Will people use cryptocurrencies? Extending a model of cryptocurrency adoption predictors by exploring the role of trust in (crypto)currencies

Abstract

During the last few years, the financial world has been disrupted by the appearance of cryptocurrencies as a new way to carry out economic transactions, with a dramatic growth in use worldwide. Nonetheless, as any new technology, the drivers behind its adoption in different contexts need to be better understood. This work aimed to further the knowledge on cryptocurrency adoption grounded on the Unified Theory of Acceptance and Use of Technology (UTAUT) model, while extending it with new variables, particularly trust which the literature shows has having a high predictive ability. Moreover, it aimed to understand the model’s applicability across contexts to explore contextual specificities that may determine the adoption of new technologies, by testing a model with 163 participants from Argentina and another with 139 from Portugal. The UTAUT model showed a good fit for both samples, explaining over 61% of the variance on intention to use cryptocurrency for Argentina and 63% for Portugal, with performance expectancy having the highest predictive value for both samples. Furthermore, equal predictors showed unequal significance levels between samples, and even significant results with opposite directions, which highlights the need for more cross-cultural research in predictors of technologies adoption.

Date of Award	14 Feb 2023
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Rui Filipe Gaspar de Carvalho (Supervisor)