Psychological and technological factors shaping cryptocurrency investment: The moderating role of personality traits

Abstract

Cryptocurrencies, as a disruptive innovation in the financial sector, are reshaping traditional investment behaviors. Despite their growing adoption, many individuals remain hesitant to invest, influenced by both psychological and technological factors. This study integrates behavioral finance principles with the Unified Theory of Acceptance and Use of Technology (UTAUT), incorporating perceived security, perceived enjoyment, technology competency, and personality traits to examine their effects on cryptocurrency investment attitudes and intentions. Data from U.S. investors highlight how these factors shape investment decisions, with a particular focus on the moderating role of personality traits in the relationship between attitude and investment intention. Findings reveal that performance expectancy, perceived enjoyment, and perceived security significantly influence attitudes toward cryptocurrency investment and drive investment intention. Interestingly, openness negatively moderates this relationship, suggesting that individuals with high openness may be less likely to act on positive investment attitudes. However, other predictors including facilitating conditions, extraversion, agreeableness, conscientiousness, and neuroticism did not demonstrate any significant influence on investment attitudes or intentions. These insights contribute to the behavioral finance literature by highlighting how psychological and technological factors influence investment behavior. Practical implications extend to businesses, policymakers, and cryptocurrency platforms seeking to better understand and engage potential investors. Future research should explore additional behavioral and technological factors across diverse investor demographics and geographic contexts to further advance knowledge in this evolving field. • Performance expectancy and security enhance cryptocurrency investment attitudes. • Openness moderates the relationship between attitude and intention to invest. • Technology competency and effort expectancy negatively affect investment attitude. • Perceived enjoyment drives positive attitudes toward cryptocurrency investment. • Study integrates UTAUT with personality traits to explain cryptocurrency behavior.