Purpose
This study aims to investigate how behavioral and cognitive factors, i.e. banker stereotypes and human values, impact the adoption and acceptance of cryptocurrencies. It addresses a research gap in the literature by examining non-economic factors that shape attitudes toward cryptocurrency from the perspective of behavioral finance. First, we investigate how banker stereotypes and human values impact the perceived usefulness and ease of use of cryptocurrencies. Second, we examine how demographic factors moderate the link between banker stereotypes and the adoption of cryptocurrency across different clientele segments. By emphasizing the role of behavioral elements, this study intends to provide deeper insights into the factors that influence cryptocurrency adoption.
Design/methodology/approach
This research utilizes a quantitative method with an online questionnaire to collect data from a diverse sample of 291 individuals in France. Validated scales are used in the questionnaire with a 7-point Likert format to measure cultural values, banker stereotypes and components of the Technology Acceptance Model (TAM). Pre-tests and procedural measures, such as anonymity, were conducted to address potential common method bias. Data analysis involved partial least squares–structural equation modeling to investigate links within a sophisticated model comprising 16 constructs and 44 items. The sample, balanced in gender, age and education, primarily comprised traditional bank customers with various economic profiles. The methodology of this study effectively combines robust sampling, validated tools and complex analytical techniques to explore key links in financial services.
Findings
The study shows that both banker stereotypes and human values significantly affect the perceived ease of use and perceived usefulness of cryptocurrencies, which in turn influence their acceptance. Specifically, the formal clothing of bankers (reflecting seriousness) shows a positive influence on perceived usefulness. The paternalistic stereotype has a negative relationship with both ease of use and usefulness. The partner stereotype shows a positive effect with a key moderating factor from generational differences: for Gen X and Y, the partner stereotype has a negative influence on perceived usefulness, whereas for Baby Boomers, it has a positive influence. Human values exhibit an influence on stereotypes, with the four selected values being hedonism, self-direction, stimulation and security.
Research limitations/implications
Since the study was conducted in France, the findings may lack generalizability across countries with different legal approaches to cryptocurrency sales. Additionally, it investigated customer perspectives without involving insights from sellers or bankers. Moreover, the age range did not include younger demographics like Generation Z, who may be important future buyers.
Practical implications
The implications are significant for behavioral finance practitioners, cryptocurrency vendors and the banking sector. The findings validate the TAM by incorporating banker stereotypes and human values, emphasizing their influence on the perceived ease of use and usefulness of cryptocurrencies. In the field of marketing and sales strategies, the findings underline the importance of customizing approaches to variables related to customers, such as stereotypes, values and generation. For example, marketing and sales strategies may be adapted by emphasizing security and minimizing hedonistic elements, and client segmentation should be based on generation. Altogether, these elements suggest that banks could be legitimate vendors of cryptocurrencies.
Social implications
This study enlightens us on the social factors impacting cryptocurrency adoption, emphasizing how stereotypes, generational differences and values influence perceptions. By addressing these social dimensions, the study highlights the potential to close the gap between traditional finance and new technologies, aiming to develop broader societal acceptance of digital finance and better access to financial technologies.
Originality/value
While the extant literature mainly focuses on economic, technical or legal aspects of cryptocurrencies, this research sheds light on the influence of behavioral and cognitive factors, i.e. banker stereotypes and human values, as antecedents of cryptocurrency adoption. Hence, it changes the conversation from rational financial calculations and technical and regulatory issues to the cognitive and behavioral factors that impact cryptocurrency decisions. Furthermore, this study investigates the nexus between human values and stereotypes and how generational differences moderate the relationships between stereotypes and the TAM. The combination of these factors is original in providing a new understanding of cryptocurrency adoption.