Individual Cultural Values and Profit Expectations on Investment Intentions in Crypto Currency: Religiosity as a Moderating Variable

Abstract

The rapid growth of cryptocurrency has the potential to disrupt traditional currency circulation, attracting many investors. However, this use also presents various challenges. Therefore, religion, as a guiding principle in life, can contribute to addressing these issues related to values, ethics, and technicalities. This research aims to investigate the cryptocurrency investment intentions, testing the influence of individual cultural values, profit expectations, and religiosity. Also, the moderating part of religiosity among profit expectations and cryptocurrency investment intentions is explored. Data was collected through an online survey shared by graduate students on their social networks, with 446 respondents. The investigation model was examined using structural equation modelling. The results indicate that collectivism, uncertainty avoidance, and masculinity significantly impact profit expectancy. Conversely, power distance and long-term orientation do not exhibit any influence on profit expectancy. Furthermore, profit expectations have been demonstrated to have a considerable impact on persons' intentions to invest in crptocurrency, while religiosity does not moderate this relationship. It is worth noting that this enquiry represents a pioneering effort to sightsee the combined effects of individual cultural values on intentions to engage in cryptocurrency investment. Additionally, the authors provide empirical support for the interconnectedness of these three variables. Conversely, the existing body of empirical research exploring the association between profit expectancy, religion, and investment intention in the realm of cryptocurrency remains limited.