Assessing Determinants of Adoption Behaviour of the Cryptocurrency in Pakistan
DOI:
https://doi.org/10.5281/zenodo.15221631Abstract
Abstract Views: 498
This study investigates the perception of people regarding the usage of cryptocurrency since its usage has been increasing in Pakistan. The study is based on a survey questionnaire to assess the elements that impact behaviours towards the use of cryptocurrency. The gathered data was analysed using statistical package PLS-SEM. The findings of the study present a significant influence of perceived benefits, social impact, facilitating conditions and usage trustworthiness on the usage of cryptocurrency. The study also found the mediating effect of hedonic motivation and moderating effect of Innovativeness on the usage of cryptocurrency while connecting with perceived benefits, social impact, facilitating conditions and usage trustworthiness. Nevertheless, the direct impact of Risk and mediating effect of Hedonic Motivation with perceived benefits and risk were found insignificant. Statistical studies revealed many theoretical and managerial implications for further studies to improve the adoption behaviour of cryptocurrency. Examined results suggest a path for theoretical and managerial implications, suggesting to provide environment for its use in Pakistan.
Keywords:
Adoption behaviour, Cryptocurrency, Digital currency, Financial system, Payment methodReferences
Abramova, S., & Böhme, R. (2016). Perceived benefit and risk as multidimensional determinants of bitcoin use: A quantitative exploratory study. ICIS 2016 Proceedings. 19.
https://aisel.aisnet.org/icis2016/Crowdsourcing/Presentations/19
Afzal, A., & Asif, A. (2019). Cryptocurrencies, blockchain and regulation: A review. The Lahore Journal of Economics, 24(1), 103-130.
Almajali, D. A., Masa’Deh, R. E., & Dahalin, Z. M. (2022). Factors influencing the adoption of Cryptocurrency in Jordan: An application of the extended TRA model. Cogent Social Sciences, 8(1), 2103901. https://doi.org/10.1080/23311886.2022.2103901
Alqaryouti, O., Siyam, N., Alkashri, Z., & Shaalan, K. (2019, December). Cryptocurrency usage impact on perceived benefits and users’ behaviour. In European, Mediterranean, and Middle Eastern Conference on Information Systems (pp. 123-136). Cham: Springer International Publishing. https://doi.org/10.1007/978-3-030-44322-1_10
Alzyoud, S., Alshurafat, H., & Khatatbeh, I. N. (2025). Understanding cryptocurrency investment behaviour in Jordan: an examination of motivational drivers through the lens of the UTAUT2 model. Studies in Economics and Finance, 42(1), 154-172. https://doi.org/10.1108/SEF-02-2024-0088
Brown, S. A., & Venkatesh, V. (2005). Model of adoption of technology in households: A baseline model test and extension incorporating household life cycle. MIS Quarterly, 399-426. https://doi.org/10.2307/25148690
Chen, X., Miraz, M. H., Gazi, M. A. I., Rahaman, M. A., Habib, M. M., & Hossain, A. I. (2022). Factors affecting cryptocurrency adoption in digital business transactions: The mediating role of customer satisfaction. Technology in Society, 70, 102059. https://doi.org/10.1016/j.techsoc.2022.102059
Cheong, C. W. (2019). Cryptocurrencies vs global foreign exchange risk. The Journal of Risk Finance, 20(4), 330-351. https://doi.org/10.1108/JRF-11-2018-0178
Chin, W. W. (1998). The partial least squares approach to structural equation modeling. Modern METHODS for Business Research, 295(2), 295-336.
Cudjoe, A. G., Anim, P. A., & Nyanyofio, J. G. N. T. (2015). Determinants of mobile banking adoption in the Ghanaian banking industry: a case of access bank Ghana limited. Journal of Computer and Communications, 3(2), 1-19. http://dx.doi.org/10.4236/jcc.2015.32001
Gazali, H. M., Ismail, C. M. H. B. C., & Amboala, T. (2018, July). Exploring the intention to invest in cryptocurrency: The case of bitcoin. In 2018 International Conference on Information and Communication Technology for the Muslim World (ICT4M) (pp. 64-68). IEEE. https://doi.org/10.1109/ICT4M.2018.00021
Hasan, M., Naeem, M. A., Arif, M., Shahzad, S. J. H., & Vo, X. V. (2022). Liquidity connectedness in cryptocurrency market. Financial Innovation, 8, 1-25.
Hasan, S. Z., Ayub, H., Ellahi, A., & Saleem, M. (2022). A moderated mediation model of factors influencing intention to adopt cryptocurrency among university students. Human Behavior and Emerging Technologies, 2022(1), 9718920. https://doi.org/10.1155/2022/9718920
Ibrahim, S. A. (2021). Decrypting the risks of cryptocurrency: Money laundering, terrorism financing, and proliferation financing. Pakistan Horizon, 74(1), 73-89.
Iqbal, F., Anwar, S., Ali, S., & Nadeem, A. M. (2024). The dual impact of digital currencies on economy and environment: Insights into the role of monetary control. International Journal of Business and Economic Affairs, 9(4), 22-44. https://doi.org/10.24088/IJBEA-2024-94003
Kim, H. W., Chan, H. C., & Gupta, S. (2007). Value-based adoption of mobile internet: an empirical investigation. Decision Support Systems, 43(1), 111-126. https://doi.org/10.1016/j.dss.2005.05.009
Lee, I., & Lee, K. (2015). The Internet of Things (IoT): Applications, investments, and challenges for enterprises. Business Horizons, 58(4), 431-440. https://doi.org/10.1016/j.bushor.2015.03.008
Mendoza-Tello, J. C., Mora, H., Pujol-López, F. A., & Lytras, M. D. (2018). Social commerce as a driver to enhance trust and intention to use cryptocurrencies for electronic payments. IEEE Access, 6, 50737-50751. https://doi.org/10.1109/ACCESS.2018.2869359
Mensah, I. K., & Mwakapesa, D. S. (2022). The Drivers of the Behavioral Adoption Intention of BITCOIN Payment from the Perspective of Chinese Citizens. Security and Communication Networks, 2022(1), 7373658. https://doi.org/10.1155/2022/7373658
Narayanan, A., & Clark, J. (2017). Bitcoin's academic pedigree. Communications of the ACM, 60(12), 36-45. https://doi.org/10.1145/3132259
Parashar, N., & Rasiwala, F. (2018). A study on investor’s awareness and perception regarding investment in Crypto currency with special reference to Bitcoin. International Journal of Scientific and Research Publications (IJSRP), 8(12), 311-319.
Preacher, K. J., & Hayes, A. F. (2008). Asymptotic and resampling strategies for assessing and comparing indirect effects in multiple mediator models. Behavior Research Methods, 40(3), 879-891. https://doi.org/10.3758/BRM.40.3.879
Saeed, M. A., & Sial, M. H. (2023). Issues of Legislation of Cryptocurrency in Pakistan: An Analysis. Annals of Social Sciences and Perspective, 4(2), 429-443. https://doi.org/10.52700/assap.v4i2.292
Sarwar, M. I., Nisar, K., & Khan, A. (2019, September). Blockchain-from cryptocurrency to vertical industries-a deep shift. In 2019 IEEE International Conference on Signal Processing, Communications and Computing (ICSPCC) (pp. 1-4). IEEE. https://doi.org/10.1109/ICSPCC46631.2019.8960795
Saunders, M., Lewis, P., Thornhill, A., & Bristow, A. (2019). Chapter 4: Understanding research philosophy and approaches to theory development. Research Methods for Business Students, 8, 128-171.
Sudzina, F., Dobes, M., & Pavlicek, A. (2023). Towards the psychological profile of cryptocurrency early adopters: Overconfidence and self-control as predictors of cryptocurrency use. Current Psychology, 42(11), 8713-8717. https://doi.org/10.1007/s12144-021-02225-1
Vannoy, S. A., & Palvia, P. (2010). The social influence model of technology adoption. Communications of the ACM, 53(6), 149-153.
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly, 425-478. https://doi.org/10.2307/30036540
Venkatesh, V., Thong, J. Y., & Xu, X. (2012). Consumer acceptance and use of information technology: extending the unified theory of acceptance and use of technology. MIS Quarterly, 157-178. https://doi.org/10.2307/41410412
Walton, A. J., & Johnston, K. A. (2018). Exploring perceptions of bitcoin adoption: The South African virtual community perspective. Interdisciplinary Journal of Information, Knowledge, and Management, 13, 165. https://doi.org/10.28945/4080
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 International Journal of Trends and Innovations in Business & Social Sciences
This work is licensed under a Creative Commons Attribution 4.0 International License.
