Crypto Beliefs, Hedonic Motivation and Intention to Adopt Cryptocurrency Among Young Adults

Abstract

What if the very essence of money, once a tangible entity safeguarded in vaults, could now be found in the intangible strings of blockchain codes underpinning cryptocurrencies? The aim of the research was to investigate the relationship between crypto beliefs, hedonic motivation and intention to adopt cryptocurrency in young adults. It was hypothesized that crypto beliefs and hedonic motivation would have a positive relationship with intention to adopt cryptocurrency. A purposive sample of 301 Young Adults was taken; including men = 156, and women = 145 between the age range of 18-30 years (M= 21.4 SD= 2.20), residing from different institutes of Rawalpindi and Islamabad. Measures included crypto beliefs scale, hedonic eudaimonic and extrinsic motivation for activities, intention to adopt cryptocurrency along with demographic information and informed consent. The results of pearson product moment correlation determined that crypto beliefs had significant correlation with intention to adopt cryptocurrency and hedonic motivation was significantly associated with intention to adopt cryptocurrency except for one subscale (eudaimonic motivation). The results of hierarchical multiple regression revealed significant prediction of intention to adopt cryptocurrency by crypto beliefs and hedonic motivation except the subscale hedonic pleasure motivation It was concluded that crypto beliefs and hedonic motivation act as a potential force that compels development of an intention to adopt cryptocurrency.