An empirical investigation of the determinants influencing cryptocurrency adoption in Kuwait

Abstract

Although cryptocurrency's popularity has increased exponentially, virtually no studies have investigated the factors influencing its adoption in developing countries. This study uses the unified theory of acceptance and use of technology (UTAUT) model and the technology acceptance model (TAM) to investigate consumers' intention to adopt cryptocurrencies in Kuwait. The variable sets considered included demographic variables such as gender, age, educational level, income, and several cognitive and attitudinal variables such as performance expectancy, effort expectancy, facilitating conditions, social influence, perceived usefulness, perceived ease of use, and attitudes. Based on a large sample of 462 respondents, the study employs hierarchical linear regression to show how it is possible to identify various dimensions of cryptocurrencies' intentional usage behaviours. For example, performance expectations, facilitating conditions, perceived usefulness, and perceived ease of use have been found to be positively linked to consumers' adoption of cryptocurrencies.