Factors Affecting Adaptability of Cryptocurrency: An Application of Technology Acceptance Model

Nadia Sagheer; Kanwal Iqbal Khan; Samar Fahd; Shahid Mahmood; Tayyiba Rashid; Hassan Jamil

doi:10.3389/fpsyg.2022.903473

Factors Affecting Adaptability of Cryptocurrency: An Application of Technology Acceptance Model

Front Psychol. 2022 Jun 3:13:903473. doi: 10.3389/fpsyg.2022.903473. eCollection 2022.

Authors

Nadia Sagheer¹, Kanwal Iqbal Khan¹, Samar Fahd², Shahid Mahmood³, Tayyiba Rashid⁴, Hassan Jamil⁵

Affiliations

¹ Institute of Business and Management, University of Engineering and Technology, Lahore, Pakistan.
² Department of Applied Psychology, The Islamia University of Bahawalpur, Bahawalpur, Pakistan.
³ Institute of Business Management and Administrative Sciences, The Islamia University of Bahawalpur, Bahawalpur, Pakistan.
⁴ Institute of Quality and Technology Management, University of the Punjab, Lahore, Pakistan.
⁵ UNSW Institute for Cyber Security, Australian Defence Force Academy, University of New South Wales, Canberra, ACT, Australia.

Abstract

Cryptocurrency has revolutionized the economic system of the world. It provides a new and innovative means of exchange that has speedily invaded the financial market trends and changed the traditional cash world. However, consumers have low acceptability for blockchain-based cryptocurrency due to increasing online scams and the absence of a regulatory framework. There is also a misconception about its usage on many platforms, which has created a clear gap in the literature to address this issue. Therefore, the current study intends to investigate the effect of technology awareness on the behavioral intention of crypto users through perceived factors (usefulness, ease of use, risk). It also empirically examines the moderating role of government support on these indirect paths. The underlying framework is investigated by surveying 333 respondents from the Z generation. Results revealed that perceived factors (usefulness, ease of use, risk) mediate the relationship between technology awareness and behavioral intention. Furthermore, government support strengthens the indirect relationship of technology awareness on behavioral intention through technology acceptance determinants, such that the effect of technology awareness on behavioral intention through perceived factors (usefulness, ease of use, risk) is more assertive when government support is high. The findings will provide a new dimension to different financial bodies implementing monetary policy and highlight the need to adopt innovative digital technologies in Pakistan.

Keywords: behavioral intention; government support; perceived ease of use; perceived risk; perceived usefulness; technology acceptance model; technology awareness.