IDEAS home Printed from https://ideas.repec.org/a/gam/jjrfmx/v17y2024i10p447-d1491161.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1911-8074/17/10/447/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1911-8074/17/10/447/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Horst Treiblmaier & Daniel Leung & Andrei O. J. Kwok & Aaron Tham, 2021. "Cryptocurrency adoption in travel and tourism – an exploratory study of Asia Pacific travellers," Current Issues in Tourism, Taylor & Francis Journals, vol. 24(22), pages 3165-3181, November.
    2. Eloy Gil-Cordero & Juan Pedro Cabrera-Sánchez & Manuel Jesús Arrás-Cortés, 2020. "Cryptocurrencies as a Financial Tool: Acceptance Factors," Mathematics, MDPI, vol. 8(11), pages 1-16, November.
    3. 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.
    4. William Black & Barry J. Babin, 2019. "Multivariate Data Analysis: Its Approach, Evolution, and Impact," Springer Books, in: Barry J. Babin & Marko Sarstedt (ed.), The Great Facilitator, pages 121-130, Springer.
    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. Nhuong Bui & Zachary Moore & Hayden Wimmer & Long Pham, 2022. "Predicting Customer Loyalty in the Mobile Banking Setting: An Integrated Approach," International Journal of E-Services and Mobile Applications (IJESMA), IGI Global, vol. 14(1), pages 1-22, January.
    Full references (including those not matched with items on IDEAS)

    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. Mark P. Doblas & Jishanis Mae G. Becaro & Jayendira P. Sankar & Vinodh K. Natarajan & Yoganandham G. & Arumugasamy G., 2024. "Testing Integrative Models of the Change Behavior in the Intention to Adopt Cryptocurrency," SAGE Open, , vol. 14(2), pages 21582440241, May.
    2. Bommer, William H. & Milevoj, Emil & Rana, Shailesh, 2023. "The intention to use cryptocurrency: A meta-analysis of what we know," Emerging Markets Review, Elsevier, vol. 55(C).
    3. Nuanphromsakul, Kajohnjak & Szczepańska-Woszczyna, Katarzyna & Kot, Sebastian & Chaveesuk, Singha & Chaiyasoonthorn, Wornchanok, 2022. "Sustainability of Rubber Farmers Cooperatives: Empirical Evaluation of Determining Factors," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(4), December.
    4. Iyer, Pooja & Bright, Laura F., 2024. "Navigating a paradigm shift: Technology and user acceptance of big data and artificial intelligence among advertising and marketing practitioners," Journal of Business Research, Elsevier, vol. 180(C).
    5. Manahov, Viktor & Li, Mingnan, 2024. "Stablecoins: New perspectives for travel and tourism," Annals of Tourism Research, Elsevier, vol. 107(C).
    6. Al-Shaer, Habiba & Uyar, Ali & Kuzey, Cemil & Karaman, Abdullah S., 2023. "Do shareholders punish or reward excessive CSR engagement? Moderating effect of cash flow and firm growth," International Review of Financial Analysis, Elsevier, vol. 88(C).
    7. Khalil Nimer & Muath Abdelqader & Cemil Kuzey & Ali Uyar, 2024. "Emission targeting and carbon emissions: The moderating effect of female directors," Business Strategy and the Environment, Wiley Blackwell, vol. 33(4), pages 3480-3504, May.
    8. Md. Mosharraf Hossain & Md. Kamrozzaman & Md. Mehedi Hasan Manik & Rahima Akther & Atiqur Rahaman & Md Sahab Uddin, 2024. "Antecedents of Job Satisfaction among Higher Secondary Teachers: Moderating Role of Training," International Journal of Science and Business, IJSAB International, vol. 42(1), pages 52-70.
    9. Luo, Xi & Cheah, Jun-Hwa & Hollebeek, Linda D. & Lim, Xin-Jean, 2024. "Boosting customers’ impulsive buying tendency in live-streaming commerce: The role of customer engagement and deal proneness," Journal of Retailing and Consumer Services, Elsevier, vol. 77(C).
    10. Stanis{l}aw Dro.zd.z & Jaros{l}aw Kwapie'n & Marcin Wk{a}torek, 2023. "What is mature and what is still emerging in the cryptocurrency market?," Papers 2305.05751, arXiv.org.
    11. Tihomir Orehovački & Luka Blašković & Matej Kurevija, 2022. "Evaluating the Perceived Quality of Mobile Banking Applications in Croatia: An Empirical Study," Future Internet, MDPI, vol. 15(1), pages 1-24, December.
    12. Wang, Siqi & Lim, Xin-Jean & Luo, Xi & Cheah, Jun-Hwa, 2024. "To hesitate or not to hesitate: Can popularity cues minimize the hesitation to checkout in e-commerce?," Journal of Retailing and Consumer Services, Elsevier, vol. 78(C).
    13. Nascimento, Lígia & Correia, Manuela Faia & Califf, Christopher B., 2024. "Towards a bright side of technostress in higher education teachers: Identifying several antecedents and outcomes of techno-eustress," Technology in Society, Elsevier, vol. 76(C).
    14. Zhang, Yunen & Shao, Wei & Quach, Sara & Thaichon, Park & Li, Qianmin, 2024. "Examining the moderating effects of shopping orientation, product knowledge and involvement on the effectiveness of Virtual Reality (VR) retail environment," Journal of Retailing and Consumer Services, Elsevier, vol. 78(C).
    15. Hoffmann, Stefan & Lasarov, Wassili & Dwivedi, Yogesh K., 2024. "AI-empowered scale development: Testing the potential of ChatGPT," Technological Forecasting and Social Change, Elsevier, vol. 205(C).
    16. Cheng-Wen Lee & San-Jung Peng & Jan-Yan Lin, 2024. "The Role of Eco-Education in Shaping Consumer Behavior towards Green Purchasing," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 14(1), pages 1-9.
    17. Qiu, Lili & Olaru, Doina & Purchase, Sharon, 2024. "Fostering strategic synergy: Empirical insights on aligning innovation activities with competitive strategies," Technological Forecasting and Social Change, Elsevier, vol. 208(C).
    18. Azad Moghddam, Hamed & Carlson, Jamie & Wyllie, Jessica & Mahmudur Rahman, Syed, 2024. "Scroll, Stop, Shop: Decoding impulsive buying in social commerce," Journal of Business Research, Elsevier, vol. 182(C).
    19. Gaitan, Ioan & Yun, Gawon & Joo, Harry & Hwang, Sunil, 2024. "Understanding military pilots’ fuel-saving intentions for supporting logistics missions," Journal of Air Transport Management, Elsevier, vol. 121(C).
    20. Cobelli, Nicola & Cassia, Fabio & Donvito, Raffaele, 2023. "Pharmacists' attitudes and intention to adopt telemedicine: Integrating the market-orientation paradigm and the UTAUT," Technological Forecasting and Social Change, Elsevier, vol. 196(C).

    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:gam:jjrfmx:v:17:y:2024:i:10:p:447-:d:1491161. 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: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    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.