The purpose of this study is to empirically examine the factors influencing consumer behavioral intention (BI) to use cryptocurrency as a medium of transaction. Constructs from the unified theory of acceptance and use of technology model and an added variable, perceived risk (PR), are examined to predict BI. Age and gender as moderators are retained in this model.
An online survey was used to gather the respondents’ responses on a five-point Likert scale. G * Power was used to calculate the required minimum sample size. A non-probability sampling technique was used to gather data from the 290 respondents based in Malaysia. The final data set was analyzed using the statistical package for the social sciences and SmartPLS software using structural equation modeling.
The results show that three of the five proposed factors (performance expectancy, effort expectancy and facilitating condition) are significant predictors of BI to adopt cryptocurrency as a medium of transaction. Interestingly, PR is not a significant predictor even though prior research studies showed otherwise. Likewise, the relationship between BI and social influence became significant only when age is added as a moderator.
Malaysians are still wary of cryptocurrency, even though global tech firms such as Amazon and Microsoft are already accepting Bitcoin as a payment method. This study aims to provide relevant authorities and businesses (i.e. central bank, retail merchants and cryptocurrency exchangers) insights toward understanding the factors consumers focus on if they were to use cryptocurrency as a medium of transaction.
Most cryptocurrency research are done in developed countries (i.e. USA, UK and EU) perspective. This research addresses the lack of quantitative literature on significant factors influencing BI to use cryptocurrency in developing country context while taking a PR, age and gender into consideration.
Ter Ji-Xi, J., Salamzadeh, Y. and Teoh, A.P. (2021), "Behavioral intention to use cryptocurrency in Malaysia: an empirical study", The Bottom Line, Vol. 34 No. 2, pp. 170-197. https://doi.org/10.1108/BL-08-2020-0053
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