FACTORS AFFECTING ADOPTION OF CRYPTOCURRENCY IN PAKISTAN: AN APPLICATION OF UTAUT2 MODEL

Abstract

Although cryptocurrencies and blockchain technology have revolutionized numerous industries, there is still a long way to go before they are widely accepted on an individual level. This study attempts to investigate the variables affecting Pakistani individuals' willingness to use blockchain-based cryptocurrencies. Through the incorporation of external factors like trust and elements from the Unified Theory of Acceptance and Use of Technology2 (UTAUT 2) construct including performance expectancy, facilitating conditions, effort expectancy, social influence, and hedonic motivation. 250 participants took part in a study using SPSS to determine their behavior intentions towards cryptocurrencies. The Finding of the results indicates that performance expectancy, social influence, hedonic motivation and Trust have strong significant relationship with Behavior intention to adopt cryptocurrency. On the other side facilitating condition show weak significance with Behavior intention and effort expectancy have no significant relationship with intention to use. Furthermore, this research also highlights on numerous factors such as institution, importance and further research in domain.