.
    2. Henry, Christopher S. & Huynh, Kim P. & Nicholls, Gradon, 2018. "Bitcoin awareness and usage in Canada," Journal of Digital Banking, Henry Stewart Publications, vol. 2(4), pages 311-337, May.
    3. Bouri, Elie & Gupta, Rangan & Tiwari, Aviral Kumar & Roubaud, David, 2017. "Does Bitcoin hedge global uncertainty? Evidence from wavelet-based quantile-in-quantile regressions," Finance Research Letters, Elsevier, vol. 23(C), pages 87-95.
    4. Dean Fantazzini & Erik Nigmatullin & Vera Sukhanovskaya & Sergey Ivliev, 2016. "Everything you always wanted to know about bitcoin modelling but were afraid to ask. I," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 44, pages 5-24.
    5. Dodd, Nigel, 2018. "The social life of Bitcoin," LSE Research Online Documents on Economics 69229, London School of Economics and Political Science, LSE Library.
    6. Beate Sauer, 2016. "Virtual Currencies, the Money Market, and Monetary Policy," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 22(2), pages 117-130, May.
    7. Jon Baldwin, 2018. "In digital we trust: Bitcoin discourse, digital currencies, and decentralized network fetishism," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 4(1), pages 1-10, December.
    8. Paolo Tasca & Adam Hayes & Shaowen Liu, 2018. "The evolution of the bitcoin economy," Journal of Risk Finance, Emerald Group Publishing Limited, vol. 19(2), pages 94-126, March.
    9. Dodd, Nigel, 2015. "Redeeming Simmel's money," LSE Research Online Documents on Economics 65135, London School of Economics and Political Science, LSE Library.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Roberto Leonardo Rana & Pasquale Giungato & Angela Tarabella & Caterina Tricase, 2019. "Blockchain Applications and Sustainability Issues," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 21(S13), pages 861-861, November.
    2. Müser, Sinja & Hemmerich, Moritz & Schmitz, Florian, 2024. "Individual differences in Bitcoin investment: The role of personality, attitudes, and knowledge," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 113(C).
    3. Mladenović, Dušan & Bruni, Roberto & Filieri, Raffaele & Ismagilova, Elvira & Kalia, Prateek & Jirásek, Michal, 2024. "The power of electronic Word of Mouth in inducing adoption of emerging technologies," Technology in Society, Elsevier, vol. 79(C).
    4. Kyohei Shibano & Gento Mogi, 2022. "An analysis of the acquisition of a monetary function by cryptocurrency using a multi-agent simulation model," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-30, December.
    5. Muhammad Ikhlas Rosele & Abdul Muneem & Azizi Bin Che Seman & Luqman Bin Haji Abdullah & Noor Naemah Binti Abdul Rahman & Mohd Edil Bin Abd Sukor & Abdul Karim Bin Ali, 2022. "The Concept of Wealth (mÄ l) in the SharÄ«Ê¿ah and Its Relation to Digital Assets," SAGE Open, , vol. 12(2), pages 21582440221, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Panagiotidis, Theodore & Stengos, Thanasis & Vravosinos, Orestis, 2019. "The effects of markets, uncertainty and search intensity on bitcoin returns," International Review of Financial Analysis, Elsevier, vol. 63(C), pages 220-242.
    2. Ed Saiedi & Anders Broström & Felipe Ruiz, 2021. "Global drivers of cryptocurrency infrastructure adoption," Small Business Economics, Springer, vol. 57(1), pages 353-406, June.
    3. Chen, Hao & Xu, Chao, 2022. "The impact of cryptocurrencies on China's carbon price variation during COVID-19: A quantile perspective," Technological Forecasting and Social Change, Elsevier, vol. 183(C).
    4. R. Bedoui & R. Benkraiem & K. Guesmi & I. Kedidi, 2023. "Portfolio optimization through hybrid deep learning and genetic algorithms vine Copula-GARCH-EVT-CVaR model," Post-Print hal-04631234, HAL.
    5. Karau, Sören, 2021. "Monetary policy and Bitcoin," Discussion Papers 41/2021, Deutsche Bundesbank.
    6. Ata Assaf & Luis Alberiko Gil-Alana & Khaled Mokni, 2022. "True or spurious long memory in the cryptocurrency markets: evidence from a multivariate test and other Whittle estimation methods," Empirical Economics, Springer, vol. 63(3), pages 1543-1570, September.
    7. Hau, Liya & Zhu, Huiming & Shahbaz, Muhammad & Sun, Wuqin, 2021. "Does transaction activity predict Bitcoin returns? Evidence from quantile-on-quantile analysis," The North American Journal of Economics and Finance, Elsevier, vol. 55(C).
    8. Hanna Halaburda & Guillaume Haeringer & Joshua Gans & Neil Gandal, 2022. "The Microeconomics of Cryptocurrencies," Journal of Economic Literature, American Economic Association, vol. 60(3), pages 971-1013, September.
    9. Andrew Isaak & Baris Istipliler & Suleika Bort & Michael Woywode, 2025. "Regulation, Corruption, and Decentralized Autonomous Organizations: Insights from Bitcoin Trading and Platform Founding Between 2011 and 2023," Organization Science, INFORMS, vol. 36(6), pages 2210-2244, November.
    10. Raza, Syed Ali & Masood, Amna & Benkraiem, Ramzi & Urom, Christian, 2023. "Forecasting the volatility of precious metals prices with global economic policy uncertainty in pre and during the COVID-19 period: Novel evidence from the GARCH-MIDAS approach," Energy Economics, Elsevier, vol. 120(C).
    11. Hui Xiao & Yiguo Sun, 2020. "Forecasting the Returns of Cryptocurrency: A Model Averaging Approach," JRFM, MDPI, vol. 13(11), pages 1-15, November.
    12. Carmen Orden‐Cruz & Jessica Paule‐Vianez & Júlio Lobão, 2023. "The effect of Economic Policy Uncertainty on the credit risk of US commercial banks," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(3), pages 3420-3436, July.
    13. Max Raskin & David Yermack, 2016. "Digital Currencies, Decentralized Ledgers, and the Future of Central Banking," NBER Working Papers 22238, National Bureau of Economic Research, Inc.
    14. Syed Zwick, Hélène & Syed, Sarfaraz Ali Shah, 2019. "Bitcoin and gold prices: A fledging long-term relationship," MPRA Paper 92512, University Library of Munich, Germany.
    15. Fortin, Mélissa & Pimentel, Erica, 2024. "Bitcoin: An accounting regime," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 99(C).
    16. Bouri, Elie & Gabauer, David & Gupta, Rangan & Tiwari, Aviral Kumar, 2021. "Volatility connectedness of major cryptocurrencies: The role of investor happiness," Journal of Behavioral and Experimental Finance, Elsevier, vol. 30(C).
    17. Jiang, Yonghong & Wu, Lanxin & Tian, Gengyu & Nie, He, 2021. "Do cryptocurrencies hedge against EPU and the equity market volatility during COVID-19? – New evidence from quantile coherency analysis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 72(C).
    18. Udayan Sharma & Madhusudan Karmakar, 2023. "Are gold, USD, and Bitcoin hedge or safe haven against stock? The implication for risk management," Review of Financial Economics, John Wiley & Sons, vol. 41(1), pages 43-64, January.
    19. Rodriguez, Harold & Colombo, Jefferson, 2025. "Is bitcoin an inflation hedge?," Journal of Economics and Business, Elsevier, vol. 133(C).
    20. Vidal-Tomás, David & Ibañez, Ana, 2018. "Semi-strong efficiency of Bitcoin," Finance Research Letters, Elsevier, vol. 27(C), pages 259-265.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:sagope:v:9:y:2019:i:3:p:2158244019865813. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.