Examining cryptocurrency adoption, considering the moderating impact of economic literacy and the mediating influence of perceived evaluation
Shigen Li, Mohammad Akbari ArekamariPurpose
This study investigates digital currency adoption by examining the interplay among technology–blockchain engagement (TBE), perceived evaluation (PE), financial literacy (FL) and purchases using digital currency (PDC). Specifically, it explores how user engagement with blockchain technologies shapes evaluative perceptions and how FL conditions the translation of such evaluations into purchasing behavior in an emerging economy context.
Design/methodology/approach
A quantitative research design was employed, utilizing structural equation modeling and Hayes’ PROCESS model to test the proposed hypotheses. Data were collected via an online survey from 136 master’s students in management, representing a response rate of 68%. The sample was limited to this group to ensure participants had sufficient economic literacy and relevant background knowledge, which is crucial for understanding digital currency adoption. SmartPLS and SPSS software were used to test direct, mediating and moderating relationships, including Johnson–Neyman regions of significance and robustness checks.
Findings
The study found significant positive relationships between TBE and PE as well as between PE and digital currency purchases. PE fully mediated the relationship between TBE and PDC, emphasizing its critical role in shaping digital currency adoption. Furthermore, FL significantly moderated the relationship, enhancing consumers’ likelihood of adopting digital currencies.
Practical implications
The findings highlight the importance of marketing strategies that focus on increasing TBE and building trust through transparent communication about blockchain security. Additionally, promoting FL through targeted educational campaigns can empower consumers to make informed decisions, thereby driving the adoption of digital currencies, especially in emerging economies.
Originality/value
This study offers a novel contribution to the digital currency adoption literature by introducing PE as a synthesized construct that captures both trust and risk perceptions and by modeling the underexplored concept of TBE as a key driver of user evaluation. Additionally, it highlights the moderating role of FL and provides empirical insights from a developing country context, where regulatory uncertainty and financial instability make cryptocurrency adoption uniquely complex. The findings offer practical implications for policymakers, fintech developers and financial educators seeking to enhance engagement and trust in the cryptocurrency ecosystem.