Behavioral drivers of bitcoin investment among Muslim investors: evidence from an Islamic finance context

Purpose This study aims to investigate the behavioral factors influencing Muslim investors’ intention to invest in Bitcoin within a country recognized for its leadership in both Islamic finance and FinTech innovation. Despite ongoing debates surrounding the Shariah compliance of cryptocurrencies, Bitcoin has gained traction as a speculative investment asset. Yet, little empirical research has examined how Muslim investors reconcile religious principles with high-risk digital assets. Addressing this gap, this study integrates the theory of planned behavior, the technology acceptance model and the innovation diffusion theory into a unified framework encompassing eight behavioral constructs: profitability, trust, risk tolerance, awareness, subjective norms, compatibility, facilitating conditions and ease of use. Design/methodology/approach Data were collected via a structured survey and analyzed using Partial Least Squares Structural Equation Modeling. Findings The results reveal that profitability, trust, awareness and risk tolerance are significant predictors of Bitcoin investment intention, whereas subjective norms, compatibility with Islamic finance, facilitating conditions and ease of use are not. These findings suggest a shift toward more individualistic, market-driven investment behavior among Muslim investors, where financial incentives and personal confidence outweigh traditional religious or institutional influences. Originality/value This research contributes to the literature by contextualizing established behavioral finance theories within an Islamic finance setting and highlighting the evolving dynamics of investor behavior in Muslim-majority environments. The findings carry important implications for regulators, financial institutions and investment advisors, particularly in the development of Shariah-compliant investment products, risk management tools and targeted financial education initiatives.