Cryptocurrency: What Motivates Taylor’s University Students To Use the Virtual Currency?

Abstract

Cryptocurrency is an invention that has taken over the financial technology world since its inception, with an ever-growing userbase. Despite cryptocurrency becoming more widespread, limited research has been done on the consumer acceptance behavior, especially in the context of Malaysia. As such, this paper endeavors to identify the factors that impact behavioral intention to use cryptocurrency utilizing the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) model with habit omitted from the model and extended with trust and perceived risk.

This research employs a quantitative approach and data was collected from 255 questionnaires circulated in Taylor’s University. Multiple linear regression test was utilized to analyses the collected data. The findings indicate that performance expectancy, effort expectancy, hedonistic motivation, price value and trust positively impact behavioral intention, while perceived risk and behavioral intention are negatively correlated. Facilitating conditions and social influence do not have any relationship with behavioral intention as per the findings.

The findings of the study should prove beneficial to cryptocurrency companies and merchants in capturing a larger customer base, and aid in enticing more people to use cryptocurrency. For further studies, it is recommended to use a mixed method research approach, along with testing the variables on different demographics and using a longitudinal study in order to get more accurate results.

Keywords: Performance Expectancy; Effort Expectancy; Social Influence; Hedonic Motivation; Cryptocurrency