INTRODUCTION
Research Background
Cryptocurrency, a digital currency utilizing blockchain technology, operates independently of government regulation Initially referred to as "Cyber Currencies," cryptocurrencies gained prominence with the launch of Bitcoin in 2009 In the foundational article "Bitcoin: A Peer-to-Peer Electronic Cash System," Satoshi Nakamoto, the purported creator of Bitcoin, emphasized a system for electronic transactions that does not rely on trust Bitcoin functions on a peer-to-peer network, maintaining a public transaction history, with most nodes operating honestly through robust CPUs.
The blockchain network operates as a decentralized system, eliminating the need for third-party intermediaries in transaction processing New nodes can generate blocks, while other nodes participate in a voting process that relies on their CPU power As highlighted by Nakamoto (2008), nodes demonstrate their acceptance of valid blocks by contributing their computational resources to extend them, while invalid blocks are rejected through a lack of participation.
In 2021, Vietnam emerged as a leader in global cryptocurrency adoption, with a Finder report revealing that 20% of its population has invested in Bitcoin and other crypto-assets Furthermore, data from Statista highlights that Vietnam ranks second in cryptocurrency usage among 74 surveyed economies This trend indicates a continuous growth in cryptocurrency investments in Vietnam, particularly among the middle-aged and Gen Z demographics.
Identify the issue
The development of Cryptocurrency in Vietnam is distinctively distinctive from other countries although this aspect is incompletely developed On 21st August 2017 (Tran and
In 2021, the Prime Minister of Vietnam approved Decision No 1255/QD-TTg, which aims to enhance the legal framework for the management and regulation of virtual currency assets This decision follows a directive issued on April 11, 2018, emphasizing the need for comprehensive guidelines in this emerging financial sector.
No 10/CT-TTg on strengthening the management of activities related to cryptocurrencies and the cryptocurrency market (Tran and Nguyen, 2021)
Despite the absence of specific legal regulations regarding the investment, trading, and use of cryptocurrencies in Vietnam, the number of crypto holders and investors is on the rise This study aims to elucidate the factors influencing the intention to invest in cryptocurrencies among Vietnamese youth, utilizing the Theory of Reasoned Action (TRA) Through comprehensive discussion and analysis, the findings will highlight the trends, motivations, and investment intentions of young individuals in Vietnam's cryptocurrency market.
Research Question
This study aims to explore the investment intentions of young people in Vietnam concerning cryptocurrencies by addressing key research questions It will investigate how perceived risk, perceived usefulness, perceived enjoyment, and government regulation influence the intention to invest in cryptocurrency Additionally, the research will examine the mediating role of attitude in the relationship between these factors and investment intentions Lastly, the study will assess how subjective norms affect young individuals' intentions to invest in cryptocurrencies.
Scope
This study investigates the factors influencing the investment intentions in cryptocurrencies among 250 Millennials and iGen individuals of both genders in Vietnam Conducted in Hanoi between January and May 2022, data collection took place over two months, from February to May 2022, encompassing participants from various provinces.
Access
This research will collect data using Google Forms as an online survey platform The questionnaire, which includes an introduction to the researchers, the study's objectives, and informed consent, will be distributed to members of cryptocurrency user groups on Zalo and Telegram.
Research ethics
In conducting this study, it is crucial for the researcher to uphold the integrity and anonymity of the participants’ identities, thereby ensuring adherence to ethical research principles.
Informed consent is crucial in research, requiring comprehensive and detailed information about the study's purpose, procedures, and participants' roles It is essential to clearly explain the process and encourage respondents to ask questions, ensuring they fully understand their involvement in the investigation.
Autonomy: The participation of the respondents is voluntary without any duress or inappropriate inducement This means that their rights, dignity, and autonomy should be protected from violation
Prioritizing data protection is essential in research, ensuring that participants' information remains anonymous by concealing personal details such as gender, age, and contact methods Additionally, it is crucial to secure and store collected data in accordance with confidentiality principles after the research is completed.
New contributions
This study explores the perceptions of investors in Vietnam regarding cryptocurrency investment, focusing on the intermediary roles of attitude and subjective norms as control variables influencing investment intentions The findings aim to enhance understanding of the decision-making processes of individual investors in Vietnam, particularly from a consumer behavior perspective While previous research has examined various factors affecting cryptocurrency investment intentions, this study uniquely employs consumer perception theory to analyze investor approaches By gaining insights into investor attitudes, policymakers can better assess the necessity for cryptocurrency regulations Additionally, the article offers a comprehensive overview of investment intentions in Vietnam, with a particular emphasis on the Z generation, who represent the future of investment in the country.
Research structure
This paper aims to offer a comprehensive overview of cryptocurrencies, detailing the research methodologies employed, testing hypotheses, and the research model utilized Additionally, it will present data and findings gathered from respondents, along with a thorough analysis of the results.
LITERATURE REVIEW
Theoretical background
2.1 Cryptocurrency, block chain and investment in cryptocurrency
Cryptocurrency has gained significant attention from researchers and financial students, leading to various studies that explore behavioral perspectives using different methodologies In 2020, Albayati et al examined customer acceptance of financial transactions involving blockchain technology and cryptocurrency through the Technology Acceptance Model (TAM) Similarly, Schaupp and Festa (2018) applied the Theory of Planned Behavior (TPB) to analyze cryptocurrency adoption and regulation Additionally, Shang and Ying (2021) extended TAM in their empirical study on blockchain-based game adoption from users' perspectives More recently, Boxer and Thompson (2020) utilized the Theory of Reasoned Action (TRA) as a foundational theory to enhance their TPB framework for research purposes.
“Herd Behavior in Cryptocurrency Markets” (Thompson, 2020)
The Theory of Reasoned Action (TRA), developed by Fishbein and Ajzen in 1975, establishes a model that links attitudes, subjective norms, intentions, and behaviors (Muchlis Gazali et al., 2018) According to a 2013 study, TRA serves as a cognitive theory that provides a conceptual framework for understanding human behavior in specific contexts (LaCaille, 2013) Additionally, TRA is foundational to the Theory of Planned Behavior (TPB), which was expanded by Ajzen in 1991, highlighting the importance of understanding behavioral intentions (Thompson, 2020).
The complexities of human social behavior, as explored by Ajzen (1991), highlight the traditional Theory of Reasoned Action (TRA) developed by Fishbein and Ajzen In this framework, behavioral intentions are divided into two key components: behavioral beliefs, which reflect an individual's attitudes, and normative beliefs, which shape their subjective norms regarding the performance of specific behaviors (Fishbein and Ajzen, 1975).
The study method is quantitative in the aspect of cryptocurrency and blockchain using TBP or TRA have a significant amount of previous papers and articles
Table 1: Previous study about cryptocurrency and blockchain
Number Article Title Author Year Theoretical foundation
Hayder Albayati, Kyoung Kim, Jae Jeung Rho
The Role Of The Theory Of
Muhammad Khalid Anser, Ghulam Hussain Khan Zaigham, Muhammad Imran Rasheed, Abdul Hameed Pitafi, Jawad Iqbal, Adeel Luqman
Ludwig Christian Schaupp, Mackenzie Festa
Walayat Hussain; Muhammad Asif; Muhammad Ahmad; Manuel Mazzara
Kyeongsik Yoo, Kunwoo Bae, Eunil Park, TaeyongYang
TPB, IDT, benefit-cost concept
Nguyen Thi Lien HUONG, Nguyen Thi Lam OANH, and
South Africa: The Case Of
In The Era Of COVID-19:
Focusing On The Role Of
An Empirical Study On The
Shang Gao, Ying Li 2021 TAM
Quoc Trung Pham, Hiep Hai Phan, Matteo Cristofaro, Sanjay Misra and Pier Luigi Giardino
Prapatchon Jariyapan, Suchira Mattayaphutron, Syeda Noorzahrah Gillani and Owais Shafique
Perceived risk is the uncertainty consumers face when deciding to use or purchase a product, which can lead to unexpected and potentially undesirable outcomes (Bauer, 1960) This concept, as defined by Genner et al (2003), highlights the tension between anticipated consequences and the inherent insecurity of innovation Concerns about adopting new technologies often stem from feelings of risk and insecurity (Worthington and Edwards, 2000; Pikkarainen et al., 2004) A lack of trust and the potential for negative impacts can significantly influence decision-making in uncertain contexts (Faqih, 2016) Specifically, perceived risk encompasses beliefs about possible adverse outcomes related to evolving cryptocurrencies (Khedmatgozar & Shahnazi, 2017) Three key components—privacy risk, financial risk, and security risk—negatively impact decision-making Privacy risk involves concerns about personal information, financial risk pertains to potential costs, and security risk relates to losses associated with cryptocurrencies (Bhatnagar and Ghose, 2004) Overall, the perceived risk plays a crucial role in predicting technology adoption (Pham et al.).
Perceived usefulness refers to an individual's belief that utilizing specific technologies can improve their work efficiency (Davis, 1989) Users are more likely to select systems they perceive as beneficial, as they trust in the positive results these technologies can deliver Additionally, a technology is deemed to have high perceived usefulness only when it demonstrably enhances job performance.
Doan and Luu (2016) suggest that awareness of technology's benefits fosters positive attitudes and encourages more frequent future use They found that when users recognize technology's advantages in saving time, reducing effort, and enhancing convenience, acceptance and intention to adopt such technology increase Furthermore, the construct of perceived usefulness (PU) highlights the impact of technology on individual productivity, directly influencing users' attitudes and intentions, as well as their actual technology usage (Camilleri, 2019).
Perceived enjoyment can be understood as the extent of internal motivation, which highlights the joyfulness and the pleasure obtained from a specific activity (Balog and
Perceived enjoyment in the context of information technology is a psychological phenomenon where individuals find pleasure in using technology, independent of its efficiency (Pribeanu, 2010; Winarno et al., 2021) Research indicates that this enjoyment significantly influences users' intentions and frequency of technology use (Venkatesh and Bala, 2008) When technology provides convenience and enjoyment, it enhances user interest and motivates repeated engagement, driven by the inherent joy of the experience.
User enjoyment is a crucial factor in assessing the experience of using e-platforms, making the constructs of perceived enjoyment essential for understanding future technology adoption intentions (Lai and Ahmad, 2015).
The growing cryptocurrency market is transforming traditional financial transactions, yet it encounters significant challenges and risks due to the lack of universal acceptance as an official payment method for goods and services To ensure its successful integration into global markets, the development of standardized systems for cryptocurrency usage is essential.
To establish sustainable currencies, it is essential to define their legal status, as regulatory systems are evolving with diverse governmental approaches Current regulations are still in their early stages and are continually adapting to the fast-paced industry By bringing legitimacy to currencies seeking widespread acceptance, regulations aim to standardize market elements and reduce volatility While governments test various regulatory measures, their primary objectives include minimizing fraud, protecting consumers, adhering to economic sanctions, and implementing effective taxation policies.
Attitude is defined as a "mental and neural state of readiness" (Allport, 1935) and represents a person's emotional and mental disposition toward a behavior (Ajzen, 1991) It involves evaluating individuals on a spectrum from unfavorable to favorable regarding the implementation of specific actions or behaviors (Ajzen, 1991).
2013, “attitude” was defined as evaluated with sematic differential scales that comprehend and approach both affective and cognitive attitudes (Gellman, 2020)
Subjective norms, as defined by Fishbein and Ajzen, refer to the perceptions and opinions of close individuals regarding specific subjects, which can significantly influence individual behavior (Ajzen, 1991) These norms act as intangible standards that vary across different backgrounds and societies, creating social pressure for individuals to either engage in or refrain from certain behaviors (Ajzen, 1991).
In 2010, Puschel et al highlighted that close relationships, including family, friends, and community members, significantly influence an individual's behavioral decisions.
2.2.7 Intention to invest in cryptocurrency
Many users are already accustomed to transaction services like stock exchanges and mobile banking, with around 70% of smartphone users in South Korea utilizing mobile banking (CIO, 2017) Given the high smartphone penetration in South Korea, it is likely that users of Blockchain Transaction Services (BTSs) had prior experience with similar services Consequently, the complexity of BTSs did not significantly affect user attitudes.
2.3.1 Perceived risk and the intention to invest in cryptocurrency
Perceived risk significantly influences behavioral intention and attitude, particularly in the context of payment technology adoption (Kesharwan and Bisht, 2012) Researchers like Chen (2008), Tan (2009), and Yang (2012) emphasize the importance of perceived risk and trust, noting that concerns over financial loss affect technology usage Key factors contributing to perceived risk include security and privacy concerns (Chiristou, 2006; Tan et al., 2009), as customers prioritize avoiding loss over successful transactions Bauer (1960) identifies two main types of perceived risks associated with cryptocurrencies: those related to products/services and those linked to transactions Notable risks include viability, safety, third-party service defaults, user errors, private losses, and counterparty risks (Nuryyev et al., 2018) Faquih (2016) found that the perception of risk is heightened during virtual currency transactions compared to cash transactions Various studies have examined the inconsistent effects of perceived risk on attitudes toward Fintech, highlighting security certificates as crucial for online banking (Khan et al., 2017) Furthermore, perceived risk significantly impacts mobile banking in rural areas, with security, financial, and privacy concerns affecting online banking intentions (Lee, 2009) Therefore, a hypothesis is proposed based on these findings.
Hypothesis 1 (H1): Perceived risk has a significant effect on the intention to invest in cryptocurrencies
2.3.2 Perceived usefulness and the intention to invest in cryptocurrency
METHODOLOGY
Research approach
Researchers can utilize either inductive or deductive approaches in their studies (Saunders et al., 2017) The deductive approach involves testing existing theories by gathering and analyzing relevant data In contrast, the inductive approach focuses on developing new hypotheses through realistic observations of collected data This research employs the deductive approach to examine the factors influencing the intention to invest in cryptocurrencies.
Research philosophy encompasses a set of assumptions and beliefs regarding knowledge development within a specific field (Pranas Zukauskas et al., 2018) It serves as the foundation for various research components, including strategy, problem formulation, data collection, processing, and interpretation (Mark NK Saunders, Lewis, and Thornhill, 2009) According to the research onion model proposed by Saunders, research philosophy includes paradigms such as pragmatism, positivism, realism, and interpretivism.
This study adopts a Positivist research philosophy, which posits that facts exist independently of human perception, emphasizing the researcher's role in uncovering these objective truths.
This research employs qualitative methods to investigate the hypothesis, while the researcher actively minimizes personal influence on the research environment, scope, and data The study also assesses the validity and reliability of a positivist approach (Pranas Zukauskas et al., 2018).
An experiment is a procedure and method for testing the hypothesis that two or more variables have a relationship (Patzer, 1996) Variables believed to be the cause of
This study investigates how perceived risk, perceived usefulness, perceived enjoyment, government regulation, and subjective norms influence the intention to invest, with attitude serving as a mediating factor Utilizing PLS-SEM for analysis, the research is grounded in the theory of reasoned action To gather comprehensive data, a questionnaire-based survey was conducted among pre-identified respondents, aiming to yield valuable insights into the variables affecting investment intentions.
In research, the time horizon refers to the timeframe encompassing all events during the study (Melnikovas, 2018) There are two primary types of time horizons: cross-sectional and longitudinal studies Cross-sectional studies are short-term, typically conducted over a week or a month, while longitudinal studies involve a longer duration to examine changes in a specific subject This paper is a cross-sectional study, enabling researchers to collect and measure data within a defined period.
Sampling method
The study investigates the cryptocurrency investment behaviors of individuals in Vietnam, targeting investors across various provinces and cities through social media platforms like Facebook, TikTok, Telegram, and Zalo It examines three generational groups—Generation X (born 1965-1980), Millennials (1981-1996), and Generation Z (1997-2012)—to understand their investment intentions in crypto The research includes demographic questions that assess respondents' experiences and duration of engagement with cryptocurrency.
An online survey was conducted using Google Forms, with the original English questionnaire translated into Vietnamese by an expert instructor Due to the limitations imposed by the COVID-19 pandemic, the survey period was restricted, resulting in a small study scope To ensure representativeness across various demographics such as age groups, education levels, and gender, a convenient sampling method was employed on a best-effort basis.
The snowball sampling technique has limitations, primarily due to its voluntary nature, which can lead to low representation and potential bias in the sample To mitigate these issues, it is crucial to carefully select initial participants Additionally, the Covid-19 pandemic has prompted a shift towards remote work, making snowball sampling a practical approach for assessing populations that are difficult to reach directly.
Convenience sampling has a significant drawback: it limits the generalizability of research findings to a broader population Consequently, studies utilizing this method may yield varying results if conducted at different times on the same subject Therefore, it is essential to analyze the findings within the context of the specific research and avoid comparing them to other studies on the same topic, as this can introduce bias.
This research aimed to investigate the interest in cryptocurrency investment among the general public in Vietnam A survey was conducted, distributing 250 questionnaires, of which 201 were completed and deemed usable for analysis After excluding 49 questionnaires that were either unmatched or unusable, the final sample consisted of 201 respondents.
Variables’ resources and measurement
The independent variable in a model influences the dependent variable, which is measured and affected by changes in the independent variable (Menta et al., 1994) In this context, dependent variables, also known as collection indicators, reflect the outcomes based on the independent variable's alterations Specifically, when independent variables shift, the dependent variables must respond accordingly (Blalock, 1963) This research utilized a Likert scale to assess variables, including "perceived risk," "perceived usefulness," and "perceived enjoyment."
The study examined the impact of government regulation on the intention to invest in cryptocurrency, utilizing self-reported measures for independent variables and mediating factors such as attitude and subjective norm Table 2 presents the constructs and sources utilized in this research.
Table 2: Variables’ resources and measurement Variables Types Items Measurement Source
(Likert 5 scale) Sukumaran et al., (2022)
(Likert 5 scale) Nadeem et al., (2021)
(Likert 5 scale) Gao and Yi, (2021)
(Likert 5 scale) Chokor et al., (2021)
Mazambani and Mutambara, (2019), Muchlis Gazali, (2019), Anser et al., (2020)
Intention to invest in cryptocurrency
Alaklabi and Kang, (2021), Nguyen, Nguyen, and Ha,
Descriptive analytics
Descriptive Analytics transforms raw data into organized metrics, facilitating easier analysis and understanding (Zikmund, 2003) It serves as a foundation for uncovering future relevant events and encompasses various types of analytics, including behavioral, people, and event analytics Through synthesis, tabulation, and detailed description, the data is analyzed and visualized effectively (Walliman, 2018).
Descriptive Analytics involves key statistical measures, including the median, which represents the middle value in an ordered list of research metrics (Fisher and Marshall, 2009) Additionally, the minimum (min) denotes the smallest value within the dataset, while the maximum (max) indicates the largest value (Fisher and Marshall, 2009) Another important metric is the average, which summarizes the central tendency of the data.
The mean is the average of all numbers in a dataset, while kurtosis, or the coefficient of kurtosis, indicates the sharpness of the data distribution This measure assesses the frequency of values within the dataset (Mardia, 1970) Specifically, kurtosis evaluates whether the data is heavy-tailed or light-tailed in comparison to a normal distribution (Mardia, 1970) Datasets with light tails and fewer outliers exhibit low kurtosis.
Skewness is a measurement of symmetry, or more precisely, the lack of symmetry (Mardia,
Method
Partial Least Squares Structural Equation Modelling (PLS-SEM) focuses on prediction and estimating statistical models that aim to provide causal explanations The measurement model in PLS-SEM consists of two types: the reflective model and the formative model The reflective model assesses results based on consistency and reliability, incorporating metrics such as composite reliability, convergent validity, and discriminant validity (Hair, 2017) In contrast, the formative model is used to measure latent variables, where the indicators are seen as causes of the construct (Hair, 2017).
This study employs the PLS-SEM method, highlighting key values essential for researchers to ensure accurate and clear results Important metrics in PLS-SEM include Outer Loading, Cronbach's Alpha, Average Variance Extracted (AVE), Composite Reliability, Discriminant Validity, R², Path Coefficient, and Collinearity These values are crucial for assessing the reliability and validity of the data.
To ensure the reliability of a measurement model, it is essential to evaluate three key metrics: outer loading, Cronbach's alpha, and composite reliability Outer loading should be 0.7 or higher, indicating that the construct score accounts for at least 50% of the variable's variance (Henseler et al., 2015) Additionally, a Cronbach's alpha coefficient exceeding 0.7 signifies adequate internal consistency reliability (Hair et al., 2010) Finally, composite reliability must also reach a minimum threshold of 0.7 to confirm aggregate reliability (Hulland, 1999).
Outer loading indicates the contribution of the indicators to the latent variables (Garson,
In 2016, it was established that outer loading values typically range from 0 to 1, with values exceeding 0.7 considered acceptable Discriminant validity, assessed using the heterotrait-monotrait ratio of correlations (HTMT), is essential for demonstrating the distinctiveness of latent variables within a model In Smart-PLS, it is crucial to ensure that the measurement of discriminant validity remains below 0.9 Additionally, the path coefficient (P Value) indicates the relationship between dependent and independent variables, with potential results ranging from 1 to -1 (Hair et al., 2022).
FINDINGS
Research model
The survey results indicate that out of the total participants, 98 were male and 96 were female, reflecting a nearly equal gender distribution Additionally, 8 respondents chose not to disclose their gender.
Among 202 respondents of the research, it can be seen that the majority of them were Gen
Z, which is exactly 104 participants Meanwhile, generation X and millennials take up 38 and 60 of the total users respectively
The table illustrates the distribution of participants based on their educational attainment, highlighting that the majority possess a bachelor's degree, followed by those with a high school diploma Additionally, there are 35 participants with a master's degree and 7 individuals holding a Ph.D.
Starting time on cryptocurrency investment
The table below highlights the distribution of cryptocurrency investors based on their investment duration Notably, the highest number of participants falls within the investment periods of 2019 and 2020.
2020 and 2020 to the present in which 68 people are investing from about 2019 to 2020 and
A recent study revealed that among 54 participants, 51 began investing between 2018 and 2019, while only 4 had invested in cryptocurrencies prior to 2015 Additionally, 9 individuals started their cryptocurrency investments between 2016 and 2017 Notably, 15 survey participants reported that they have not yet ventured into cryptocurrency investments.
Table 6: Starting time on cryptocurrency investment descriptive analytics
Starting time on cryptocurrency investment Frequency
The descriptive analysis of the independent variable "Perceived Risks" indicates that the mean scores range from 2.99 to 3.44, suggesting that most participants responded neutrally regarding their perceived risks associated with investing in cryptocurrency The mode values for factors PR3 and PR4 also reflect a neutral stance, while PR1 shows a majority agreement among respondents The standard deviation for the three items is between 1.02 and 1.08, indicating consistent responses among participants The minimum value across all statements is 1, with a maximum of 5 Kurtosis values for PR3 and PR4 range from -0.2 to 0.5, suggesting the data falls within the standard deviation of the mean, whereas PR1 exceeds 1, indicating a significant skew in the data Additionally, the skewness for all three factors shows a negative deviation, illustrating a longer tail on the left side of the distribution.
The data presented in the table indicates that the mean values of the respondents' answers range from 2.8 to 3.0, suggesting a general agreement on the perceived usefulness of cryptocurrency investment Furthermore, the mode values for the perceived usefulness variable were identified as 3 and 4, highlighting that the majority of participants favorably view cryptocurrency as a valuable investment opportunity.
The highest mean value of 3.05 for PU2, along with a mode of 4, suggests that most research participants believe investing in blockchain platforms, particularly cryptocurrencies, is time-saving Conversely, PU1 and PU3 recorded mean values around 2.9, indicating that while many participants feel neutral, there is a notable disagreement regarding the blockchain platform's effectiveness in assisting new users with investment choices and using cryptocurrencies as an alternative financial resource.
The standard deviation values range from 1.12 to 1.18, indicating that participant responses are evenly distributed between 1 and 5 Furthermore, the negative kurtosis suggests a platykurtic distribution with flatter tails, while the negative skewness indicates that the histogram of the results leans to the right, with a shorter right tail compared to the left.
Table 8: Descriptive analytic for Perceived Usefulness variable
The descriptive-analytic table indicates that the perceived enjoyment variable garnered the highest number of positive responses, with mean results exceeding 3 The recorded mode values of 3 (neutral) and 4 (agree) further reflect a favorable attitude towards the perceived enjoyment of investing in blockchain platforms Notably, the PE3 variable achieved the highest mean value, accompanied by a mode value of 4.
Members of cryptocurrency investment groups show a stronger agreement with the sentiment that they find it interesting to use their earnings for various purposes after investing in cryptocurrencies, especially when compared to traditional investment groups PE1 and PE2.
The highest standard deviation value was observed in PE1, indicating a mix of opinions regarding the enjoyment of investing in the cryptocurrency market This suggests that a significant number of respondents expressed disagreement, with more individuals rating their feelings as "strongly disagree" or "disagree" compared to PE2 and PE3 Consequently, it can be inferred that while some find the concept of earning tokens appealing, many feel motivated to utilize the profits from cryptocurrency investments for various purposes.
The kurtosis values for the data sets of PE1 and PE2 were negative, indicating a platykurtic distribution with light tails In contrast, the positive kurtosis value for PE3 suggests a leptokurtic distribution characterized by heavier tails and higher peaks in the histogram.
Table 9: Descriptive analytic for Perceived Enjoyment variable
In the analysis of government regulation variables, R2 exhibited the highest mean score, while R1 had the lowest, with scores ranging from 3 to 3.6, indicating a general tendency among participants to select a neutral response Both R1 and R3 showed similar mode values, suggesting that agreement was the most common choice, although neutrality was more prevalent in R1 The maximum score for all three statements was 5, with a minimum of 1 The standard deviation ranged from 0.9 to 1.1, reflecting minimal variation across the dataset Additionally, R2's kurtosis value was below 2, indicating a normal distribution, whereas R1 and R3 also had kurtosis values below this threshold.
The data demonstrates a strong value, as it falls within one standard deviation of the mean Additionally, the negative skewness observed in all three statements suggests that the distribution is left-leaning with a right tail.
Table 10: Descriptive analytic for Government Regulations variable
The descriptive analysis table presents the findings from the "attitude" question group in the questionnaire, revealing that statement A1 received the highest mean score, indicating a significant number of respondents are neutral or in agreement that investing in cryptocurrency aids in achieving their life goals Additionally, statement A2 has a mode index of 4, suggesting widespread agreement among participants regarding the use of cryptocurrencies for financial transactions Notably, all three statements exhibit negative skewness coefficients and display a platykurtic distribution, as indicated by their kurtosis values.
Table 11: Descriptive analytic for Attitude variable
The table of descriptive analysis below illustrates the results of answers from the
DISCUSSION
Discussion about the impact of perceived risk on the intention to invest in
5.1 Discussion about the impact of perceived risk on the intention to invest in cryptocurrency
H1 The relationship between Perceived risks and intention to invest in Cryptocurrency
The hypothesis posited that perceived risk significantly influences the intention to invest in cryptocurrency However, the results revealed a p-value of 0.156 and a path coefficient of 0.276, indicating that perceived risks do not have a significant relationship with investment intentions in cryptocurrency, leading to the rejection of this hypothesis.
Recent studies present a contrasting view on cryptocurrency's appeal, highlighting its inability to attract a broad consumer base due to value fluctuations, financial loss risks, and insufficient user protection (Abramova & Bohme, 2016) However, research indicates that perceived risk has a minimal effect on investment intentions in cryptocurrency, where it represents the uncertainty surrounding future investment behaviors (Mendoza-Tello et al., 2018) This perceived risk influences risk-aware individual investors to consider cryptocurrency investments The demographic analysis reveals a significant proportion of respondents belong to the Gen Z cohort (1995-2012), while only 14.4% are from older generations Additionally, different generations exhibit varying levels of perceived risk acceptance, with younger individuals often more attuned to the risks associated with cryptocurrency (Fietkiewicz et al., 2016) This trend may stem from the widespread belief that retail investors generally lack financial knowledge and investment literacy.
5.2 Discussion about the impact of perceived usefulness on the intention to invest in cryptocurrency
H2 Perceived usefulness has a positive effect on the intention to invest in cryptocurrency
The hypothesis explores the significant relationship between perceived usefulness and the intention to invest in cryptocurrency, as evidenced by a P-value of 0, which is below the 0.05 threshold The path coefficient (β) of 0.255 indicates that for each unit increase in perceived usefulness, the intention to invest in cryptocurrency rises by 0.255 This suggests that a greater perception of usefulness correlates with a higher likelihood of individuals choosing to adopt digital currencies.
Numerous studies have demonstrated the significant relationship between perceived usefulness and the intention to adopt Bitcoin, with Nadeem et al (2021) highlighting that this perception can predict the adoption of new technologies Although Bitcoin is recognized as a cost-effective payment system, its popularity remains low in developing countries To enhance awareness and perception of its benefits, governments should consider integrating Bitcoin into various market assets Additionally, research by Jariyapan et al (2022) indicates that investors and individuals with business education who recognize the advantages of cryptocurrency are more likely to continue investing in virtual currencies.
Participants indicated that the blockchain platform offers valuable guidance for beginners in selecting suitable investments, which may encourage new users to embrace cryptocurrency moving forward Additionally, the UK Government Chief Scientific Adviser (2016) affirmed that relevant financial information will be securely stored in compliance with ISO 15022 and ISO standards.
In 2022, real-time updates on market changes ensure that information remains accurate and readily available for investors Despite this, survey data reveals that many respondents perceive investing in digital currency as time-consuming, with an average rating of approximately 3 (2.8) This highlights the potential benefits of blockchain platforms in reducing costs and time, enabling investors to focus on more complex transactions Additionally, some individuals do not view cryptocurrency as a viable alternative currency, which contradicts Piedade (2018), who argued that economists recognize cryptocurrency as a transaction mediator and a store of value, akin to traditional currency Overall, the evidence supports hypothesis H2.
5.3 Discussion about the impact of perceived enjoyment on the intention to invest in cryptocurrency
H3 Perceived enjoyment has a positive effect on the intention to invest in cryptocurrency
The study found a P-value of 0.016 and a β value of 0.106 for the relationship between perceived enjoyment and the intention to invest in cryptocurrency This indicates that perceived enjoyment does not significantly influence investors' intentions to adopt virtual currency Although a positive association was anticipated, the results led to the rejection of hypothesis H3.
However, this result manifests the contradiction to certain studies from the past Yi et al.,
Research conducted in 2018 reveals a direct link between hedonic motivation and Bitcoin usage, suggesting that the pleasure and satisfaction derived from adopting Bitcoin can enhance an individual's intention to continue investing in this virtual currency Furthermore, a study by Yeong et al in 2019 indicates that investors are often driven by the satisfaction gained from returns on their cryptocurrency investments In essence, the joy experienced from earnings can significantly boost behavioral intentions toward digital currencies.
The survey results indicate that respondents expressed more negative sentiments towards PE1 and PE2 compared to the third statement The cryptocurrency market's inherent instability and fluctuating prices create a challenging environment for investors, who must recognize that high potential returns come with significant risks (Carducci and Wong, 1998) Investors should be prepared for the possibility of price declines, which can lead to substantial losses Previous market crashes have fostered cognitive biases related to cryptocurrency, resulting in subconscious fears of bankruptcy and losses (Mansour and Yaser, 2020) Additionally, the phenomenon of FOMO (Fear of Missing Out) prevalent among cryptocurrency investors can lead to emotional distress, anxiety, and decreased life satisfaction (Sutanto et al., 2020), explaining the respondents' reluctance to find joy in virtual investments The play-to-earn (P2E) model poses further risks, as it often requires significant financial investment for in-game items, with potential earnings capped by developers, increasing the risk of monetary loss (Vidal-Tomas, 2022) Conversely, many respondents expressed interest in utilizing returns from cryptocurrency investments for various purposes, particularly among Gen Z individuals, who demonstrate independence and ambition in their financial planning (Dangmei and Singh, 2016; Schwieger et al., 2018).
Therefore, all the evidence resulted in an insignificant relationship between perceived enjoyment and the intention to adopt cryptocurrency
5.4 The relationship between government regulation and intention to invest in cryptocurrency
H4 government regulation has a positive effect on the intention to invest in cryptocurrency
Hypothesis 4 assumed that there is a significant relationship between government regulation and intention to invest in cryptocurrency The result shows that the p-value is 0.251 and the β value at -0.084 Therefore, H4 is rejected and the result found that government regulation has insignificant effects on the intention to invest in cryptocurrency Some justifications are offered
This research paper highlights the ongoing debate regarding government regulation of cryptocurrency and its impact on investment intentions It suggests that if regulations are imposed on cryptocurrency exchanges, the investment process may be hindered, potentially leading to missed opportunities and reduced returns (Wu et al., 2018) Although government oversight aims to protect stakeholders, it may not significantly mitigate the inherent risks of cryptocurrency investments (Grablee, 2000) The decentralized nature of cryptocurrencies like Bitcoin, which operate independently of any government authority, remains a key attraction for investors, making new regulations a potential threat Additionally, the study reveals that educational background influences perceptions of regulation, with 51.4% of respondents holding bachelor's degrees and only 17.3% having master's degrees Higher education levels correlate with greater concern about regulatory issues, while those with lower education may be less affected Ultimately, the findings indicate that government regulation does not significantly deter investment intentions in cryptocurrency.
5.5 Discussion about the relationship between Attitude and intention to invest in cryptocurrency
H5 Attitude has a positive effect on the intention to invest in cryptocurrencies
Hypothesis 5 assumed that the Attitude positively affects the intention to invest in cryptocurrency with a P value is 0.026 and a beta coefficient is 0.189 Therefore, the hypothesis is accepted and there is a positive and significant relationship between Attitude and intention to invest in cryptocurrency
A significant number of participants in this research express a strong interest in conducting financial transactions and investing in cryptocurrency The process of withdrawing funds from crypto exchanges often requires converting cryptocurrency back to traditional currency, which many find convenient for external trading and diversifying investments In Vietnam, the lack of clear regulations on crypto trading makes these transactions appealing due to their perceived anonymity Additionally, many individuals believe that investing in cryptocurrencies helps them achieve personal goals, fostering a positive attitude towards crypto As a result, they are inclined to recommend cryptocurrency investments to others, reinforcing the trend of viewing cryptocurrency as a viable and modern investment method.
5.5 Discussion about the relationship between subjective norms and intention to invest in cryptocurrency
H6 Subjective norm has a positive effect on the intention to invest in cryptocurrencies
A significant positive relationship exists between subjective norms and the intention to invest in cryptocurrency, as indicated by a P-value of 0, which is below the 0.05 threshold The path coefficient of 0.33 further supports this hypothesis.
This study highlights the significant impact of subjective norms on investment intentions in cryptocurrencies, revealing that many individuals feel positively influenced by their peers' attitudes towards cryptocurrency investments It aligns with findings from Nguyen, Nguyen, and Ha (2021), which emphasize the importance of social perceptions in shaping investment decisions, suggesting that increased support and favorable views from others enhance the likelihood of individuals intending to invest in cryptocurrencies Additionally, other research in Vietnam indicates a positive correlation between subjective norms and the investment intentions of virtual currency investors, contributing to herding behavior within the cryptocurrency market (Coskun et al., 2020; da Gama Silva et al., 2019; Gurdgiev & O'Loughlin, 2020).
CONCLUSION AND RECOMMENDATION
Conclusion
This research paper explores the intention to invest in cryptocurrency among Vietnamese citizens, utilizing the Theory of Reasoned Action (TRA) and the PLS-SEM technique It examines key factors influencing investment intentions, including perceived risk, perceived usefulness, perceived enjoyment, and government regulation The study reviews existing literature and defines relevant terms, revealing that while perceived usefulness, attitude, and subjective norms positively influence investment intentions, perceived risk, enjoyment, and government regulation do not Notably, the findings indicate that a significant portion of cryptocurrency investors in Vietnam are from the IGen/Z Gen demographic, raising concerns about their potential lack of investment literacy and the associated risks These insights aim to inform policymakers and regulators about the perceptions of Vietnamese citizens regarding cryptocurrency investment.
Limitations
The research paper acknowledges limitations related to the duration and budget of the study, having been completed in 10 months, which included survey distribution and data analysis Consequently, insights regarding the pre-pandemic period and the economic stabilization in Vietnam post-pandemic are excluded from consideration.
Due to limited research funding, participants in the survey were not compensated, leading to some reluctance in completing the survey, particularly regarding Cryptocurrency topics In Vietnam, the lack of state support for Cryptocurrency and crypto assets heightened these concerns, resulting in blank or incomplete responses that ultimately diminished the study's objectivity.
This research offers valuable insights into cryptocurrencies and the factors influencing their use, including perceived usefulness, risks, enjoyment, government regulations, and subjective norms It reveals that attitudes do not mediate the relationship between government regulation, perceived usefulness, perceived risks, and the intention to invest in cryptocurrencies However, attitudes do play a mediating role between perceived enjoyment and the intention to adopt these digital currencies Despite positive associations in non-mediation relationships, the study acknowledges limitations related to time constraints, budget, and respondent benefits, suggesting the need for further research to gain a comprehensive understanding of cryptocurrency adoption.
Recommendation
To enhance the depth and comprehensiveness of future research papers, several recommendations are proposed for the research team Firstly, while this study utilizes the Theory of Reasoned Action (TRA) to explore Vietnamese individuals' intentions to invest in cryptocurrency, it is advisable to adopt the Theory of Planned Behavior (TPB), as it offers a clearer framework and builds upon TRA Secondly, the research has overlooked demographic factors, resulting in a lack of in-depth analysis regarding the investment behaviors of different generations Lastly, the sampling method should be revised; transitioning from convenient sampling to systematic and non-convenient sampling will allow for a more representative participant selection.
The study reveals that perceived risk has a minimal positive influence on cryptocurrency investment intentions To enhance investor confidence, it is crucial for cryptocurrency businesses to ensure transaction transparency, security, and traceability If investors doubt the confidentiality of their personal information and the security of their investments, they are likely to withdraw By implementing measures to mitigate perceived risks, businesses can improve investor attitudes towards cryptocurrency Additionally, the necessity for risk management and insurance for individual cryptocurrency investors is highlighted, as existing providers like Coinbase and BitGo offer some level of insurance against security threats, while many individual investors lack such protections Given the challenges regulators face in overseeing cryptocurrency insurance, it is recommended that collaborative strategies involving insurance firms, regulators, and investors be developed to safeguard their interests These findings aim to assist investors in making more informed decisions regarding cryptocurrency investments.
Investors in the cryptocurrency market should prioritize findings from recent studies, emphasizing the importance of investor intentions, government regulations, and user experience To promote safe cryptocurrency usage, governments must implement supportive regulations, draft legislation to combat fraud, and educate customers on blockchain interactions Clear guidance on transaction processes will help build trust in blockchain applications Additionally, regulations should ensure compliance among cryptocurrency stakeholders to maintain the benefits of this technology while mitigating risks It is crucial for legal frameworks governing cryptocurrency to remain adaptable, reflecting the evolving nature of this innovative sector.
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Survey
We are conducting research on the factors influencing Gen Y and Gen Z's intention to invest in virtual currencies and cryptocurrencies We kindly ask you to take approximately 10 minutes to complete the attached questionnaire Rest assured, your personal information and responses will remain anonymous For any further inquiries about the survey's content or how the information will be used, please reach out to us via the provided email.
We are appreciating your cooperation and contribution in completing this project
Research topic: Examining factors affecting the intention to invest in cryptocurrencies of Gen y and Gen Z
1 My gender is o Male o Female o I prefer not to disclose
2 Generation: o Millennials/ Gen Y (1980-1994) o iGen/ Gen Z (1995-2012) o Gen X (1965 - 1979)
3 Academic level o Secondary school o High school o University/ Collage o Masters o Doctor
4 I start to invest in cryptocurrencies at o Before 2015 o From 2016 to 2017 o From 2018 to 2019 o From 2019 to 2020 o From 2021 to 2022 o I have not invested yet
Part B: Factors impact the intention to invest in cryptocurrencies of Gen Y and Gen
For each question, please choose your answer based on the scale:
PU1 I find that investing in cryptocurrencies in a blockchain platform is time-saving
PU2 Using blockchain platform support for beginners in choosing appropriate investments option
PU3 I can use cryptocurrencies as an alternative source of money
PR1 Cryptocurrencies are risky due to high volatility, compared with other currencies or investments
PR2 Investing in cryptocurrencies puts my anonymity at risk
PR3 Investing in cryptocurrencies puts my financial activities at risk
PR4 If I invest in cryptocurrencies, my historical transaction might be hacked
PE1 I feel happy when having the opportunity to invest in cryptocurrencies
PE2 I find play to earn/ run to earn for making tokens is entertained
PE3 I feel interested when using returns after cryptocurrencies investments for other purposes
GR1 Government regulation would encourage cryptocurrencies investment
GR2 Government should enact policies and insurance for protecting cryptocurrencies investors
GR3 Government regulation and supervision will reduce risks associated with cryptocurrencies investment
AT1 Investing in cryptocurrencies will help me to achieve my goals
AT2 I want to conduct my transactions through cryptocurrency
AT3 Investing in cryptocurrencies will increase my living standards
SN1 People who are important to me believe that it is okay to invest in cryptocurrencies
SN2 People having valuable opinions about me suggest I invest in cryptocurrencies
SN3 People who are important to me would support cryptocurrencies investment
SN4 People around me are investing in cryptocurrencies
Intention to invest in cryptocurrencies
I1 I intend to invest in cryptocurrencies as a type of official investment (from many forms that I currently invest in)
I2 I would recommend others to invest in cryptocurrencies as a new type of investment
I3 My willingness to invest in cryptocurrencies is high
Kính gửi các anh, chị
Tôi đang tiến hành một nghiên cứu nhằm khám phá các yếu tố tác động đến ý định đầu tư vào tiền mã hóa của thế hệ Gen Y và Gen Z Tôi rất mong nhận được sự tham gia của bạn qua việc hoàn thành bảng khảo sát này.
Chúng em mong anh (chị) dành 5 đến 10 phút để hoàn thành bản câu hỏi đính kèm Tham gia dự án này hoàn toàn không có rủi ro, và anh (chị) không cần cung cấp thông tin cá nhân Tất cả câu trả lời sẽ được lưu trữ một cách ẩn danh.
Nếu anh (chị) cần thêm thông tin hoặc có câu hỏi về dự án, vui lòng liên hệ với chúng em qua địa chỉ email đính kèm bên dưới
Chúng em rất cảm ơn về sự đóng góp và hỗ trợ của anh (chị) khi giúp nhóm em hoàn thành dự án này
Câu hỏi nhân khẩu học
D1 Giới tính của tôi là:
D4 Thời điểm bắt đầu đầu tư vào crypto
Để thực hiện khảo sát, xin vui lòng cho biết mức độ đồng ý của bạn với từng câu hỏi bằng cách chọn một trong các mức sau: 1—cực kỳ không đồng ý; 2—không đồng ý; 3—trung lập; 4—đồng ý; 5—cực kỳ đồng ý.
Nhận thức sự hữu ích
PU1 Tôi nhận thấy việc đầu tư crypto trên các sàn giao dịch tiền mã hóa (crypto) rất tiết kiệm thời gian
PU2 Việc sử dụng nền tảng/ứng dụng tiền mã hóa hỗ trợ những người bắt đầu trong việc lựa chọn đầu tư phù hợp
PU3 Tôi có thể sử dụng tiền mã hóa (crypto) như một nguồn tiền tệ thay thế
PR1 So với các loại tiền tệ / đầu tư khác, tiền mã hóa (crypto) rất rủi ro vì tính biến động cao của chúng
PR2 Đầu tư vào tiền mã hóa (crypto) khiến quyền riêng tư của tôi gặp rủi ro
PR3 Đầu tư vào tiền mã hóa (crypto) khiến hoạt động tài chính của tôi gặp rủi ro
PR4 Nếu tôi đầu tư tiền mã hóa (crypto), lịch sử giao dịch của tôi có thể bị hacker kiểm soát
Cảm nhận về sự thích thú
PE1 Tôi cảm thấy hạnh phúc khi có cơ hội đầu tư vào thị trường tiền mã hóa
PE2 Tôi thấy các hình thức (chơi game) play to earn/run to earn để kiếm token (xu) rất hay
PE3 Tôi cảm thấy hứng thú khi được sử dụng lợi nhuận sau khi đầu tư vào tiền mã hóa vào những mục tiêu khác
Quy định của chính phủ
GR1 Quy định của chính phủ về tiền mã hóa
(crypto) sẽ khuyến khích đầu tư vào tiền mã hóa
GR2 Chính phủ nên cung cấp quy định và bảo hiểm để bảo vệ người đầu tư tiền mã hóa
GR3 Quy định và giám sát của chính phủ sẽ làm giảm rủi ro liên quan đến đầu tư tiền mã hóa (crypto)
AT1 Đầu tư vào tiền mã hóa (crypto) sẽ tạo cơ hội đạt được các mục tiêu trong cuộc sống của tôi
AT2 Tôi muốn thực hiện các giao dịch tài chính của mình bằng tiền mã hóa (crypto)
AT3 Đầu tư vào tiền mã hóa (crypto) sẽ nâng cao mức sống của tôi
Coded survey
PU1 PU2 PU3 PR1 PR3 PR4 PE1 PE2 PE3 PR1 PR2 PR3 AT1 AT2 AT3 SN1 SN3 SN4 I1 I2 I3