Factors Influencing Cryptocurrency Acceptance Among Individuals: A Systematic Literature Review

Abstract

A cryptocurrency is a 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 likely hampers its future growth. Existing cryptocurrency adoption studies are fragmented; therefore, it is important to analyse and synthesise existing studies on cryptocurrency adoption to develop a comprehensive understanding of factors influencing cryptocurrency adoption. This study conducted a systematic literature review of 26 journal and conference papers to identify factors influencing cryptocurrency adoption and organise them using a Push-Pull-Mooring (PPM) framework. The findings suggest three push, ten pull and five mooring factors affecting cryptocurrency adoption. The push factors influence people to move away from conventional money to cryptocurrencies, and the pull factors attract people to cryptocurrencies. We also identify some mooring factors that negatively affect the pull factors and adoption of cryptocurrency, while social and technological factors and security positively influence the pull factors. Our study contributes to IS research by providing a comprehensive overview of factors contributing to cryptocurrency adoption. Insights from this study will be beneficial for banks and exchanges to develop strategies to encourage people to use cryptocurrencies, for governments to establish policies and safeguards on cryptocurrency use, and for developers to improve features of cryptocurrency platforms.