Determinants of individual investors' intentions to use cryptocurrency: insights from PLS-SEM, cIPMA and NCA

Purpose In this complex and dynamic technological environment, cryptocurrency has risen to a position of critical importance within the financial sector. This study investigates the determinants influencing individual investors' Intentions to use cryptocurrency (IUC). Design/methodology/approach The data of 354 individual investors were collected through a structured survey. The proposed model was tested using PLS-SEM. To deepen insights, a combined importance-performance map analysis (cIPMA) and necessary conditions analysis (NCA) was performed. Findings The results revealed that among the identified constructs, regulatory support (high importance, high performance, large size) exhibits strong significance. Performance expectancy, e-WOM and risk tolerance were not significant. This highlights the need for clearer regulatory frameworks in emerging markets. Originality/value The study pioneers the application of cIPMA together with NCA in the cryptocurrency context, providing a novel methodological framework and actionable insights for policymakers, financial regulators and fintech developers.