Determinants of individual investors' intentions to use cryptocurrency: insights from PLS-SEM, cIPMA and NCA

Naina Goyal, Nidhi Walia and Poonam Bandha

European Journal of Management and Business Economics, 2026, 1-17

Abstract: PurposeIn this complex and dynamic technological environment, cryptocurrency has risen to a position of critical importance within the financial sector. This study investigates the determinants influencing individual investors' Intentions to use cryptocurrency (IUC).Design/methodology/approachThe data of 354 individual investors were collected through a structured survey. The proposed model was tested using PLS-SEM. To deepen insights, a combined importance-performance map analysis (cIPMA) and necessary conditions analysis (NCA) was performed.FindingsThe results revealed that among the identified constructs, regulatory support (high importance, high performance, large size) exhibits strong significance. Performance expectancy, e-WOM and risk tolerance were not significant. This highlights the need for clearer regulatory frameworks in emerging markets.Originality/valueThe study pioneers the application of cIPMA together with NCA in the cryptocurrency context, providing a novel methodological framework and actionable insights for policymakers, financial regulators and fintech developers.

Keywords: Cryptocurrency adoption; Investor behavior; Regulatory support; Digital finance; UTAUT; PLS—SEM; cIPMA; Necessary condition analysis; Emerging markets; India (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ejmbep:ejmbe-12-2025-0483

DOI: 10.1108/EJMBE-12-2025-0483

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