In Crypto We Trust: A Cross-National Comparison of Factors Affecting Trust in Cryptocurrencies

Background: Trust in cryptocurrencies is a complex and evolving construct that is influenced by technological, economic, and social factors. Unlike traditional information systems that rely on institutional trust, cryptocurrency users often depend on underlying technology and community insights. Despite growing interest, existing research has primarily focused on narrow aspects of trust, with limited cross-national perspectives and comprehensive models. Method: This study investigates how geographic differences impact user trust in cryptocurrencies by surveying 644 respondents from China, Germany, and the USA. This research draws on established trust formation theories and utilizes a comprehensive model encompassing technological, economic, and social factors. Results: Our analysis revealed multiple country-specific pathways to trust, highlighting that no single factor is universally sufficient. Technological robustness and perceived economic benefits emerge as key enablers across contexts, while tolerance for financial risk tempers the negative impact of economic losses. Cultural dimensions, such as individualism and long-term orientation, shape trust formation and differ across countries. Conclusion: This study contributes theoretically by demonstrating that trust in cryptocurrencies is not monolithic but emerges from equifinal configurations of socio-technical conditions that vary by national context. Practically, the findings equip IT, finance, and accounting professionals with nuanced insights to tailor trust-building strategies in line with local user expectations. This enables a more effective design, communication, and regulation of crypto-enabled services across diverse markets.