Sustainable and smart investment in blockchain technologies: a value-based approach to the adoption ofcryptocurrencies

• Fernando García-Monleón ^[1] ; Anett Erdmann ^[1] ; Ramón Arilla ^[1]
  1. [1] Esic University
• Localización: Leveraging new business technology for a sustainable economic recovery: XXXVI Congreso Anual AEDEM: 1 al 3 de junio de 2022, Pozuelo de Alarcón, Madrid / coord. por Abel Monfort, Susana Fernández Lores, 2022, ISBN 978-84-19480-06-4, pág. 137
• Idioma: inglés
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• Resumen

  • The use of Blockchain technologies, and cryptocurrencies inparticular, offers attractive business opportunities, in the context offinancial services, smart contracts and token-based business models. Theprimary objective of this study is to provide a value-based understanding ofwhat drives people to use cryptocurrencies and derives insights on therelative importance of perceived financial costs and psychological valueaspects on the intention to use cryptocurrencies. In this context, the aim isto explore the role of sustainability considerations and the role of the users’knowledge path, a staggered construct of the scope and depth of knowledgeon the applicability of cryptocurrencies, in line with the historical evolutionof the use of cryptocurrencies. For this purpose, we set up a model oftechnology adoption (UTAUT2) mediated through perceived valueconstructs (VAM) and the crypto-knowledge path. This structural model isestimated using partial least square analysis (PLS-SEM). We identify apositive effect of both value concepts, financial and emotional value, on theintention to use cryptocurrencies. However, interestingly, we find a fullmediation effect of the emotional part of the perceived value through theknowledge path. Furthermore, we find that environmental sustainabilityconsiderations in the intention to use cryptocurrencies are fully mediatedthrough the perceived financial value while social sustainabilityconsiderations are fully mediated through the financial as well as emotionalperceived value. That is, the perceived value in the decision making to usecryptocurrencies is determined by sustainability considerations as well asmost of the usual antecedents of technology adoption models and theknowledge path acts as a mediating variable between the emotional valueand usage intention. The results contribute to pave the way for a sustainableand smart investment in crypto-projects