Awareness and Attitude Towards

Cryptocurrency Among Management

Students of Prithvi Narayan Campus
 TABLE OF CONTENTS

EXECUTIVE SUMMARY
CHAPTER I INTRODUCTION...............................................................................1
1.1 Context Information.......................................................................................................

1.2 Statement of Problem.....................................................................................................

1.3 Purpose of Study.............................................................................................................

1.4 Review of literature........................................................................................................

1.5.1 Conceptual Review......................................................................................4

1.4.2 Empirical review..........................................................................................6
1.5 Theoretical Framework of Study..................................................................................

1.6 Hypothesis.......................................................................................................................

1.7 Research Methods..........................................................................................................

1.8 Research Ethics.............................................................................................................

1.9 Limitations of the study...............................................................................................

CHAPTER II DATA PRESENTATION AND ANALYSIS................................12

2.1 Respondent profile........................................................................................................

2.2 Data Analysis and Findings.........................................................................................

2.3 Findings and Discussion...............................................................................................

CHAPTER III CONCLUSION AND ACTION IMPLICATION.......................28

3.1 Conclusion.....................................................................................................................

3.2 Action Implication........................................................................................................

BIBLIOGRAPHY......................................................................................................30
APPENDICES............................................................................................................33
 EXECUTIVE SUMMARY

This study examines the level of awareness and attitude towards cryptocurrency
among management students of Prithvi Narayan Campus. Sample sizes of 104 have
been used in this study following nonprobability purposive sampling technique.
Primary data were used to gather the data. Through the use of structured
questionnaires, primary data was gathered. Data analysis was done using the SPSS .
Data analysis methods included descriptive analysis and regression coefficient. The
objective was to explore the level of awareness and attitude of students towards
cryptocurrency and to examine the impact of awareness and attitude on
cryptocurrency adoption.

It was discovered that most students are aware of cryptocurrency, and they would like
to include it in their financial portfolio because it offers a good return and is quickly
becoming a significant tool for investing. The majority of respondents thought
cryptocurrency has potential as a medium of exchange, but there is still a lot of
skepticism about its ability to serve as an investment vehicle, mainly because of its
volatility and governmental restrictions. Number of respondents felt that they are
neutral towards cryptocurrency adoption.

Students are aware about cryptocurrency and have positive attitude towards
cryptocurrency adoption. There exists significantly positive impact of awareness and
attitude on cryptocurrency. Awareness has impact on cryptocurrency adoption and
attitude has impact on cryptocurrency adoption. However, Due to a lack of regulation
from the government and regulatory bodies, investors are unwilling to invest in
cryptocurrencies. So, students suggested government of Nepal and its regulatory
authorities should stand out to regulate cryptocurrency use and transaction in
financial market.
 1

CHAPTER I

INTRODUCTION

1.1 Context Information

Since the inception of computational technology to regulate stock prices,
advancements in financial management have played a pivotal role in propelling the
global economy to unprecedented heights. The introduction of sophisticated tools,
applications, and algorithms analysing millions of financial transactions has driven
economic development towards consumers. Technology is widely acknowledged as
the primary catalyst for economic progress, enhancing societal prosperity, and
contributing to social and financial development, ultimately raising people's living
standards (Gainsbury & Blaszczynski,2017).

The advent of cryptocurrencies and blockchain represents a new era in financial

assets. Unlike the centuries-long transition from the barter system to fiat currency, the
remodelling from fiat currency to cryptocurrency occurred within decades (Baettie,
2022). Cryptocurrencies are decentralized electronic currencies whose value is
determined by user demand (Gainsbury & Blaszczynski, 2017). Their decentralized
nature aims to operate independently of government and private organizations,
allowing users to transact online with the flexibility of traditional government-issued
currencies. Cryptocurrency is currently a highly debated topic globally, gaining
prominence due to discussions on regulation and its role as an exchange medium.
Secured by cryptography and utilizing blockchain technology for transaction
maintenance, cryptocurrencies hold significant potential for reshaping the
international financial structure (Raymaekers, 2015).

Described by the Homeland Security Studies and Analysis Institute, cryptocurrency is

a form of currency based solely on mathematics, produced by solving mathematical
problems through cryptography. This unique characteristic enables cryptocurrencies
like Bitcoin to function in a decentralized and nearly borderless exchange mechanism,
 2

supported by a peer-to-peer user consensus. This design eliminates the need for
financial institutions or trusted third parties, mitigating the risks of fraud and
inefficiency, while ensuring the validity and security of transactions through objective
proof-of-work (D’Alsonso, Langer & Vandelis,2016).

The cryptocurrency market has experienced staggering growth, with its total
capitalization reaching nearly $895 billion in December 2022, more than three times
its value since early 2016 (Hileman & Rauch, 2022). Despite the increasing need for a
deep understanding of cryptocurrency as a technology, investment vehicle, or
commodity, several countries still impose restrictions, making it inaccessible to the
general population (Chohan, 2017). Countries like Nepal, China, Russia, Vietnam,
Bolivia, Colombia, and Ecuador have declared cryptocurrency illegal (Chohan, 2017).
Cryptocurrency faces challenges as it is deeply entrenched in existing financial
infrastructure (O’Mahony, 2017). Research indicates that over 43% of college
students have rapidly adopted cryptocurrencies, leading to the creation of numerous
alternative currencies ("Cryptocurrencies: The Rise of Decentralized Money (2018)",
2018). Bitcoin, the pioneer cryptocurrency, has maintained its status as one of the
most demanding and high-valued digital assets, with its value skyrocketing from $265
in July 2015 to $17,453 in December 2022 (Yahoo Finance, 2022).

Today's college students exhibit behaviors marked by rapid technology adoption and a
lack of loyalty to existing global structures (JINGJING, 2018). As the generation at
the forefront of global technological evolution, they are familiar with experimenting
with new ideas, including modern fintech, despite security concerns and limited
government support. This behavior is also reflected in their approach to investing and
handling money (Martin, 2018). While various factors influence adoption, awareness
and attitude emerge as common antecedents explaining actual behavior.
Consequently, this study aims to assess the awareness and attitude of management
faculty students at PNC towards cryptocurrency and how these factors may influence
their decision to adopt. The findings will provide baseline information on factors
impacting the success of introducing innovative exchange systems, offering insights
into the potential adoption of cryptocurrency in developing economies like Nepal.
 3

1.2 Statement of Problem

Vigna and Casey (2015) outlined in their study that cryptocurrencies can function as a
form of transaction akin to traditional currencies. Despite being present globally for
almost a decade, regulatory authorities and governments exhibit skepticism regarding
their utilization. In numerous developing nations, the status of cryptocurrencies
remains undefined, leading to uncertainty about whether they will evolve into
recognized currencies or continue being considered as components of investment
portfolios. The general public often lacks awareness regarding the actual value of
cryptocurrencies, with many viewing them as illicit. Consequently, the research seeks
to respond to the following research inquiries.

 What is the level of awareness and attitude of students towards

cryptocurrency?
 Does awareness and attitude have impact on cryptocurrency adoption?

1.3 Purpose of Study

The main objective of study is to find out level of awareness and attitude towards
cryptocurrency among management students on Prithvi Narayan Campus. The
specific objectives of the study are as follows:

 To explore the level of awareness and attitude of students towards

cryptocurrency.
 To examine the impact of awareness and attitude on cryptocurrency
adoption.

1.4 Review of literature

The literature review constitutes a crucial component of research, involving the
examination and analysis of prior research endeavors. It is a scholarly paper providing
an overview of current knowledge, encompassing significant findings and
contributions in terms of theory and methodology related to a specific subject.
Various sources, such as journals, books, reports, and the internet, contribute to the
literature review, serving as secondary sources that do not present new experimental
 4

work. Typically situated within academic journals, these reviews are distinct from
book reviews found in the same publications. Literature reviews form the foundation
for research across nearly every academic discipline.

The exploration of diverse articles, books, and online materials aids in shaping ideas
relevant to the research topic. Moreover, it plays a crucial role in identifying areas that
have not been thoroughly examined and could serve as potential subjects of interest.
Consequently, this section encompasses conceptual reviews, empirical reviews, and
the development of a theoretical framework.

1.5.1 Conceptual Review

A strong conceptual foundation is essential for every study, as a lack of clarity on the
subject matter can lead to the study veering off course. In this section, a concise
overview of the primary discoveries in previous literature is presented. This chapter
encompasses both a conceptual review and an examination of relevant studies
conducted in the past.

1.4.1.1 Cryptocurrency and Its Evolution

Cryptocurrency refers to a form of digital or virtual currency that employs
cryptographic techniques to secure financial transactions. It operates in a
decentralized manner, meaning it is not under the control of any government or
financial institution. The inception of the first cryptocurrency, Bitcoin, occurred in
2009, created by an unknown individual or group using the pseudonym Satoshi
Nakamoto. Since then, numerous alternative cryptocurrencies, often referred to as
altcoins, have been introduced. In contrast to centralized digital currency and
traditional central banking systems, Bitcoin and its derivatives operate with
decentralized control.

The foundation of cryptocurrencies lies in blockchain technology, a distributed ledger

that continuously grows with linked and secured records known as blocks. Each block
typically includes a cryptographic hash of the previous block, a timestamp, and
transaction data. The design of blockchain ensures resistance to data modification.
Various timestamping schemes are employed by cryptocurrencies to eliminate the
 5

need for a trusted third party to timestamp transactions added to the blockchain
ledger. The security features of cryptocurrencies make them difficult to counterfeit.

A notable characteristic of cryptocurrencies is their organic nature – they are not

issued by any central authority, theoretically making them immune to government
interference or manipulation. Classified as a subset of digital currencies, as well as
alternative and virtual currencies, Bitcoin remains the first and most widely used
cryptocurrency. As of January 2020, there are over four thousand cryptocurrencies,
with a total market capitalization exceeding one hundred billion US dollars.

Cryptocurrencies are primarily used outside traditional banking and governmental

institutions, with transactions occurring over the Internet. While these decentralized
modes of exchange are still in the early stages of development, they possess the
unique potential to challenge existing currency and payment systems. The total
market capitalization of cryptocurrencies surpassed $1 trillion US dollars as of
December 2021. The use of cryptocurrency has witnessed substantial growth, with an
increasing number of merchants accepting it as a payment method. Additionally, the
asset class has garnered attention from investors, some of whom have invested
heavily. However, the volatility of cryptocurrency prices and the absence of
regulation contribute to the associated risks. As the use of cryptocurrency continues to
expand and evolve, further technological developments and increased adoption are
anticipated in the future.

1.4.1.2 Cryptocurrency Market

As of 2022, the number of cryptocurrencies has surged to nearly over 10,000, marking
a substantial increase from the limited options available in 2013. However, a
significant portion of these digital coins may lack significant prominence. The
accessible creation process for cryptocurrencies makes it relatively easy to develop
one. In fact, it is estimated that almost 90 percent of the total market is represented by
the top 20 cryptocurrencies.

Figure 1. 1

Cryptocurrency market
 6

SOURCE: Statista.com

1.4.1.3 Awareness
Awareness is the condition of being cognizant of something. In a more precise sense,
it involves the capacity to have direct knowledge, perception, or a conscious
understanding of events. An alternative definition characterizes awareness as a state in
which an individual possesses information directly accessible for influencing a broad
spectrum of behavioral actions (Chalmers, 1997). This concept is frequently
interchangeable with consciousness and is perceived as the essence of consciousness
itself (Amir et al., 2009).

1.4.1.4 Attitude

Attitude, as articulated by Jung et al. (2011), is a psychological concept signifying an

individual's preparedness to respond or behave in a specific manner. Likewise,
Pickens (2005) characterizes attitude as a mindset or inclination to act in a particular
way, influenced by an individual's experiences, disposition, and encompassing the
three components of emotions (feelings), beliefs (thoughts), and behaviors (actions).

1.4.2 Empirical review

Doblas (2019) conducted a study aiming to determine the awareness and attitudes of
college students toward cryptocurrencies and how these factors might influence their
decision to use the technology. Several conclusions were drawn from the research.
Firstly, the percentage of customers highly aware of cryptocurrencies is notably low.
 7

Secondly, while bitcoin is viewed favorably as a potential medium of exchange, there

remains considerable uncertainty about its suitability as an investment instrument,
particularly due to its volatility. Lastly, an individual's attitude and level of awareness
regarding cryptocurrencies significantly impact their inclination to embrace them.

De’Vries (2016) conducted a SWOT analysis of Bitcoins and other cryptocurrencies,

assessing their future perspectives. The strengths lie in the design and limited
production of bitcoins, preventing inflation pressure. Weaknesses include the
transparency of transactions, making them susceptible to cyber-attacks. Opportunities
lie in extending innovative technologies like Cryptography and Blockchain to enhance
the security of the current Banking and Financial System. Threats are associated with
the high volatility of virtual cryptocurrencies, which could be stabilized globally
through uniform regulation. The future remains uncertain for these currencies, but the
technologies associated with them are expected to have a significant global impact.

Laird (2007) suggests that individuals learn about their attitudes and feelings by
inferring them from observations of their overt conduct and the conditions in which it
occurs. This theory implies that when internal cues are unclear, individuals will use
their behavior to infer their feelings. Nadeem (2018) observes that social
entrepreneurs show more interest in cryptocurrencies than average consumers due to
their inclination to explore high-growth areas. The study explores how
cryptocurrencies will impact purchasing habits and consumer privacy globally,
addressing questions about scalability, replacing traditional currencies, and becoming
mainstream viable currencies.

Richards (2018) notes that some stakeholders in the payments sector argue that
cryptocurrencies could be a viable alternative for central bank settlement instruments,
reducing risk and increasing transaction efficiency. Cryptocurrencies could also
eliminate the need for transaction accounts to be held on the balance sheets of banks,
recording all transactions on a mutual distributed ledger or blockchain for banking
arrangements.

The primary economic debate surrounding cryptocurrency centers on whether it

should be classified as a currency. Patil (2019) studies the attitude of Ireland's
millennial generation toward cryptocurrencies, finding that millennials recognize
Bitcoin as a contemporary form of currency, trusting it for payment and transfer
 8

despite widespread skepticism. Kanirajan and Veliappan (2019) explore investor

awareness and adoption of cryptocurrency and blockchain technology among
blockchain communities, finding that investors' involvement is not dependent on
factors like education level, age, or industry sector.

Briere, Oosterlinck, Szafarz (2015) analyze Bitcoin's relationship with various

financial assets, finding that it exhibits high average returns and volatility, with low
correlation with traditional financial assets. Orabi (2022) focuses on the risks
associated with cryptocurrency trading and investment, emphasizing the need for
individual investors to be aware of these risks. Parashar & Rasiwala (2018) study
investors' awareness and perception of investment in cryptocurrency, with specific
reference to bitcoin, revealing concerns about technical glitches. Alzahrani and Daim
(2019) discuss cryptocurrency adoption at different levels, emphasizing users'
motivations to hold cryptocurrencies, such as investment opportunities, privacy,
anonymity, rapid fund transfer, low transaction costs, and curiosity about blockchain
networks.

1.5 Theoretical Framework of Study

The theoretical framework is the structure that can hold or support a theory of a
research study. Awareness and Attitude are the Independent variable and
Cryptocurrency adoption is the Dependent variable.

Figure 1.5

Theoretical Framework

Independent variable

Dependent variable

Awareness

Cryptocurrency Adoption

Attitude
 9

1.6 Hypothesis
H1 : Awareness positively influence adoption of cryptocurrency.

H2 : Attitude positively influence adoption of cryptocurrency.

1.7 Research Methods

Data and information are collected from management students of PNC using the
questionnaire method. Graphical presentations such as pie-charts and bar diagram are
presented wherever needed and appropriate. The analyses of data were placed
underneath the respective figures. Here, all the collected data were presented with the
needed tables and diagrams with the help of SPSS software. Thus, study of awareness
and attitude of management students towards cryptocurrency was done in PNC.

1.7.1 Research Design

Descriptive and Analytical research design was used to access the level of awareness
and attitude of management students.

1.7.2 Population and Sample

The total populations of study are the students of management faculty of PNC. The
sample size of 104 respondents was be selected for the survey. The sampling was
done using nonprobability purposive sampling technique. Considering homogeneous
nature of population, sample size is enough.

1.7.3 Nature and Sources of data

The source of data used in this method is primary. Since the report has been carried
out as an effort to analyze the awareness attitude level of management students of
PNC, information in this regard has been collected through questionnaire.

1.7.4 Questionnaire Design

The study utilized a structured questionnaire developed by the researcher, comprising

three sections. In the first part, an inclusion criteria question was included for the
second stage of analysis, ensuring that only responses from individuals indicating
 10

awareness of cryptocurrency were included for further questionnaire and hypothesis

testing. Additionally, this section included items to identify the most popular
cryptocurrency and the favoured investment tool, as perceived by respondents who
passed the inclusion question. The second part of the instrument comprised 13 items,
including three related to general background information on cryptocurrency, four
measuring the respondents' level of awareness of cryptocurrency, and six covering
their attitude toward cryptocurrency. Both awareness and attitude were gauged using a
5-point Likert Scale, ranging from 1 (strongly disagree) to 5 (strongly agree). The
third part of the instrument contained six items measuring students' attitude toward
the adoption of cryptocurrency, also assessed on a 5-point Likert Scale.

1.7.5 Method of Data Collection

Data was collected through primary sources. Primary data was collected through a
structured, multi choice, closed ended questionnaire which was designed effectively
to collect the adequate truthful facts and factors from the respondents. All together
104 respondent’s opinion were taken through questionnaire.

1.7.6 Method of Data Processing and Analysis

In order to obtain the meaningful result, data must be processed. SPSS software has
been used to analyze the data. So all the collected data and information are
categorized, edited, coded, tabulated and analyzed in different figures and charts like,
pie charts, bar graph and different statistical tools are used. Mean, standard deviation
has been used to describe the collected data and regression has been used to explore
the relationship between independent variables (awareness, attitude) and dependent
variable (cryptocurrency adoption).

1.8 Research Ethics

In submitting this research, I assure that respondent’s privacy and confidentiality has
not been harmed. Full consent was obtained from participants prior to study. Not any
misleading information and representation of finding in a biased way has been done.
Acknowledgement of works of other authors used in my research work with the use of
APA format has been done. The ethics of the research is fully maintained.
 11

1.9 Limitations of the study

Every study has inherent limitations that highlight its weaker aspects. In this case, the
sampling method employed was nonprobability purposive sampling, raising concerns
about its representativeness of the actual population of management students at PNC.
The survey distribution through Google Survey Forms, reliant on an internet
connection, further limited the study to internet users exclusively. Additionally, some
respondents in the sampling units may have completed the survey without genuine
interest or knowledge, introducing potential sampling errors. While cryptocurrency is
a global product, this research primarily focuses on PNC students, offering a limited
perspective on its adoption on a larger scale as a currency or investment tool.
 12

CHAPTER II

DATA PRESENTATION AND ANALYSIS

This chapter encompasses the presentation, analysis, and discussion of the results
derived from the study's objectives. The interpretation of data collected from the
primary source is thoroughly covered in the subsequent section.The data's appropriate
presentation helps researchers arrive at more accurate results and conclusions.

2.1 Respondent profile

Presentation of data and analysis of them is a main part in report writing or in any
research, which should be done by considering the objectives of the study. Data
analysis is essential for understanding results from surveys. In this study, a set of
personal characteristics, such as age, sex, faculty, etc., of the 104 respondents will be
examined and presented in this chapter. Personnel characteristics of respondents have
very significant role to play in expressing and giving the responses about the problem.

2.1.1 Gender

Students of management faculty are the main respondents for the study. In this study,
gender are included i.e. the data are classified into male and female group and
presented in figure 2.1.
Figure 2.1
Genders of the Respondents
Figure
Others 0.01
2.1

Female 0.356
presents
that
there
are
more
Male male
Male Female Others 0.634
 13

respondents compared to the female. 63.5 percent are male while 35.6 percent are
female and remaining are others.

2.1.2 Age

The data are collected from respondent based on their age. Here the collected data are
categorized into different level such as below 18-20 years, 20-25 years, 25-30 years
and above 30 years which is presented in figure 2.2.

Figure 2. 2

Age of the Respondents

90
80
70
60
In Numbers

50
40
30
20
10
0
18-20 year 20-25 year 25-30 year Above 30 year
Age Group

Figure 2.2 presents that among 104 respondents there are 7 respondents between 18 to
20 years, 81 respondents between 20 to 25 years, 12 respondents between 25 to 30
years and 4 respondents above 30 years. Density of respondent of age between 20 to
25 years is greater in comparison to others.

2.1.3 Programs

Data are collected from students of management faculty; the data are collected from
respondent on the basis of programs. Here the data collected are categorized into
students of Masters in Business Studies (MBS), Bachelors in Business Administration
(BBA) and Bachelors in Business Studies (BBS) which is shown in the figure 2.3

Figure 2. 3

Program of Respondent
 14

0.144

0.279
0.577

BBA MBS BBS

Figure 2.3 presents that 57.7% of respondent are students of BBA, 27.9% are students
of MBS and 14.4% are BBS students. The density of BBA students dominates other
courses.

2.1.4 Awareness on Finance, Banking and Investment

Figure 2. 4

Awareness of Respondent on Finance, Banking and Investment

Awareness

Aware Unaware

Figure 2.4 presents that, among 104 respondents all students are aware about finance,
banking and investment.
 15

2.1.5 Involvement in Investment

Figure 2. 5
Respondent’s Involvement in Investment

0.087

0.913

Yes No

Figure 2.5 present’s that 91.3% of the respondents are involved in investment
activities whereas 8.7% are not involved.

2.1.6 Favourable Investment tool

Figure 2. 6
Favourable investment tools

70
61
60

50
IN Numbers

40

30

20 17
10 9
10 7

0
Equity Mutual Fund Cryptocurrency Real Estate/Gold Other
Investment Tools

Figure 2.6 present’s that 61 students prefer equity for investment, 10 students prefer
mutual fund, 9 students favour cryptocurrency might be favourable investment tool, 7
prefers to invest in real estate/gold and remaining 17 favours other investment tools.
 16

2.1.7 Awareness on cryptocurrency

Figure 2. 7
Awareness on cryptocurrency

22.10%

77.90%
Aware

Figure 2.7 shows majority of respondents are aware about cryptocurrency. 77.9% of
respondents are aware about cryptocurrency and remaining 22.1% are unaware.

2.1.8 Knowledge about cryptocurrency

Figure 2. 8
Awareness on cryptocurrency
45
41
40
35 32
30
In Numbers

25
20
15
10 8
5
0
Basic Framework Detail Knowledge Just have an idea
knolwedge about cryptocurrency

Figure 2.8 shows that among students who are aware about cryptocurrency 41 of them
have basic knowledge of cryptocurrency, 8 of them have detailed knowledge and
remaining 32 have just idea about cryptocurrency.
 17

2.1.9 Familiar cryptocurrency

Figure 2. 9

Familiar cryptocurrency

70
64
60

50
In Numbers

40

30

20
12
10
2 3
0
0
Bitcoin Ethereum Dogecoin Tether Others
Cryptocurrencies

Figure 2.9 present’s that 64 respondents are familiar with Bitcoin, 12 respondents are
familiar with Ethereum, 2 respondents are familiar with Tether , 3 respondents area
familiar with other cryptocurrencies and no one is familiar with dogecoin. Bitcoin is
most familiar cryptocurrency among respondents.

2.1.10 Advantages of cryptocurrency

Figure 2. 10

Advantages of cryptocurrency

30
25
25
20 18
16
15 13
10 8
In Numbers

5 1
0
t an y y n rs
en rit nc io he
m em cu re is s Ot
ay dl S e
sp
a m
lp id m
na m ran co
tio No T w
rn
a Lo
te
In
Advantages
 18

Figure 2.10 present’s major advantages of cryptocurrencies. 25 respondents believe

international payment is major advantage, 18 respondents thinks no middleman, 16
students believe security as major advantage, 13 students think transparency, 1
respondents thinks low commission in transaction and remaining 8 respondents think
there are other advantages of cryptocurrencies.

2.2 Data Analysis and Findings

Data analysis is done by descriptive analysis and regression analysis between
dependent and independent variables.

2.2.1 Descriptive analysis

Descriptive statistics refers to the analysis of data aimed at providing a meaningful

description, representation, or summary of the data. This process allows for the
identification of patterns within the data, serving as a method to characterize and
articulate the features of the dataset.

2.2.1.1 Awareness level of cryptocurrency

Table 2. 1

Awareness level on cryptocurrency

Statements Strongly Disagree Neutral Agree Strongly Mean SD

 19

Disagree Agree
I am aware that 2 0 13 56 10 3.89 0.707
cryptocurrency is a form
of digital asset based on
a network that is
distributed across a large
number of computers.
I knew that crypto 1 2 24 36 18 3.84 0.843
currencies operations
happen in an
independent and open
network.
I have adequate 3 14 33 22 9 3.25 0.994
knowledge of
blockchains and other
technology supporting
crypto currency.
I am familiar with 6 24 28 8 15 3.02 1.204
systems like Ethereum,
Omni and NXT.

Source: Field Survey, 2022

As per Pimentel (2010), the five-point Likert scale is categorized as an interval scale,
and the mean holds considerable importance. The scale is interpreted as follows: a
mean ranging from 1 to 1.8 corresponds to "strongly disagree," 1.81 to 2.6 signifies
"disagree," 2.61 to 3.4 denotes "neutral," 3.41 to 4.2 indicates "agree," and 4.21 to 5
implies "strongly agree."

In the first statement, the mean is 3.89 and standard deviation is 0.707. Hence, it
means that the majority of participants agreed regarding nature of cryptocurrency.

In the second statement, the mean is 3.84. It means that the majority of participants
are agreed regarding operations of cryptocurrencies happens in an independent and
open network.

Similarly, the third and fourth statements have mean of 3.25 and 3.02 respectively
which shows respondents are neutral to the given statements. They have neutral
 20

opinion on that they have adequate knowledge of blockchains and other technology
supporting crypto currency and familiar with systems like Ethereum, Omni and NXT.

The standard deviation of first, second, third and fourth statements are 0.707, 0.843,
0.994 and 1.204 which are consistent and less than mean value. It shows that majority
of the participants agree to the given statements.

2.2.1.2 Attitude towards cryptocurrency

Table 2. 2

Attitude towards cryptocurrency

Statements Strongly Disagree Neutral Agree Strongly Mean SD

Disagree Agree
I understand that 0 3 11 49 18 4.01 0.718
cryptocurrency can function as
means of exchange.
Using cryptocurrencies as a 1 1 25 42 12 3.78 0.758
store of value is possible.
I recognize that it is possible 0 6 15 39 21 3.93 0.863
that cryptocurrencies can
replace fiat(paper) money.
Online transactions are feasible 1 2 25 45 8 3.70 0.732
with cryptocurrency.
Using cryptocurrencies, we may 2 10 30 30 9 3.42 0.932
not require a monetary regulator
such as a central bank.
I believe that cryptocurrencies 1 4 32 30 14 3.64 0.870
will alter commercial dealing.

Source: Field Survey, 2022

As per Pimentel (2010), the five-point Likert scale is categorized as an interval scale,
and the mean holds considerable importance. The scale is interpreted as follows: a
mean ranging from 1 to 1.8 corresponds to "strongly disagree," 1.81 to 2.6 signifies
"disagree," 2.61 to 3.4 denotes "neutral," 3.41 to 4.2 indicates "agree," and 4.21 to 5
implies "strongly agree."
 21

The mean and standard deviation of the first statement is 4.01 and 0.718 respectively.
It shows that respondents are agreed and have positive attitude towards the statement
regarding cryptocurrency can function as means of exchange. The mean and standard
deviation of second statement is 3.78 and 0.758 respectively. It means that
respondents agree to the statement regarding cryptocurrencies can be used to store
value.

The mean and standard deviation of third statement is 3.93 and 0.863 respectively. It
means that respondents agree to the statement regarding cryptocurrencies can replace
fiat money.

Similarly, the fourth and fifth statements have mean of 3.70 and 3.42 respectively
which shows respondents are agreed to the given statements. They have positive
attitude towards feasibility of online transaction with cryptocurrencies and utilization
of cryptocurrency may not require money regulator. Standard deviation of fourth and
fifth statements are 0.732 and 0.932 respectively.

The mean and standard deviation of last statement is 3.64 and 0.870 respectively. It
means that respondents are neutral regarding statement that cryptocurrencies can alter
commercial dealing.
 22

2.2.1.3 Cryptocurrency adoption

Table 2. 3

Cryptocurrency adoption

Statements Strongly Disagree Neutra Agree Strongly Mean SD

Disagree l Agree
I am prepared to accept 1 7 38 26 9 3.43 0.851
cryptocurrency as a means of
payment.
I will make an attempt to become 0 6 49 20 6 3.32 0.722
active and implement
cryptocurrency as a payment
method.
Using Cryptocurrency is 0 4 27 39 11 3.70 0.766
compatible with the business
environment.
I believe that the adoption of 3 11 20 30 17 3.58 1.082
cryptocurrencies may eliminate
the necessity of banks.
Adoption of cryptocurrency is 1 6 21 38 15 3.74 0.891
fully compatible with e-store/e-
business requirements.

Source: Field Survey, 2022

The mean and standard deviation of the first statement is 3.43 and 0.851 respectively.
It shows that respondents have neutral view to the statement regarding acceptance
cryptocurrency as a means of payment. The mean and standard deviation of second
statement is 3.32 and 0.722 respectively. It means that respondents are neutral to the
statement regarding attempt to become active and implement cryptocurrency as a
payment method.

The mean and standard deviation of third statement is 3.70 and 0.766 respectively. It
means that respondents agree to the statement that cryptocurrency is compatible with
the business environment.
 23

Similarly, the fourth and fifth statements have mean of 3.58 and 3.74 respectively
which shows respondents are agreed to the given statements. They agreed that
adoption of cryptocurrencies may eliminate necessity of bank and is compatible with
e-store/e-business. Standard deviation of fourth and fifth statements are 1.082 and
0.0891 respectively which shows majority of respondents agreed with statements.

2.2.1.4 Descriptive Analysis of Independent Variables

The data characteristics have been analyzed in terms of mean value and standard
deviation of each of the independent variables (Attitude and awareness).

Table 2. 4

Descriptive Analysis

Mean Standard Deviation

Awareness 3.5 0.4323

Attitude 3.7467 0.2118

All variables were assessed on a scale where a score of 1 represents "strongly

disagree," 2 denotes "disagree," 3 signifies "neutral," 4 indicates "agree," and 5
represents "strongly agree." Table 2.4 above presents the descriptive statistics for
awareness and attitude toward cryptocurrency adoption. The results reveal mean
scores of 3.5 for awareness and 3.7467 for attitude, both exceeding the average value.
This suggests a positive inclination among respondents toward the statements,
indicating agreement with the adoption of cryptocurrencies. The data shows
unanimous agreement or strong agreement regarding cryptocurrency adoption among
all respondents. Similarly, standard deviations ranging from 0.2118 to 0.4323 have
been observed, all of which are less than the mean, signifying consistency in the data.
This implies that the collected data exhibits significant variability suitable for the
study's objectives. In conclusion, it can be inferred that respondents concur with the
statements asserting that awareness and attitude play a significant role in
cryptocurrency adoption among management students at Prithivi Narayan Campus.
Therefore, both awareness and attitude exert influence on cryptocurrency adoption.

2.2.2 Regression analysis

 24

Regression analysis is a statistical technique employed to examine the correlation

between a dependent variable and one or more independent variables. Its purpose is to
forecast the value of the dependent variable by considering the values of the
independent variables. Linear regression, the prevalent form of regression analysis,
presupposes a linear association between the variables. This method is widely utilized
for predicting future trends and facilitating informed decision-making

Table 2. 5

ANOVAa (F-statistic) table

Model Sum of df Mean Square F Sig.

Squares
Regression 8.086 2 4.043 14.603 0.000b
Residual 21.594 78 0.277
Total 29.680 80

a. Dependent Variable: Cryptocurrency Adoption

b. Predictors: (Constant), Awareness, Attitude

The ANOVA measures the overall significance of the model. It consists of

calculations that provide information about levels of variability within a regression
model and form a basis for tests of significance. The result confirms that the overall
regression model is significant for the data and this was captured by F-statistic value
of 14.603 and its associated probability value of 0.000(F=14.603, p<0.05), that was
found significant at 5% level. So that there is significant difference among variables.

Table 2. 6

Regression analysis of cryptocurrency adoption and independent variables

Unstandardized Coefficients Collinearity Statistics

Independent B t Sig. VIF

Variables
Constant 1.365 3.308 0.001**

Awareness 0.225 2.212 0.030** 1.370

Attitude 0.374 3.064 0.003** 1.370

 25

a. Dependent Variable: Cryptocurrency adoption

**significant at 0.05

Table 2.6 shows the result of linear regression coefficient between cryptocurrency
adoption and the independent variables (awareness and attitude) taken under study.
The column labelled “Unstandardised Coefficient” depicts the estimated coefficient.
The coefficient shows the sign and size of change. The awareness coefficient value,
which was found to be 0.225, shows that a unit change in level of awareness, on the
average, changed Dependent variable but 0. 225.The attitude coefficient value, which
was found to be 0.374, shows that a unit change in attitude leads to change on
dependent variable by 0.374.

The calculated t-value for the relationship between awareness and cryptocurrency
adoption is given as 2.212 with the associated p-value of 0. 030.Similarly, the
calculated t-value for the relationship between attitude and cryptocurrency adoption is
given as 3.064 with the associated p-value of 0.003.

2.2.4 Testing of Hypothesis

Table 2. 7

Hypothesized path results.

Paths T statistics P values Hypothesis accepted /

Rejected
Awareness positively influences adoption of 2.212 0.001 Accepted
cryptocurrency.
Attitude positively influence adoption of 3.064 0.030 Accepted
cryptocurrency.

The suggested paths in the hypothesized model are statistically significant, with p-
values below 0.05. Therefore, attitude emerges as the predominant factor driving
increased cryptocurrency adoption. Additionally, awareness has a discernible impact
on cryptocurrency adoption, and attitude, in turn, plays a mediating role in influencing
cryptocurrency adoption.
 26

2.3 Findings and Discussion

This summer project report is based on awareness and attitude of management
students towards cryptocurrency. Descriptive research design is used in order to
manage received data from research where certain description of available
information along with some diagram and table is made. Whole study is organized
into three chapters along with sub-headings. From the study, I came to know:

According to study, majority of respondents are male (63%) and rest are female. Most
of respondents fall under age category of 20-25 years. The result indicates 77% are of
this age group. All respondents are aware about finance, banking and investment and
91% are involved in investment activities. Equity is most favourable tool for
investment.78% respondents’ area aware about cryptocurrency and bitcoin is most
familiar cryptocurrencies among them. Shukla & Akshay (2019) conducted their
study with an objective of assessing the level awareness and perception of
cryptocurrency in Bangalore. The study shows that majority of respondents are male
with leading age group of 30-40 years (57%).68% of respondents are aware about
finance, banking and investment and most favourable tool for investment if mutual
fund. Majority of respondents are aware about cryptocurrencies (69%). The result of
my research is slightly different from Swati and Akshya on the basis of demography.

Majority of respondents agreed that they are aware about cryptocurrencies are form of
digital assets, their operation happens in open and independent network, have
knowledge of blockchain and platform related to since the statements means were
greater than 3.4 and standard deviation were consistent. In addition, respondents have
positive attitude towards cryptocurrencies. As majority believes cryptocurrencies can
be means of exchange, can be used to store value, can replace fiat money and can be
used in online transaction also the statements mean were greater than average and
standard deviation were consistent. A study by Doblas (2019) shows that an
individual's attitude toward cryptocurrencies and level of awareness has a major
impact on their propensity to accept Cryptocurrency.

Majority of respondents were neutral regarding adoption of cryptocurrency since the

means of these statements were not consistent and some were less than average.
However, they didn’t disagree that they will not involve in cryptocurrency transaction
if it became legal. Patil (2019) studied the attitude of Ireland’s millennial generation
 27

towards cryptocurrencies. According to the research, Millennials have formally

recognized Bitcoin and other cryptocurrencies as a sort of contemporary cash. Despite
widespread distrust among those who have never used it, most millennials trust it as a
means of payment and transfer.

The study shows that, awareness has positive impact on cryptocurrency adoption
which have regression coefficient of 0.225. Similarly, attitude also has positive impact
on cryptocurrency adoption which have regression coefficient of 0.374. Significance
level of both awareness and attitude is less than 0.03 (p<0.03).
 28

CHAPTER III

CONCLUSION AND ACTION IMPLICATION

Here in this chapter, conclusion is drawn on the basis of entire research report. The
purpose of this chapter is to integrate the various issues covered in the body of the
report. It comprises of any practical implications resulting from the research
conducted.

3.1 Conclusion
From the findings of the study, it is concluded that all the criteria which were taken
for cryptocurrency adoption showed positive results. Awareness and attitude were
taken as most important requirement for cryptocurrency adoption. The purpose of this
study was to evaluate management students at PNC's level of awareness and attitude
towards cryptocurrencies and how such factors might influence a choice to use the
technology. There were various inferences drawn from the research. First of all, there
is still a huge need for consumers who are extremely aware of the existence of
cryptocurrencies. Second, while bitcoin is positively perceived as a potential medium
of exchange, there is still a lot of scepticism regarding its ability to serve as an
investment vehicle, mainly because of its volatility and governmental limitations.
Finally, a person's desire to accept cryptocurrency is greatly influenced by their
attitude towards it and level of awareness.

The majority of students are aware of cryptocurrency, and many would like to include
it in their financial portfolio because it offers a solid return and is quickly becoming a
significant tool for investing. However, due to a lack of government and regulatory
authority regulation, they are unwilling to invest in cryptocurrencies. If the Nepalese
government and regulatory bodies step up to control its usage and transaction in the
financial market, it might have a significant impact on the overall investment
portfolio.

Since it is commonly known that cryptocurrencies are the result of cutting-edge

technologies, many nations have already controlled their use in day-to-day commerce
 29

and more are stepping forward to do the same for their transactions in the financial
market. Therefore, the Nepalese government and its regulatory body should step up
and take measures to control cryptocurrency transactions as a form of investment.

3.2 Action Implication

Upon analyzing the data gathered from the participants and evaluating the outcomes,
there are several actionable implications aimed at raising awareness and altering
people's attitudes towards cryptocurrencies.

 Technological advancements in financial management have helped take the

global economy to unprecedented heights. Cryptocurrencies being
revolutionary in fintech should be adopted by developing nation to cope with
modern global economy. For this, regulatory authorities should come forward
to regulate cryptocurrency use and transaction in financial market.
 Media being the backbone nation for information sharing should play active
role in raising awareness about cryptocurrencies to general people and to
pressure regulatory authorities to hear wants and demands of investors.
 The cryptocurrency market is characterized by its unpredictability and
riskiness, primarily driven by the enthusiastic momentum generated and
sustained through social media. So, proper regulation related to
cryptocurrencies should be made to regulated cryptocurrency market properly.
 Due to volatility nature of cryptocurrencies investors are hesitating in
involving in this market. So, regulatory authorities should facilitate mock
stock exchange for trading to build the confidence among investors which will
contribute in flourishing financial market.
 Curriculum and syllabus of schools and colleges are still not updated. So
curriculum should be updated and Fintech subjects should be included in
college and school which will contribute in growth of students in field of
finance and technology management.
 30

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 33

APPENDICES

QUESTIONNAIRE

Awareness and Attitude Towards Cryptocurrency Among

Management Students of Prithvi Narayan Campus

 Your Gender?
1. Male
2. Female
3. Other

 Age?
1. 18-20 years
2. 20-25 years
3. 25-30 years
4. Above 30 years
 34

 Your Program?
1. BBA
2. BBS
3. MBS

 Are you aware about Finance, Banking and Investment?

1. Yes
2. No
3. Maybe

 Are you involved in investment?

1. Yes
2. No

 In your opinion, which of the following is most favorable

investment tool?
1. Equity
2. Mutual Fund
3. Cryptocurrency
4. Real estate/Gold
5. Others

 Are you aware about cryptocurrency?

1. Yes
2. No

 What is your level of knowledge regarding cryptocurrency?

1. Basic Framework
2. Just have an idea
3. Detailed Knowledge
 35

 Which one of the following cryptocurrencies is most familiar

to you?
1. Bitcoin
2. Ethereum
3. Dogecoin
4. Tether
5. Others

 What are the main advantages of cryptocurrency in your

opinion?
1. International Payment
2. Transparency
3. No middleman
4. Security
5. Low commission
6. Others

 Factor Analysis
Please choose your answer with close to your opinion.

1. Strongly Disagree

2. Disagree

3. Neutral

4. Agree

5. Strongly Agree
 36

 Select appropriate option regarding your awareness on

cryptocurrency:
I am aware that cryptocurrency is a 1 2 3 4 5
form of digital asset based on a
network that is distributed across a
large number of computers
I knew that crypto currencies 1 2 3 4 5
operations happen in an independent
and open network.
I have adequate knowledge of 1 2 3 4 5
blockchains and other technology
supporting crypto currency.
I am familiar with systems like 1 2 3 4 5
Ethereum,Omni and NXT

 Select appropriate option regarding your attitude towards

cryptocurrency:
I understand that cryptocurrency can 1 2 3 4 5
function as means of exchange,
Using cryptocurrencies as a store of 1 2 3 4 5
value is possible.
I recognize that it is possible that 1 2 3 4 5
cryptocurrencies can replace
fiat(paper) money.
Online transactions are feasible with 1 2 3 4 5
cryptocurrency.
Using cryptocurrencies, we may not 1 2 3 4 5
require a monetary regulator such as
a central bank.
I believe that cryptocurrencies will 1 2 3 4 5
alter commercial dealing.
 37

 Select appropriate option considering your views towards

cryptocurrency adoption:

I am prepared to accept 1 2 3 4 5
cryptocurrency as a means of
payment.
I will make an attempt to become 1 2 3 4 5
active and implement
cryptocurrency as a payment
method.
Using Cryptocurrency is 1 2 3 4 5
compatible with the business
environment.
I believe that the adoption of 1 2 3 4 5
cryptocurrencies may eliminate the
necessity of banks.
Adoption of cryptocurrency is fully 1 2 3 4 5
compatible with e-store/e-business
requirements.

 Do you think cryptocurrencies will be worth more or less in

future?
1. Significantly Less
2. Somewhat Less
3. About the Same
4. Somewhat More
5. Significantly More