What explains the sudden surge in cryptocurrency? A consumption value theory perspective
Digital Policy, Regulation and Governance
ISSN: 2398-5038
Article publication date: 29 August 2023
Issue publication date: 9 November 2023
Abstract
Purpose
Cryptocurrency has emerged as a significant component on the surface of the financial industry. With its growing popularity and blockchain as an underlying technology, cryptocurrency has the potential to disrupt the digital payments market. In light of this, this study aims to identify and empirically validate factors that influence the continuous intention of customers toward the adoption of cryptocurrency.
Design/methodology/approach
The study extends consumption value theory by incorporating additional variables – monetary value, perceived trust and perceived risk – to enhance the predictive power of the proposed model. The data were analyzed using the partial least square technique on the sample of 285 customers.
Findings
The results indicate that trust is the most significant factor to influence customers’ intention to use cryptocurrency, followed by conditional value, epistemic value, emotional value and monetary value. The authors also found the significant moderating effect of personal innovativeness on behavioral intention and actual usage of cryptocurrency.
Practical implications
The analysis of the study gives policymakers valuable information for the establishment of the regulatory framework that supports innovation while protecting the rights of the consumer.
Originality/value
The study embeds great theoretical and practical significance by generating a new technical thread that will facilitate multiple players to use their resources optimally.
Keywords
Acknowledgements
The authors are grateful to the Guru Gobind Singh Indraprastha University for providing us the infrastructure and opportunity to conduct our study.
Role of funding source: This research did not receive any specific grant from funding agencies in the public, commercial or not-for-profit sectors.
Disclosure statement: No potential conflict of interest was reported by the author(s).
Citation
Gupta, S., , H., Dhingra, S. and Aggarwal, R. (2023), "What explains the sudden surge in cryptocurrency? A consumption value theory perspective", Digital Policy, Regulation and Governance, Vol. 25 No. 6, pp. 634-652. https://doi.org/10.1108/DPRG-05-2023-0065
Publisher
:Emerald Publishing Limited
Copyright © 2023, Emerald Publishing Limited