Social Perceptions Influencing the Social Cognizance of Cryptocurrency within India's Labor Force

Abstract: This study explores how social perception factors—social acceptance, trust, and confidence—affect cryptocurrency awareness among India’s young labor force. A survey of 384 working adults aged 20–30 years analyzed these relationships. Regression analysis reveals that social perception factors significantly influence cryptocurrency awareness, with high R-square values demonstrating a strong model fit. Among the predictors, societal approval (social acceptance) emerges as crucial for enhancing awareness. Trust in cryptocurrency security and reliability also plays a key role, while confidence, with the highest impact, highlights the importance of perceived stability and long-term viability. The study emphasizes fostering a supportive social environment through education, transparent regulations, and trust-building measures to boost awareness. These findings corroborate earlier research on the role of social factors in technological adoption and suggest strategies to create a favorable ecosystem for increasing cryptocurrency awareness and adoption among India’s young workforce. Keywords: Cryptocurrency, Awareness, Adoption, Social factors, Trust JEL Classification Number: D91, G41