Determinants of Behavioral Intention to Use Bitcoin in Malaysia

Abstract

Bitcoin is an emerging digital asset and is getting more attention in the media as of writing. Though, despite the regulatory matters, this paper is more concerned with the factors that influence the behavioral intention to use Bitcoin by the Malaysian. Although there are some recent studies on the intention and acceptance of Bitcoin, yet there is limited evidence from Malaysia. Therefore, this study intends on shedding some light on the current stance of the Malaysians on Bitcoin by examining the factors that affect the behavioral intention to use Bitcoin in Malaysia grounded on the Unified Theory of Acceptance and Use of Technology (UTAUT) model. The data was collected using an online self-administered questionnaire through the relevant local Malaysian forums and local cryptocurrency groups. The result shows that performance expectancy has the greatest influence on the users’ behavioral intention to use Bitcoin, followed by other factors such as social influence and facilitating conditions. Additional analysis of variance and moderation analyses show no significant difference in the mean of the behavioral intention between different demographic characteristics, and the interactions of the demographic characteristics and the UTAUT factors also demonstrate an insignificant effect on the behavioral intention to use Bitcoin. The result suggests that the behavioral intention to use Bitcoin by the Malaysian may increase if the use of Bitcoin can provide convenience to the public and businesses, but it is also influenced by the social and facilitating conditions. The result well reflects the main function of Bitcoin, that is as a currency and also as an investment tool. The finding echoes the effort and policies of the government of Malaysia to find an equilibrium between the use and the abuse of digital currencies as a currency, as well as the risks and returns of digital currencies as an investment tool.

Consumers' Intention to Continue Using Cryptocurrency Mobile Wallets in Malaysia

“…Roos (2015) pointed out the lack of studies on cryptocurrency adoption from the user's perspective. There is also limited empirical evidence on its intention and adoption from developing countries (Yeong et al, 2019), such as Malaysia (Gillies et al, 2020).…”

The Influence of Subjective Norms, Financial Literacy, Trust, and Government Regulation on Behavioral Intention to Invest in Crypto Assets

“…According to (Albayati et al, 2020;Saputra & Darma, 2022), government regulations have an effect on the intention to use cryptocurrencies because clear regulations can avoid uncertainty in transactions, provide security, offer protection, and solve problems encountered by users due to government oversight of crypto transactions. Government threats to ban cryptocurrencies in their countries can also reduce people's desire to use cryptocurrencies in those nations (Gillies et al, 2020). The researcher proposes the following hypothesis based on the preceding explanation:…”

The Role of Trust and Awareness with Attitude as Mediation Variables in Behavioral Intentions to Cryptocurrency

“…According to Sari (2020) benefits and ease of use will shape behavioral intention, and if it is associated with the context of using technology, users will use it sustainably if the technology is well accepted. Behavioral intention to use bitcoin cryptocurrency is influenced by performance expectancy, social influence, and facilitating conditions, and the will to adopt bitcoin increases if there are convenience factors and growth potential as an investment tool [19]. Ronald & Amelia (2016) argue that perceived usefulness, personal innovativeness, and social influence affect behavioral intention.…”