Exploring individuals’ purchase willingness for cryptocurrency in an emerging context
-
Author(s)K. M. Anwarul IslamLink to ORCID Index: https://orcid.org/0000-0002-5305-6724
,
Fandi OmeishLink to ORCID Index: https://orcid.org/0000-0002-8042-3622
,
Serajul IslamLink to ORCID Index: https://orcid.org/0000-0002-9396-0179
,
Adel Mohammed Yaslam SareaLink to ORCID Index: https://orcid.org/0000-0001-6154-4261
,
Tariq AbdrabboLink to ORCID Index: https://orcid.org/0009-0005-2969-6085
-
DOIhttp://dx.doi.org/10.21511/im.20(2).2024.19
-
Article InfoVolume 20 2024, Issue #2, pp. 230-239
- 242 Views
-
55 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
This study aims to investigate the influencing factors of consumers’ willingness to buy cryptocurrency in Malaysia. The targeted population of this study was Malaysian citizens who had knowledge about digital currency such as cryptocurrency. In this study, the data collection process was completed using an online survey questionnaire from several social media groups in Malaysia. They were sent a survey invitation to take part in, and after their approval, their responses were gathered. Five-point Likert scale has been used, where ‘1’ stands for “strongly disagree” and ‘5’ stands for “strongly agree”, to find out the item-wise questionnaire. The final sample size was n = 620. Moreover, 5% significance level and SPSS software were used to analyze the data and evaluate the hypotheses. The outcome of this study exposes that the perception of the price value of the cryptocurrency, perceived trust, and perceived security measure positively and significantly affect consumers’ willingness to buy cryptocurrency. Overall, these variables can explain 49.50% (R2 = 0.495) of the variance in predicting consumers’ willingness to buy cryptocurrency. It is found that among the three determinants, perceived trust (β = 0.569) in cryptocurrency had the highest impact on the intention among Malaysian consumers compared to other variables. This study contributes to the limited existing literature concerning Bitcoin and digital currencies, offering insights that can aid scholars in comprehending the significance of cryptocurrency and delineating its predominant impacts within the Malaysian cryptocurrency space.
- Keywords
-
JEL Classification (Paper profile tab)M13, M30, M31
-
References45
-
Tables8
-
Figures1
-
- Figure 1. Study framework
-
- Table 1. Sources of study variables
- Table 2. Reliability and validity analysis
- Table 3. Demographic information
- Table 4. Descriptive analysis of the study variables
- Table 5. Analysis of the normality test
- Table 6. Correlation matrix
- Table 7. Regression coefficient analysis
- Table 8. Hypotheses results
-
- Al-amri, R., Al-shami, S., & Alkawsi, G. (2023). Perceived Risk of Users’ Intention to Use Cryptocurrency in Malaysia: A Multi-analytic Approach. In Current and Future Trends on Intelligent Technology Adoption (Vol. 1, pp. 245-272). Cham: Springer Nature Switzerland.
- Akhter, A., Asheq, A. A., Hossain, M. U., & Karim, M. K. (2020). Exploring customer intentions to adopt mobile banking services: evidence from a developing country. Banks and Bank Systems, 15(2), 105-116.
- Al-Debei, M. M., Akroush, M. N., & Ashouri, M. I. (2015). Consumer attitudes towards online shopping: The effects of trust, perceived benefits, and perceived web quality. Internet Research, 25(5), 707-733.
- Abbasi, G. A., Tiew, L. Y., Tang, J., Goh, Y. N., & Thurasamy, R. (2021). The adoption of cryptocurrency as a disruptive force: Deep learning-based dual stage structural equation modelling and artificial neural network analysis. Plos One, 16(3).
- Asheq, A. A., Tanchi, K. R., Akhter, S., Kamruzzaman, M., & Islam, K. M. A. (2022). Examining university students’ behaviors towards online shopping: An empirical investigation in an emerging market. Innovative Marketing, 18(1), 94-103.
- Ayedh, A., Echchabi, A., Battour, M., & Omar, M. (2021). Malaysian Muslim investors’ behaviour towards the blockchain-based Bitcoin cryptocurrency market. Journal of Islamic Marketing, 12(4), 690-704.
- Begum, H. (2021). Prospects, problems and possible opportunities of digital currency in Bangladesh. Bangladesh Journal of Multidisciplinary Scientific Research, 4(1), 25-39.
- Casino, F., Dasaklis, T. K., & Patsakis, C. (2019, March 1). A systematic literature review of blockchain-based applications: Current status, classification and open issues. Telematics and Informatics, 36, 55-81.
- 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.
- Flavián, C., Guinalíu, M., & Gurrea, R. (2006). The role played by perceived usability, satisfaction and consumer trust on website loyalty. Information & Management, 43(1), 1-14.
- Gagarina, M., Nestik, T., & Drobysheva, T. (2019). Social and psychological predictors of youths’ attitudes to cryptocurrency. Behavioral Sciences, 9(12), 118.
- García-Monleón, F., Erdmann, A., & Arilla, R. (2023). A value-based approach to the adoption of cryptocurrencies. Journal of Innovation & Knowledge, 8(2).
- Gupta, S., Gupta, S., Mathew, M., & Sama, H. R. (2021). Prioritizing intentions behind investment in cryptocurrency: a fuzzy analytical framework. Journal of Economic Studies, 48(8), 1442-1459.
- 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, 1-14.
- Ibrahim, S. A. (2019). Regulating cryptocurrencies to combat terrorism-financing and money laundering. Stratagem, 2(1).
- Jalan, A., Matkovskyy, R., Urquhart, A., & Yarovaya, L. (2023). The role of interpersonal trust in cryptocurrency adoption. Journal of International Financial Markets, Institutions and Money, 83.
- Ji, Q., Bouri, E., Lau, C. K. M., & Roubaud, D. (2019). Dynamic connectedness and integration in cryptocurrency markets. International Review of Financial Analysis, 63, 257-272.
- Kala, D., Chaubey, D. S., & Al-Adwan, A. S. (2023). Cryptocurrency investment behaviour of young Indians: mediating role of fear of missing out. Global Knowledge, Memory and Communication (ahead-of-print).
- Koroma, J., Rongting, Z., Muhideen, S., Akintunde, T. Y., Amosun, T. S., Dauda, S. J., & Sawaneh, I. A. (2022). Assessing citizens’ behavior towards blockchain cryptocurrency adoption in the Mano River Union States: Mediation, moderation role of trust and ethical issues. Technology in Society, 68.
- Kramer, R. M. (1999). Trust and distrust in organizations: Emerging perspectives, enduring questions. Annual Review of Psychology, 50(1), 569-598.
- Kwateng, K. O., Atiemo, K. A. O., & Appiah, C. (2018). Acceptance and use of mobile banking: an application of UTAUT2. Journal of Enterprise Information Management, 32(1), 118-151.
- Kumar, A., Adlakaha, A., & Mukherjee, K. (2018). The effect of perceived security and grievance redressal on continuance intention to use M-wallets in a developing country. International Journal of Bank Marketing, 36(7), 1170-1189.
- Liew, E. J. Y., Peh, W. L., & Leong, Z. K. (2022). Perceived Trust and Confidence for Cryptocurrency Adoption: What Lies Ahead? In Handbook of Research on Social Impacts of E-Payment and Blockchain Technology (pp. 250-279). IGI Global.
- Liu, J., Li, W., Karame, G. O., & Asokan, N. (2018). Toward fairness of cryptocurrency payments. IEEE Security & Privacy, 16(3), 81-89.
- Lu, B., Fan, W., & Zhou, M. (2016). Social presence, trust, and social commerce purchase intention: An empirical research. Computers in Human Behavior, 56, 225-237.
- Martin, B. A., Chrysochou, P., Strong, C., Wang, D., & Yao, J. (2022). Dark personalities and Bitcoin®: The influence of the Dark Tetrad on cryptocurrency attitude and buying intention. Personality and Individual Differences, 188.
- Ma, C., Jin, Z., Mei, Z., Zhou, F., She, X., Huang, J., & Liu, D. (2022). Internet of Things background: An empirical study on the payment intention of central bank digital currency design. Mobile Information Systems, 1-12.
- Mashatan, A., Sangari, M. S., & Dehghani, M. (2022). How perceptions of information privacy and security impact consumer trust in crypto-payment: an empirical study. IEEE Access, 10, 69441-69454.
- 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.
- Merhi, M., Hone, K., &T arhini, A. (2019). A cross-cultural study of the intention to use mobile banking between Lebanese and British consumers: Extending UTAUT2 with security, privacy and trust. Technology in Society, 59.
- Morosan, C., & DeFranco, A. (2016). It’s about time: Revisiting UTAUT2 to examine consumers’ intentions to use NFC mobile payments in hotels. International Journal of Hospitality Management, 53, 17-29.
- Ooi, S. K., Ooi, C. A., Yeap, J. A., & Goh, T. H. (2021). Embracing Bitcoin: users’ perceived security and trust. Quality & Quantity, 55, 1219-1237.
- Rahardja, U., Chen, S. C., Lin, Y. C., Tsai, T. C., Aini, Q., Khan, A., ... & Hsu, C. H. (2023). Evaluating the Mediating Mechanism of Perceived Trust and Risk toward Cryptocurrency: An Empirical Research. SAGE Open, 13(4).
- Sukumaran, S., Bee, T. S., & Wasiuzzaman, S. (2022). Cryptocurrency as an investment: The Malaysian context. Risks, 10(4), 86.
- Sweeney, J. C., & Soutar, G. N. (2001). Consumer perceived value: The development of a multiple item scale. Journal of Retailing, 77(2), 203-220.
- Ter Ji-Xi, J., Salamzadeh, Y., & Teoh, A. P. (2021). Behavioral intention to use cryptocurrency in Malaysia: an empirical study. The Bottom Line, 34(2), 170-197.
- Toufaily, E. (2022). An integrative model of trust toward crypto-tokens applications: A customer perspective approach. Digital Business, 2(2).
- Tsiakis, T., & Sthephanides, G. (2005). The concept of security and trust in electronic payments. Computers & Security, 24(1), 10-15.
- Tran, K., Nguyen, T., Tran, Y., Nguyen, A., Luu, K., & Nguyen, Y. (2022). Eco-friendly fashion among generation Z: Mixed-methods study on price value image, customer fulfillment, and pro-environmental behavior. Plos one, 17(8).
- Vafaei-Zadeh, A., Wong, T. K., Hanifah, H., Teoh, A. P., & Nawaser, K. (2022). Modelling electric vehicle purchase intention among generation Y consumers in Malaysia. Research in Transportation Business & Management, 43.
- 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, 36(1), 157-178.
- Vafaei-Zadeh, A., Wong, T. K., Hanifah, H., Teoh, A. P., & Nawaser, K. (2022). Modelling electric vehicle purchase intention among generation Y consumers in Malaysia. Research in Transportation Business & Management, 43.
- Yeong, Y. C., Kalid, K. S., Savita, K. S., Ahmad, M. N., & Zaffar, M. (2022). Sustainable cryptocurrency adoption assessment among IT enthusiasts and cryptocurrency social communities. Sustainable Energy Technologies and Assessments, 52.
- Yenisey, M. M., Ozok, A. A., & Salvendy, G. (2005). Perceived security determinants in e-commerce among Turkish university students. Behaviour & Information Technology, 24(4), 259-274.
- Zhang, L., Yan, Q., & Zhang, L. (2018). A computational framework for understanding antecedents of guests’ perceived trust towards hosts on Airbnb. Decision Support Systems, 115, 105-116.
-
Perceived health risk, online retail ethics, and consumer behavior within online shopping during the COVID-19 pandemic
Yuniarti Fihartini ,
Arief Helmi ,
Meydia Hassan ,
Yevis Marty Oesman
doi: http://dx.doi.org/10.21511/im.17(3).2021.02
Innovative Marketing Volume 17, 2021 Issue #3 pp. 17-29 Views: 4453 Downloads: 1707 TO CITE АНОТАЦІЯThe risk of virus contracting during the COVID-19 pandemic has changed consumer preference for online shopping to meet their daily needs than shopping in brick-and-mortar stores. Online shopping presents a different environment, atmosphere, and experience. The possibility of ethical violations is higher during online than face-to-face transactions. Therefore, this study was conducted to investigate the influence of perceived health risk and customer perception of online retail ethics on consumer online shopping behavior during the COVID-19 pandemic, involving seven variables, namely perceived health risk, security, privacy, non-deception, reliability fulfillment, service recovery, and online shopping behavior. The data were collected through an online survey by employing the purposive sampling technique to a consumer who has shopped online during the COVID-19 pandemic in Indonesia. 315 valid responses were obtained and analyzed through quantitative method using SEM-Amos. The results showed that perceived health risk and four variables of online retail ethics including security, privacy, reliability fulfillment, and service recovery affected online shopping behavior. Meanwhile, non-deception was found to have an insignificant effect. The coefficient value proved perceived health risk to be more dominant in influencing online shopping behavior than the variables of online retail ethics. Thus, consumers pay more concern for their health during online shopping. However, positive consumer perceptions of the behavior of online retail websites in providing services also can encourage consumers to shop online during this pandemic.
-
Fair market value of bitcoin: halving effect
Artur Meynkhard
doi: http://dx.doi.org/10.21511/imfi.16(4).2019.07
Investment Management and Financial Innovations Volume 16, 2019 Issue #4 pp. 72-85 Views: 3874 Downloads: 1042 TO CITE АНОТАЦІЯThe purpose of this article is to analyze the effect that halving has on the fair market value of bitcoins. The main hypothesis of the study is that the decline in the cost of miners’ remuneration for mining is a significant factor that affects the price of cryptocurrencies. The article examines the factors that regulate the issuing process. The significance of a limited supply of bitcoin is detailed in the article, as well as the mechanism for the implementation of the issue of new bitcoins. The study compares the historical inflation data of the US dollar and the projected data on the inflation of bitcoin. The article analyzes the main technical element of cryptocurrency – halving – when the miner’s reward is halved. This analysis includes the mathematical methods of statistical data processing. Research results show that reducing remuneration by half every four years leads to an increased market value of the cryptocurrency. This relationship is clearly illustrated by the Kendall rank correlation method. The results of the study can have a significant impact on the fundamental assessment of bitcoin and can also enable investors to assess any of the existing and operating cryptocurrencies according to this method.
-
The influence of central bank monetary policy announcements on cryptocurrency return volatility
Investment Management and Financial Innovations Volume 14, 2017 Issue #4 pp. 60-72 Views: 2734 Downloads: 499 TO CITE АНОТАЦІЯThe emergence of Bitcoin in 2009 has received considerable attention surrounding the validity of cryptocurrencies as a viable and, in some jurisdictions, a legal currency alternative. Despite widespread concern that these cryptocurrencies are fostering the environment within which a substantial bubble can occur, it is important to analyze whether these new assets are behaving similarly to major international currencies. This paper investigates the effects of international monetary policy changes on bitcoin returns using a GARCH (1.1) estimation model. The results indicate that monetary policy decisions based on interest rates taken by the Federal Open Market Committee in the United States significantly impact upon bitcoin returns. After controlling for international effects, we find significant evidence of volatility effects driven by United States, European Union, United Kingdom and Japanese quantitative easing announcements. These results show that, despite its nature and ideals, bitcoin seems to be subject to the same economic factors as traditional fiat currencies, and is not entirely unaffected by government policies. This result has implications for investors using bitcoin as a hedging or diversification tool. In addition, we contribute to the existing debate regarding the classification of bitcoin as an asset class, by illustrating that bitcoin volatility exhibits various reactions that bear resemblance to both currency pairs and store-of-value assets.
