The factors contributing to cryptocurrency purchase intention among generation X and millennials in Malaysia

Abstract

Technological advancements have significantly promoted the usage of cryptocurrency for digital payments, including in Malaysia. Malaysia demonstrates a higher cryptocurrency ownership rate than the global average. Specifically, Generations X (Gen X) and Y (millennials) in the state of Selangor contribute to the highest ownership proportion, despite cryptocurrency not being recognized as a legal digital payment method by Bank Negara Malaysia. Therefore, the present study aims to investigate the factors contributing to cryptocurrency purchase intention among Gen X and millennials in Selangor. The impacts of social influence, performance expectancy, trust, and volatility on cryptocurrency purchase intention were appraised with the unified theory of acceptance and use of technology 2 (UTAUT2). Empirical data were gathered by disseminating100 questionnaires between May and July 2023 before conducting multiple regression to analyze the valid responses. The results revealed that social influence, performance expectancy, trust, and volatility significantly impacted cryptocurrency purchase intention among Malaysian Gen X and millennials, with performance expectancy producing the most significant impact. Hence, this study provided significant theoretical contributions to the existing knowledge corpus and generated practical insights for policymakers to develop pertinent policies in regulating cryptocurrency transactions in Malaysia.