Factors Influencing Cryptocurrency Adoption Among Individuals: A Systematic Literature Review

Hemantha, Rasika
Techatassanasoontorn, Angsana A.
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Master of Business
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Auckland University of Technology

A cryptocurrency is a form of digital currency that acts as a medium of exchange. Although many people know about cryptocurrency, only a few are using it. The lack of wider adoption of cryptocurrency is likely to hamper its future growth. Therefore, it is essential to understand factors that shape cryptocurrency adoption decisions. Prior research suggests that existing cryptocurrency adoption studies are fragmented. Therefore, the purpose of this dissertation is to systematically review the existing literature and classify the factors examined in previous studies that influence cryptocurrency adoption using the Push-Pull-Mooring (PPM) framework. The push factors are closely associated with limitations or problems with conventional money or the current financial system, which encourages individuals to move into cryptocurrencies; pull factors are linked with the benefits of adopting cryptocurrency technology. The mooring factors either directly or indirectly hamper or facilitate an individual’s decision towards cryptocurrency adoption. The result of this research is based on 26 journal and conference articles: the review identified three push, ten pull and five mooring factors with 53 different subfactors affecting cryptocurrency adoption. The results suggest that push factors influence people to move away from conventional money to cryptocurrencies. These factors include losing trust in the government, as well as insecurity with conventional money and financial institutions. In addition, the results showed that pull factors, such as the perceived ease of use, perceived usefulness and alternative investment methods, attract people into cryptocurrencies. Finally, this study identified that mooring factors, such as risks, negatively influence the pull factors and adoption of cryptocurrency, while social factors, technological factors and security, positively influence the pull factors. It is also noticed that mooring factors, such as individual factors, directly influence people’s cryptocurrency adoption decisions.

This study has both theoretical and practical contributions to the field of technology acceptance in general and cryptocurrency acceptance in particular. From the theoretical perspective, it provides an organising framework based on PPM theory to classify the factors influencing cryptocurrency adoption. From the practical perspective, this study provides knowledge for cryptocurrency stakeholders, such as banks, exchanges and other businesses to develop strategies to encourage people to use cryptocurrencies and for governments to establish policies and support to promote cryptocurrency adoption, and for developers to improve the features of cryptocurrency platforms.

Cryptocurrency , Adoption , PPM , Bitcoin
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