Exploring Factors that Influence Cryptocurrency Adoption Perception

One of the primary uses of blockchain technology is cryptocurrencies, which have grown significantly in popularity in recent years due to investors looking for alternatives to traditional currencies for value storage or speculation. But not every investor makes big financial commitments or does so for the same reasons. However, it appears that peer pressure and word-of-mouth are significant factors in the adoption of cryptocurrencies. This empirical study focuses on the factors that affect the adoption of cryptocurrencies from prospective investors. The study employs qualitative methodology and semi-structured interviews with investors from EU and UK that have digitally advanced economies when it comes to payment mediums. Purposive sampling was used to choose participants who were interviewed via video conference. Data analysis was done using grounded theory technique in conjunction with thematic analysis. Two dimensions can summarize the main findings. According to the first dimension, the perceived return on investment has a major role in influencing the adoption of cryptocurrencies, and the second dimension refers to peer and friend influence as a powerful effect. The present study contributes to the existing body of research and sets the stage for further quantitative investigation as policymakers can use the empirical findings to understand public perceptions of cryptocurrencies and safeguard investors with appropriate regulatory actions.