Drivers influencing the adoption of cryptocurrency: a social network analysis approach

Abstract

Cryptocurrency has gained popularity as a potential new global payment method. It has the potential to be faster, cheaper, and more secure than existing payment networks, making it a game-changer in the global economy. However, more research is needed to identify the factors driving cryptocurrency adoption and understand its impact. We use social network analysis (SNA) to identify the influencing factors and reveal the impact of each on cryptocurrency adoption. Our analysis initially revealed 44 influential factors, which were later reduced to 25 factors, each exerting a different influence. Based on the SNA, we classify these factors into highly, moderately, and least influential categories. Discomfort and optimism are the most influential determinants of adoption. Moderately influential factors include trust, risk, relative advantage, social influence, and perceived behavioral control. Price/value, facilitating conditions, compatibility, and usefulness are the least influential. The factors affecting cryptocurrency adoption are interdependent. Our findings can help policymakers understand the factors influencing cryptocurrency adoption and aid in developing appropriate legal frameworks for cryptocurrency use.