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

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  • 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
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    References listed on IDEAS

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    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. 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.
    3. 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.

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