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A two-country study on the psychological antecedents to cryptocurrency investment decision-making

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  • Christian Nedu Osakwe
  • Michael D. Dzandu
  • Hayford Amegbe
  • Mohammed Hersi Warsame
  • Thurasamy Ramayah

Abstract

This study seeks to investigate the psychological antecedents toward cryptocurrency investment decision-making. Using extended planned behavior model, data were collected from 517 sample respondents in Kenya and Ghana to test the proposed model. Specifically, we find that skepticism undermines willingness to invest in cryptocurrency via attitude toward cryptocurrency across the two countries studied. We also find that subjective norm and perceived self-efficacy positively influence attitude toward cryptocurrency that, in turn, positively influences willingness to invest in cryptocurrency. The positive relationship between trust disposition and attitude toward cryptocurrency and in turn willingness to invest in cryptocurrency is statistically valid in Kenya but not in Ghana. Contrary to expectations, no negative statistical effect of risk disposition on attitude toward cryptocurrency was found in the Kenya and Ghana sample. Overall, the presented findings in this study enrich empirical understanding about the psychological factors influencing attitude and individuals’ intentions to invest in cryptocurrencies such as Bitcoin and Litecoin.

Suggested Citation

  • Christian Nedu Osakwe & Michael D. Dzandu & Hayford Amegbe & Mohammed Hersi Warsame & Thurasamy Ramayah, 2022. "A two-country study on the psychological antecedents to cryptocurrency investment decision-making," Journal of Global Information Technology Management, Taylor & Francis Journals, vol. 25(4), pages 302-323, October.
    • Handle: RePEc:taf:ugitxx:v:25:y:2022:i:4:p:302-323
    DOI: 10.1080/1097198X.2022.2132087
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    Cited by:

    1. Yongzhi Gong & Xiaofei Tang & En-Chung Chang, 2023. "Group norms and policy norms trigger different autonomous motivations for Chinese investors in cryptocurrency investment," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-10, December.

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