Behavioral and Psychological Determinants of Cryptocurrency Investment: Expanding UTAUT with Perceived Enjoyment and Risk Factors

Eugene Bland, Chuleeporn Changchit (), Robert Cutshall and Long Pham
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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

JRFM, 2024, vol. 17, issue 10, 1-22

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.

Keywords: cryptocurrency investment; unified theory of acceptance and use of technology (UTAUT); perceived enjoyment; previous experience (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2024
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