Determinants of bitcoin behavioral intention of young citizens in Ho Chi Minh city

Abstract

Bitcoin is by far the largest cryptocurrency by market cap. The rapid rise of this novel form of currency required profound understanding of cognitive process of people regarding Bitcoin adoption intention. This study examined the factors underpinning Bitcoin usage intention using self-administered data collected from 452 respondents who are in the age between 18-29 years old in Ho Chi Minh City 2021. A theoretical framework was developed grounded on the Unified Theory of Acceptance and Use of Technology (UTAUT) model with four factors: 1) Performance expectancy, 2) Effort expectancy, 3) Social influence, and 4) Facilitating conditions. The quantitative results suggested that the intention to use Bitcoin of young people was significantly impacted by: 1) Performance expectancy, 2) Social influence, and 3) Effort expectancy, in their order of influence strength.