Uncovering the Bitcoin investment behavior: An emerging market study

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Bitcoin remains a popular investment choice despite the regulatory obstacles and failures of many crypto firms. This intriguing behavior of investors necessitates calls for more in-depth research. This study explores the underlying motivations behind the intention to invest in Bitcoin by considering inaction regret aversion, overconfidence bias, herding, risk affinity, profit expectancy, perceived ease of investing, and social media influence in shaping the investors’ attitude towards investing in Bitcoin and consequently on behavioral intention to invest in Bitcoin. The study employs PLS-SEM and mediation analysis on a sample of 439 individuals from India with no history of cryptocurrency trading or investment. Path analysis demonstrates that inaction regret aversion, risk affinity, profit expectancy of Bitcoin, perceived ease of investing in Bitcoin, and social media influence are significant positive predictors of attitude toward investing in Bitcoin. Notably, profit expectancy remains the most relevant variable in the stated context. Attitude toward investing in Bitcoin positively and significantly influences the behavioral intention to invest in Bitcoin. The current study also indicates the significance of attitude as a mediator in the mentioned context.

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    • Figure 1. Hypothesized model
    • Table 1. Demographic profile of respondents
    • Table 2. Path estimates
    • Table 3. Mediation analysis
    • Table 4. Hypotheses testing summary
    • Table A1. Constructs
    • Table B1. Validity and reliability statistics
    • Conceptualization
      Sangita Choudhary, Ripsy Bondia, Vibhava Srivastava , Pratap Chandra Biswal
    • Data curation
      Sangita Choudhary, Ripsy Bondia, Vibhava Srivastava , Pratap Chandra Biswal
    • Formal Analysis
      Sangita Choudhary, Vibhava Srivastava , Pratap Chandra Biswal
    • Writing – original draft
      Sangita Choudhary, Ripsy Bondia, Pratap Chandra Biswal
    • Writing – review & editing
      Sangita Choudhary, Ripsy Bondia, Pratap Chandra Biswal
    • Methodology
      Vibhava Srivastava
    • Supervision
      Pratap Chandra Biswal