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Research papers on Cryptocurrency adoption

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  2. Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies?

    Sean Foley, Jonathan R. Karlsen, Tālis J. Putniņš · 2019 · Review of Financial Studies · 917 citations

    Cryptocurrencies are among the largest unregulated markets in the world. We find that approximately one-quarter of bitcoin users are involved in illegal activity. We estimate that around $76 billion of illegal activity per year involve bitcoin (46% of bitcoin transactions), which is close to the scale of the U.S. and European markets for illegal drugs. The illegal share of bitcoin activity declines with mainstream interest in bitcoin and with the emergence of more opaque cryptocurrencies. The techniques developed in this paper have applications in cryptocurrency surveillance. Our findings suggest that cryptocurrencies are transforming the black markets by enabling “black e-commerce.” Receive

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  3. Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales

    Sabrina T Howell, Marina Niessner, David Yermack · 2019 · Review of Financial Studies · 531 citations

    Abstract Initial coin offerings (ICOs) have emerged as a new mechanism for entrepreneurial finance, with parallels to initial public offerings, venture capital, and presale crowdfunding. In a sample of more than 1,500 ICOs that collectively raise ${\$}$12.9 billion, we examine which issuer and ICO characteristics predict successful real outcomes (increasing issuer employment and avoiding enterprise failure). Success is associated with disclosure, credible commitment to the project, and quality signals. An instrumental variables analysis finds that ICO token exchange listing causes higher future employment, indicating that access to token liquidity has important real consequences for the ente

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  6. A PLS-SEM Neural Network Approach for Understanding Cryptocurrency Adoption

    Osama Sohaib, Walayat Hussain, Muhammad Asif, et al. · 2019 · IEEE Access · 190 citations

    The majority of previous research on new technology acceptance has been conducted with single-step Structural Equation Modeling (SEM) based methods. The primary purpose of the study is to enhance the new technology acceptance based research with the Artificial Neural Network (ANN) method to enable more precise and in-depth research results as compared to the single-step SEM method. This study measures the relation between technology readiness dimension (optimism, innovativeness, discomfort, insecurity) and the technology acceptance (perceived ease of use and perceived usefulness) - and the intention to use cryptocurrency, such as bitcoin. The contribution of this study include the use of a m

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  7. The adoption of cryptocurrency as a disruptive force: Deep learning-based dual stage structural equation modelling and artificial neural network analysis

    Ghazanfar Ali Abbasi, Lee Yin Tiew, Jinquan Tang, et al. · 2021 · PLoS ONE · 183 citations

    In recent years, the growth of cryptocurrency has undergone an enormous increase in cryptocurrency markets all around the world. Sadly, only insignificant heed has been paid to the unveiling of determinants of cryptocurrency adoption globally, particularly in emerging markets like Malaysia. The purpose of the study is to examine whether the application of deep learning-based dual-stage Partial Least Square-Structural Equation Modelling (PLS-SEM) & Artificial Neural Network (ANN) analysis enable better in-depth research results as compared to single-step PLS-SEM approach and to excavate factors which can predict behavioural intention to adopt cryptocurrency. The Unified Theory of Acceptance a

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  8. Global drivers of cryptocurrency infrastructure adoption

    Ed Saiedi, Anders Broström, Felipe Ruiz‐Moreno · 2020 · Small Business Economics · 164 citations

    Abstract A vast digital ecosystem of entrepreneurship and exchange has sprung up with Bitcoin’s digital infrastructure at its core. We explore the worldwide spread of infrastructure necessary to maintain and grow Bitcoin as a system (Bitcoin nodes) and infrastructure enabling the use of bitcoins for everyday economic transactions (Bitcoin merchants). Specifically, we investigate the role of legal, criminal, financial, and social determinants of the adoption of Bitcoin infrastructure. We offer some support for the view that the adoption of cryptocurrency infrastructure is driven by perceived failings of traditional financial systems, in that the spread of Bitcoin infrastructure is associated

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  9. Cryptocurrency adoption and the road to regulation

    Ludwig Christian Schaupp, Mackenzie M. Festa · 2018 · 101 citations

    Blockchain technology is the underlying enabling technology developed for Bitcoin, the most common cryptocurrency. Blockchain technologies have become increasingly popular with the potential to become a powerful disruptive force. Individuals and organizations may benefit from blockchain with its ability to increase secure data exchange and to make that transaction simpler and easier between entities. We investigate factors that influence an individual's intention to use a blockchain cryptocurrency. We develop a model of cryptocurrency adoption grounded in the theory of planned behavior (TPB) to: identify the determinants for the acceptance of cryptocurrency and explore the relative importanc

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  10. Determinants of cryptocurrency and decentralized finance adoption - A configurational exploration

    Linh Thi My Nguyen, Phong Thanh Nguyen · 2024 · Technological Forecasting and Social Change · 36 citations

    Over the past three decades, scholars have studied technology adoption and its determinants in many contexts. Nevertheless, this literature has remained silent in understanding the complex interdependency among these determinants and how such interdependency determines technology adoption. In this paper, we build on previous research to focus on the technological, social, economic, cultural, and political determinants of technology adoption. Using the Fuzzy-set Qualitative Comparative Analysis (FsQCA) with samples of 101 and 43 countries, we perform a configurational analysis to explore the interdependency among these five categories of factors and their causal effect on the adoption of cryp

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  11. Investigating the unexpected determinants of cryptocurrency adoption in the UAE

    Devid Jegerson, Charilaos Mertzanis, Mehmood Khan · 2023 · International Journal of Emerging Markets · 26 citations

    Purpose Financial inclusion provides access to financial infrastructure, facilitating money transfers. Therefore, blockchain and cryptocurrencies might boost worldwide financial acceptance. However, the UAE has one of the lowest cryptocurrency adoption rates. This study explores the UAE customer adoption and use of cryptocurrencies. Design/methodology/approach Using a scale, the authors created a structural model and obtained 270 responses from a snowball-distributed online questionnaire, assessed by five cryptocurrency specialists. Findings Performance expectations (PE), price value (PV), Hedonic motivation (HM) and consumer innovativeness (CI) were the most significant predictors of behavi

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  12. Determinants of Cryptocurrency Adoption Behavior in Malaysia

    Siew Chin Wong, Teng Tenk Melissa Teoh, Kiew Heong Yap, et al. · 2022 · Jurnal Pengurusan · 10 citations

    Cryptocurrency has proven to be an enabling force for financial service transformation. It allows users to perform transactions via blockchain technology that bypasses the involvement of conventional financial intermediaries. In local context, the acceptance of cryptocurrency is rather low as compared with other developed countries. The requirement of large consumer market base is the main challenges for cryptocurrency’s adoption. Thus, the aim of this study is to determine the relationship between output quality, perceived accessibility, result demonstrability and perceived security and adoption behavior of cryptocurrency as an additional mode of internet/online transaction methods. The dat

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  13. Determinants of Cryptocurrency Exchange Adoption

    Abdou Illia, Assion Lawson-Body, Simon Lee, et al. · 2023 · International Journal of Technology and Human Interaction · 7 citations

    Cryptocurrencies have become a global phenomenon, and the number of registered users of cryptocurrency exchange platforms has grown worldwide. However, only a small number of the registered users are active users that engage in actual transactions. In this study, the authors used a multi-theory approach to identify the key factors of the adoption of cryptocurrency exchanges and to develop a conceptual model that would have a potentially high explanatory power. The proposed model emphasizes the role of psychological innovation resistance, functional innovation resistance, technology readiness and trust, perceived risk and risk propensity, subjective norms, and critical mass of users. The auth

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  14. DETERMINANTS OF CRYPTOCURRENCY ADOPTION: EVIDENCE FROM AN EMERGING ECONOMY

    Antony Rahim Atellu · 2024 · Pressacademia · 2 citations

    Purpose- Cryptocurrency adoption has tremendously improved in Sub-Saharan Africa's emerging economies. Despite this trend, less emphasis has been placed on determinants of cryptocurrency adoption in such economies. This study extended the Theory of Reasoned Action (TRA), Theory of Planned Behavior (TPB), and Technology Acceptance Model (TAM), to examine aspects that determine cryptocurrency adoption in Kenya. The study findings may assist policymakers in developing a sturdy regulatory framework for adopting digital assets and monitoring Virtual Asset Service Providers (VASPs). Methodology- Data was collected through questionnaires from 400 students, graduates, and investors who had informati

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  15. Determinants of Cryptocurrency Adoption in Tanzania’s Banking Sector

    Thadei Kiwango, Repidius Muganyizi Kamala · 2025 · The Journal of Informatics · 1 citations

    Cryptocurrency is conceptualized as digital assets designed to function as mediums of exchange in Todays’ world. The objective of the study was to; evaluate the technological infrastructures and perception of Tanzanian consumers, as determinants to the adoption of cryptocurrencies in Tanzania’s commercial banks. The study employed a quantitative research design using surveys administered to 350 selected bank staff from ten commercial banks in Dar es Salaam and Dodoma. Data were collected through structured questionnaires and analyzed using descriptive and inferential statistical techniques. The findings indicate that both consumer perception and technological infrastructure significantly inf

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  16. A REVIEW OF MONETARY DETERMINANTS OF CRYPTOCURRENCY ADOPTION IN ISLAMIC FINANCIAL SYSTEM

    Afdzaal Jehabar Sadiq, Mohamed Akbar · 2022 · Journal of Information Systems and Digital Technologies · 1 citations

    This paper discusses the money and financial system from both the conventional and Islamic points of view. To further elucidate this topic, some aspects of the conventional financial system are discussed on the applicability from an Islamic perspective. Firstly, the advancements of technology that had led to the invention of cryptocurrency and how the Islamic financial system can evaluate the determinants of the adoption of such cryptocurrencies were reviewed. Secondly, the use of digital wallet and how it is encouraged by the government to increase transparency in the financial system and finally, the applicability of a dual-currency model, which covers the idea of revitalizing the dinar an

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  19. CRYPTOCURRENCY ADOPTION ACROSS ECONOMIES: A COMPARATIVE ANALYSIS OF MACROECONOMIC, TECHNOLOGICAL, REGULATORY, AND INSTITUTIONAL DETERMINANTS

    Zrinka Lacković Vincek, Vladimir Kovšca, Suzana Keglević Kozjak · 2026 · EMC Review - Časopis za ekonomiju - APEIRON

    This paper examines the determinants of cryptocurrency adoption across developed and emerging economies with the objective of identifying the key economic, technological, institutional, and regulatory factors influencing digital financial market development. The research is based on a structured literature review methodology that includes recent scientific publications, institutional reports, and industry analyses related to cryptocurrencies, blockchain technologies, stablecoins, and decentralised finance (DeFi). The study analyses how macroeconomic instability, technological readiness, institutional trust, and regulatory frameworks shape cryptocurrency adoption across countries and regions.

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  21. Determinants of Cryptocurrency Adoption: The Role of AI, Financial Literacy, and Technological Awareness

    Ninik Churniawati, Renita Selviana, Muhammad Mashudi Azrullah · 2026 · Studi Akuntansi, Keuangan, dan Manajemen

    Purpose: This study aimed to analyze the influence of technological awareness, financial literacy, Artificial Intelligence (AI), and personal innovation on the intention of the millennial generation in Pasuruan Regency to adopt cryptocurrencies and to explain the role of these factors in driving the acceptance of new technologies. Methodology: The research method involved 371,975 millennials in Pasuruan Regency, with a sampling technique using the Slovin formula with a margin of error of 5%. Data analysis was carried out using the Partial Least Squares (PLS) approach using WarpPLS 8.0 software. Results: The results of the study show that technological awareness, AI, and personal innovation h

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