What Drives People’s Cryptocurrency Investment Behavior
Yi‐Shun Wang, Nam Tien Duong, Chia-Hsuan Ying, Yun-Chi Chang
Abstract
By integrating the Self-Determination Theory and individual difference perspectives, this study examines how individual differences (i.e.locus of control, self-efficacy, and risk preference) influence behavioral intention to invest cryptocurrency through the mediation of the intrinsic and extrinsic motivations.Data collected from a sample of 305 valid responses are used to examine the research model and test the hypotheses with the employment of partial least squares structural equation modeling.The findings reveal that locus of control and self-efficacy significantly influence both intrinsic and extrinsic motivations to invest in cryptocurrencies.However, risk preference significantly impacts only extrinsic motivation.Both intrinsic and extrinsic motivations markedly influence the behavioral intention to invest in cryptocurrencies.The findings of this study provide several important theoretical and practical implications for understanding online cryptocurrency investment behaviors.