International Journal of Management (IJM)

Volume 13, Issue 6, June 2022, pp. 41-51, Article ID: IJM_13_06_005
Available online at https://iaeme.com/Home/issue/IJM?Volume=13&Issue=6
ISSN Print: 0976-6502 and ISSN Online: 0976-6510
DOI: https://doi.org/10.17605/OSF.IO/CUG

© IAEME Publication Scopus Indexed

ADOPTION OF CRYPTOCURRENCY, A NOVEL

ENTRANT TO ASSET CLASS: MEASURING THE
PERCEPTION OF MILLENNIALS
Mohd Adnan1, Rashika Kumari2 and Jaidev Singh Negi3
1,2
Research Scholar, SRT Campus, HNB Garhwal University,
Srinagar Garhwal, Uttarakhand, India
3
Professor, SRT Campus, HNB Garhwal University,
Srinagar Garhwal, Uttarakhand, India

ABSTRACT
The cryptocurrency market in India grew to an overwhelming stature of USD 6.6
billion in May 2021 from USD 923 million in April 2020. Cryptocurrency adoption has
increased 800% since last year, according to a report by Chainalysis. Crypto assets
have emerged as a new asset class. Millennials are adopting cryptocurrency as an
investment avenue due to its unprecedented price appreciation. This paper explores
crypto adoption using Technology Acceptance Model. A quantitative methodology
utilising surveys is adopted. The perception is measured on variables: usefulness, ease
of use, and security. Self- administered questionnaires were distributed among 125
millennials for data collection. Respondents were selected based on their willingness to
respond. Analysis reveals that Perceived Usefulness, Perceived Ease of Investing in
Cryptocurrency, and Perceived risk have a significant effect on Behavioural intention
to invest in cryptocurrencies. The contribution of this research paper will help the
organisations understand the end-user perception towards cryptocurrency and factors
impacting its adoption, which would further assist when offering cryptocurrency
services to facilitate investment in it and other transactions.
Key words: Adoption, Asset Class, Blockchain, Cryptocurrency, Technology
Acceptance Model
Cite this Article: Mohd Adnan, Rashika Kumari and Jaidev Singh Negi, Adoption of
Cryptocurrency, A Novel Entrant to Asset Class: Measuring the Perception of
Millennials, International Journal of Management (IJM), 13(6), 2022, pp. 41-51.
https://iaeme.com/Home/issue/IJM?Volume=13&Issue=6

1. INTRODUCTION
"If the monetary standard, like totalitarian language, becomes so detached from reality as to be
useless in the eyes of its users, society can and will improvise an alternative"- Felix Martin,
2013.

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 Adoption of Cryptocurrency, A Novel Entrant to Asset Class: Measuring the Perception of Millennials

The history of blockchain dates back to 2008, when Satoshi Nakamoto, the so-called
developer of the most popular cryptocurrency named Bitcoin, published a paper entitled"
Bitcoin: A Peer-to-Peer Electronic Cash System" (Nakamoto 2008). The article outlined that
the key intention of inventing Blockchain Technology is to have a decentralised peer-to-peer
monetary system. The argument behind the innovation was that "a purely peer-to-peer version
of electronic cash would allow online payments to be sent directly from one party to another
without going through a financial institution" (Nakamoto, 2008b, p.2). Cryptocurrency is one
of the several prospects of blockchain technologies. As per the estimates, the contribution of
blockchain to business value could generate USD 3 trillion per year by 2030. The World
Economic Forum (WEF) apprehends that 10% of the global GDP will be stored on blockchain
by 2025 and marks blockchain as one of 7 groundbreaking technologies speculated to transform
how we live our lives. Cryptocurrency is a kind of digital currency that takes its support from
Blockchain Technology. As the name suggests, a blockchain resembles a ledger that has a
record of each cryptocurrency transaction. Transactions made in cryptocurrency protocols are
integrated into a block, which carries the information about the transaction's details like date,
time, amount, the identity of the parties involved in the transaction, etc. A block contains a
unique code called a "hash" that allows us to identify it from every other block.

Hash: g2fdgd Hash: dfg54df Hash: f6d5gd

Previous Hash Previous Hash Previous Hash
00000 g2fdgd dfg54df

Figure 1 Blockchain Hash Function

Source: Author
Although blockchain is thought to impact the business and economic worlds exponentially,
cryptocurrency is the latest rage. The first transaction through Bitcoin was made to buy two
pizzas in 2010 (Bort, 2014). One can purchase a car, pay for a doctor's appointment, and hire a
lawyer via bitcoins at 5,040 businesses worldwide (Coinmap, 2018; Use Bitcoins, 2018).
According to Statista, nearly 6,000 cryptocurrencies exist in the market. However, the top 20
cryptocurrencies constitute almost 90% of the market capitalisation.

1.1. Cryptocurrency as an Investment

The global financial crisis in 2008 led to the collapse of multiple financial institutions, exposing
grave flaws in the existing global economic and political systems, posing a profound impact on
Millennials- the generation Z born between the early 1980s and the late 1990s. When the
banking system collapses, the entire foundation of the country's economy crumbles. One of the
key measures of a country's growth is GDP. For GDP to grow, production capacities have to
increase, requiring investment. A significant portion of investment comes from savings and
banks as intermediaries that mobilise these savings and lend to the users, which leads to capital
formation. Dramatic transformation can be observed in the investments made by millennials.

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From simple and conventional instruments like fixed and recurring deposits, millennials have
started investing in complex financial instruments like stocks, bonds, futures, etc. Since crypto
currencies arrived on the world investment scene in 2009, their journey has been fascinating.
Online platforms, for instance, Bloomberg and Investopedia, have estimated that 1.5 crore
Indians invest in crypto already. The number of start-ups engaged in India's blockchain and
crypto space is more than 350 and rising. It is gauged that the investment in cryptocurrencies
by Indians has shot up from $923 million in April 2020 to around $6.6 billion in the last
financial year. Bitcoin, among all cryptocurrencies, has emerged as a showstopper; as in Indian
Rupees, the cost of one bitcoin has never come below Rs 35 lakhs, and the peak price was 56
lakhs in 2020-21. Currencies like Bitcoin, Ethereum, Dogecoin, etc., are considered a new
investment asset, carrying a high risk and expected return. Despite the lack of regulations and
legislation on cryptocurrency, a 20,000% increase (from $200 million to $40 billion) in crypto
investments in India was noted in the past fiscal year alone. Millions of investors entered the
crypto bandwagon and reaped skyrocketing investment returns. Minimal internet costs, high
inflation rates, increasing real estate prices, rising taxation rates on bullion, etc., have all
contributed to the paradigm shift of investing in intangible assets. Recent surveys indicate that
66% of millennials have more faith in cryptocurrency when compared to the stock market.

Table 1 The Market Capitalisation of the Top Ten Cryptocurrencies.

S.NO. Name Price Market Cap
1 Bitcoin (BTC) $42,499.93 $800,714,182,473
2 Ethereum (ETH) $2,902.65 $341,886,775,936
3 Cardano (ADA) $2.38 $76,691,148,702
4 Binance (BNB) $350.20 $59,074,838,588
5 XRP (XRP) $0.9379 $43,886,311,572
6 Solana (SOL) $138.76 $41,382,861,284
7 Polkadot (POL) $30.32 $29,991,464,103
8 Dogecoin (DOGE) $0.2074 $27,285,876,185
9 Avalanche (AVAX) $70.48 $15,660,137,885
10 Terra (LUNA) $37.28 $14,931,403,515
Source: (Today's Top 100 Crypto Coins Prices and Data | CoinMarketCap, n.d.)
The present research attempts to understand the investment attitudes and risk perception of
millennial investors towards the desire to invest in cryptocurrencies, given the disposition of
this generation towards the digital world and technological innovations.

2. REVIEW OF LITERATURE
(Venkatesh et al., 2003) reviewed the literature on eight notable models and compared those
eight models empirically on user acceptance. Further, they formulated an integrated model,
namely the Unified Theory of Acceptance and Use of Technology, with four dimensions of
intention and usage that incorporate all eight models' elements. The empirically designed model
was empirically validated. Theory of Reasoned Action, The Technology Acceptance Model,
and Innovation Diffusion Theory are some of the given models. Data were collected from four
organisations for six months. Findings reveal that UTAUT was tested using the original data
and outperformed the stated eight models.
(Sivathanu, 2019) attempted to investigate the Actual Usage of digital payment systems by
the users during the period of demonetisation. The study is based on UTAUT 2 and Innovation
resistance theory. Seven hundred sixty-six sample respondents were chosen for data collection
by employing a pre-tested questionnaire. The partial least Squares-Structural Equation
Modeling technique was used for data analysis. Results suggested that the behavioural intention
to use digital payment and innovation resistance affect the usage of digital payment systems.

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 Adoption of Cryptocurrency, A Novel Entrant to Asset Class: Measuring the Perception of Millennials

(Smutny et al., 2021) explored the nationwide usage, motivational factors and constraints
of cryptocurrency among Czech generation Y and Generation z users. Quota sampling, a non-
probability sampling method, was utilised for this study. Further, the authors checked the risk-
taking propensity of Czech users. Findings reveal that there is a lack of information on
cryptocurrency among the users, which is a barrier behind the actual usage, while the
motivational factor is the
(Nadeem et al., 2021) examined the adoption factors of Bitcoin. This study was based on
Technology Acceptance Model to test the proposed hypotheses. 385 Chinese respondents were
considered for data collection utilising the survey method. Every item was measured on a 5-
point Likert-type scale. Findings reveal that the perceived ease of use and the perceived
usefulness positively correlate with the intention to use Bitcoin. Further, the results suggest that
the transaction processing and the perceived ease of use significantly affect the perceived
usefulness.
(Arias-Oliva et al., 2019) analysed the main factors that influence the use of cryptocurrency
from the customer perspective. Utilising the TAM framework, the authors tested a model which
explained 85% of the intention to use cryptocurrency. A structured questionnaire was used
among 402 people. Principal component exploratory factor analysis with Varimax rotation was
used to check for the possible existence of dimensions in the scales. Exploratory factor analysis
was performed to test the number of determinants.
(Al-Amri et al., 2019) presented a systematic literature review on cryptocurrency adoption
from 2014 to 2017. Findings are suggestive of the fact that the research on cryptocurrency
adoption has increased over the years. Results reveal a lack of study on the factors that affect
cryptocurrency adoption.
(Saiedi et al., 2021) highlight the global factors that stress cryptocurrency adoption. The
authors explore the worldwide spread of infrastructure necessary to facilitate bitcoins for daily
transactions. Legal, criminal, financial, and social determinants were investigated for the
adoption of bitcoin. The study takes its support from the perceived failure of traditional
financial systems. Findings reveal that locations with well-developed banking services are for
bitcoin infrastructure. Further, the adoption of bitcoin is also motivated by cryptocurrencies'
usefulness in engaging in illicit trade. Innovations in technology have also contributed to the
growth of bitcoin.
(Gupta et al., 2020) contributed to the key intentions behind investment in cryptocurrency
despite its volatility and no regulatory authority. The study exploits the Unified Theory of
Acceptance, Technology Acceptance Model, and Social Support Theory. This study is
analytical. Findings indicate that the construct, social influence is the main driving factor; at
the same time, effort expectancy is the key factor considered by the factors.
(Walton & Johnston, 2018) investigated the determinants (enablers and barriers) that affect
the adoption of Bitcoin in South Africa. Data were collected from 237 responses. Findings
indicate that perceived benefit, attitude towards bitcoin, subjective norm, and perceived
behavioural control directly affected participants' intention to use bitcoin. The determinants of
the TAM model, for instance, perceived usefulness, ease of use, and trust-related risk, indirectly
affected the intention to use bitcoin.
(Fujiki, 2020) investigated the variables that differentiate Japanese crypto-asset owners
from non-owners. Four groups, namely, owners' level of awareness of crypto assets, whether
there is any profit on their holding of cryptocurrencies, holdings of traditional risky financial
investments, and their adoption of cashless payment methods. Data from an independent survey
was utilised. Probit models and multinomial logit models are analysed to obtain the results.
Independent variables were 62 in number. Thirty-five dependent variables were found to be
statistically significant.

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 Mohd Adnan, Rashika Kumari and Jaidev Singh Negi

(Voskobojnikov et al., 2021) throw light on the effects of trust, perceived self-efficacy, and
risk, which are the main drivers of technology acceptance. The authors tested the theoretical
model empirically. The model's validity is checked through Structural Equation Modelling of
204 users. Results indicate that trust is a significant factor that affects the intention to adopt,
with self-efficacy being a mediator.
(Mutiso & Maguru, 2020) state that SMEs have adopted cryptocurrency as an alternative to
payment modes in Kenya. Descriptive statistics were employed, and data were collected from
344 SMEs registered in Kiambu County. Findings hinted at a positive perception of
cryptocurrency as a payment method. Further, the study noted that Kenya actively engages in
new payment technologies, particularly in the SME sector. The findings stressed that the
government should create awareness among the masses about this innovative technology.
(Finance Lecturer Universiti Malaysia. et al., 2020) analysed the general understanding of
cryptocurrencies among Malaysian users. Descriptive statistics were employed. Proposed
hypotheses were tested utilising non-parametric tests like Pearson, Chi-square, and Cramer's V.
Results indicated that more than half of the respondents were aware of cryptocurrencies, but no
one possessed the digital currency. Age group, ethnicity, and occupation status affected their
awareness of cryptocurrencies.

3. RESEARCH OBJECTIVES
The present research work proposes the following objectives to reflect the real scenario:
• To assess the impact of perceived usefulness of investing in cryptocurrency (PUIC) on
Behavioral intention to invest in cryptocurrency (BIIC).
• To assess the impact of perceived ease of investing in cryptocurrency (PEIC) on
behavioural intention to invest in cryptocurrency (BIIC).
• To assess the impact of the perceived risk of investing in cryptocurrency (PRIC) on
Behavioral intention to invest in cryptocurrency (BIIC)

4. RESEARCH HYPOTHESES
The following hypotheses are proposed to fulfil the stated objectives.
H1: There is a significant impact of PUIC on BIIC.
H2: There is a significant impact of PEIC on BIIC.
H3: There is a significant impact of PRIC on BIIC.

5. THEORETICAL BACKGROUND
The technology acceptance model is proposed by Davis, (1989) to understand the acceptance
of new technology. Subsequently, the model was extended by Featherman and Pavlou (2003),
Venkatesh and Davis (2000), and Venkatesh et al. (2003). TAM has its roots in the "Theory of
Reasoned Action" (Fishbein & Ajzen, 1980). The theory put forward that usefulness of
technology and ease of use of technology directly affect the behavioural intention to use
technology. The technology acceptance model (TAM) is widely used to understand the
adoption of new technology. Perceived usefulness is defined as the extent to which users believe
that the technology will help them perform their job better. Perceived ease of use is defined as
the extent users believe that the use of technology is effortless.

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 Adoption of Cryptocurrency, A Novel Entrant to Asset Class: Measuring the Perception of Millennials

Figure 2 Hypothesised Theoretical Framework

6. RESEARCH INSTRUMENT DESIGN

To design the research instrument for measuring the adoption of cryptocurrency among
millennials, we used the research instruments from previously published studies concerning the
technology acceptance model and reframed them according to the subject of cryptocurrency
investment. We used the Perceived usefulness of investing in cryptocurrency (PUIC), which is
similar to the perceived usefulness in the TAM theory. Perceived ease of investing in
cryptocurrency (PEIC) is used in place of perceived ease of use, and behavioural intention to
invest in cryptocurrency (BIIC) is used in place of behavioural intention. The Dimension of risk
is also added in our proposed model on the ground that risk is an important aspect of any
investment decision. A five-point Likert scale is used to measure operationalised constructs.
Cronbach's alpha was used to verify the reliability and internal consistency of the collected data.
The questions used in the questionnaire are enumerated in table 1.

6.1. Sampling and Data Collection

The primary data collection was done using a structured questionnaire using Google Forms.
Snowball sampling is used for data collection as the users of cryptocurrency are not easy to
track. The target respondents selected for this study were millennials who are users of
cryptocurrency or are aware of cryptocurrency. Kaiser-Meyer-Olkin (KMO) Test is used to
measure sample adequacy.

7. RESULTS
7.1. Measurement Model
A multi-item reflective Likert scale was used to measure the hypothesised latent variables. The
factor loadings of each item were more than 0.5 (Hair et al., 2006). Cronbach's alpha was used
to test the reliability of the questionnaire. The value of Cronbach's alpha for all the construct
items was .868, which shows high internal consistency (Nunnally, 1978). The Fornell-Larcker
(1981) criterion is used to test the convergent validity of the construct. It is used to assess the
degree of shared variance between the latent variables. According to the Fornell-Larker
criterion, convergent validity can be assessed through the Composite Reliability and Average
Variance Extracted (AVE). The composite reliability (CR) of every latent variable is more is
above the minimum acceptable limit. The average variance extracted is also more than .50 for
all the latent variables confirming that the measurement model has convergent validity (Hair et
al., 2006). All the research construct has a high level of internal consistency and reliability, as
displayed in Table 3.

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 Mohd Adnan, Rashika Kumari and Jaidev Singh Negi

Table 2 Measurement Items Used in Questionnaire

Main Type Questions Reference
Constructs
Reflective PU1: Investing in cryptocurrencies will help Davis, 1989
PUIC
me achieve my goals more quickly.
PU2: Investing in cryptocurrencies will
increase my standard of living.
PU3: Investing in cryptocurrencies helps me to
increase my earnings.
Reflective PE1: Investing in cryptocurrency is simple to Davis, 1989
PEIC
learn.
PE2: Investing in cryptocurrencies will be clear
and understandable for me.
PE3: It is easy for me to invest in
cryptocurrency.
Reflective PR1: Investing in cryptocurrency is risky. Faquh, 2016; shim and
PRIC
Lee, 2011
PR2: There is too much uncertainty associated
with the investment in cryptocurrency
PR3: Compared to other investments,
cryptocurrencies are riskier.
Reflective BI1: I intend to invest in cryptocurrency. Venkatesh and Davis,
BIIC
2000
BI2: I am interested in investing in
cryptocurrency.
BI3: I expect to invest in cryptocurrency.

Table 3 Convergent Validity

Construct Validity
First Order Construct Item Factor Loading AVE CR Cronbach’s Alpha
PU1 0.909
PUIC PU2 0.904 0.769 0.909 0.907
PU3 0.815
PE1 0.77
PEIC PE2 0.775 0.620 0.830 0.831
PE3 0.817
PR1 0.805
PRIC PR2 0.836 0.663 0.855 0.856
PR3 0.802
BI3 0.892
BIIC BI2 0.845 0.732 0.891 0.894
BI1 0.829
The discriminate validity of the construct is also tested using Fornell–Larcker criteria. The
discriminate validity of the construct is verified by values in table 4, showing the value of
squared AVE and the inter-correlation between latent constructs. All the values of average
variance extracted (AVE) are more than the inter-correlation between latent constructs in table
4, confirming the discriminate validity of the constructs.

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 Adoption of Cryptocurrency, A Novel Entrant to Asset Class: Measuring the Perception of Millennials

Table 4 Discriminant Validity

CR AVE MSV MaxR(H) PRIC PEIC PUIC BIIC
PRIC 0.855 0.663 0.033 0.856 0.814
PEIC 0.830 0.620 0.441 0.832 0.027 0.788
PUIC 0.909 0.769 0.640 0.918 -0.074 0.579 0.877
BIIC 0.891 0.732 0.640 0.896 0.181 0.664 0.800 0.856

7.2. Structural Model

The overall model fit is evaluated on the basis of model fit indices as the normed fit index (NFI),
the goodness of fit index (GFI), root mean square of error approximation (RMSEA),
comparative fit index (CFI) and Tucker-Lewis Index (TLI) (Hair et al., 2010). The goodness-
of-fit indices for the measurement model are presented in Table 4. The respective values of
χ2/df (1.382), CFI (0.967), GFI (0.884), IFI (0.968), TLI (0.955), and RSMEA (0.071) are
presented in Table 5. Apart from the GFI and NFI, all the values were within the acceptable
range. The tolerable values are χ2/df 〈 3, IFI, GFI, CFI, and TLI 〉 0.9, CMIN/DF < 5, and
RMSEA < 0.8 (Gefen et al., 2000; Gefen and Keil, 1998). The value of GFI is below the
threshold value of 0.90, but very close to the threshold value, so these values also represent a
satisfactory model fit. Table 5 demonstrates that the measurement model is a good fit.

Table 5 Summary Of Goodness-Of-Fit Indices Of The Structural Model

Model Fit Chi-square/Degree CFI GFI IFI TLI RMSEA
Index of freedom
Model 1.382 .967 .884 .968 .955 .071

Figure 3 Structural Model

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 Mohd Adnan, Rashika Kumari and Jaidev Singh Negi

Table 6 Structural Model Results

Hypothesis Hypothesised Standardised t-values P Result
Relationships Estimates
H1 PUIC → BIIC .656 5.764 .001 Supported
H2 PEIC→ BIIC .278 2.464 .014 Supported
H3 PRIC→ BIIC .222 2.594 .009 Supported
Squared Multiple Correlation (R2):

Behavioural Intention to Invest in Cryptocurrency .749

Looking at the result of the structural model, we can say that PUIC, PEIC, and PRIC have
a significant effect on BIIC. The standardised regression weights tell us that PUIC had the
strongest effect on BIIC (.656) compared to PEIC (.278) and PRIC (.222). All the regression
weights are positive, which means that the BIIC increases with the increase in PUIC, PEIC and
PRIC. The squared multiple correlation (R2) for BIIC was .749 showing a significant level of
variance explained.
H1 tested whether the perceived usefulness of investing in cryptocurrency significantly
predicts the behavioural intention to invest in cryptocurrency. As per the results of the analysis
PUIC (Path coefficient = .656, t-statistics = 5.764) significantly predict BIIC. Hence the first
hypothesis was supported. Respondents are willing to invest in cryptocurrency due to its
perceived usefulness despite the risk and uncertainty.
H2 tested whether perceived ease of investing in cryptocurrency significantly affects
behavioural intention to invest in cryptocurrency. As per the results of the analysis PEIC (Path
coefficient = .278 t-statistics = 2.464) significantly affect the BIIC. Hence the second
hypothesis was supported. The result implies that the users are willing to invest in
cryptocurrency because they think the investing process in cryptocurrency is effortless due to
different facilitating conditions.
H3 tested whether the perceived risk in investing in cryptocurrency significantly affects the
BIIC. As per the results of the analysis (Path coefficient .222 t-statistics = 2.594), PRIC has a
significant impact on the behavioural intention to invest in cryptocurrency. The results implied
that the millennials are willing to invest in cryptocurrency despite to high risk because of the
perceived high usefulness and ease of use in investing in cryptocurrency.

8. CONCLUSION
The world of cryptocurrency has undergone a huge transformation since 2008 till date. It has
shown itself to be resilient amidst thefts, government restrictions etc. These digital assets still
have significant challenges to overcome before replacing traditional financial systems. There
are concerns like cybersecurity breaches, price volatility, no inherent value, and lack of a
regulatory framework. Moreover, cryptocurrencies are not widely accepted. When one mine
and transacts cryptocurrency, heavy computer calculations are involved, which entails huge
electricity consumption, which is also a major issue. As per Cambridge researcher, 121.36
terawatt-hours (TWh) of electricity is consumed in bitcoin mining a year. However, the use of
this virtual currency has its advantages too, like decentralisation, transparency and flexibility.
Users of cryptocurrencies are also varying at a dynamic pace. Findings of the present research
work reveal that Millennials have a positive attitude towards cryptocurrency usage.
Cryptocurrency also faces some inherent challenges, like if the financial system of the entire
world gets replaced with the Bitcoin model, it would, in turn, lead to significant growth in
blockchain size that the decentralised and distributed ledger model would become impractical.
Future research should explore the role of gender in the investment behaviour of various

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 Adoption of Cryptocurrency, A Novel Entrant to Asset Class: Measuring the Perception of Millennials

investor classes. Research should be undertaken to address the major concerns encircling
cryptocurrency. Millennials should be more cautious when investing in such virtual currencies
as one wrong step can wipe out their life's hard-earned money. The main limitation of the
research is the small sample size, as it is challenging to locate the cryptocurrency users.

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