Abstract
In recent years, the growth of cryptocurrency has undergone an enormous increase in cryptocurrency markets all around the world. Sadly, only insignificant heed has been paid to the unveiling of determinants of cryptocurrency adoption globally, particularly in emerging markets like Malaysia. The purpose of the study is to examine whether the application of deep learning-based dual-stage Partial Least Square-Structural Equation Modelling (PLS-SEM) & Artificial Neural Network (ANN) analysis enable better in-depth research results as compared to single-step PLS-SEM approach and to excavate factors which can predict behavioural intention to adopt cryptocurrency. The Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) model were extended with the inclusion of trust and personnel innovativeness. The model was further validated by introducing a new path model compared to the original UTAUT2 model and the moderating role of personal innovativeness between performance expectancy and price value, with a sample of 314 respondents. Contrary to previous technology adoption studies that used PLS-SEM & ANN as single-stage analysis, this study further enhanced the analysis by applying a deep learning-based dual-stage PLS-SEM and ANN method. The application of deep learning-based dual-stage PLS-SEM & ANN analysis is a novel methodological approach, detecting both linear and non-linear associations among constructs. At the same time, it is regarded as a superior statistical approach as compared to traditional hybrid shallow SEM & ANN single-stage analysis. Also, sensitivity analysis provides normalised importance using multi-layer perceptron with the feed-forward-back-propagation algorithm. Furthermore, the deep learning-based dual-stage PLS-SEM & ANN revealed that trust proved to be the strongest predictor in driving user intention. The introduction of this new methodology and the theoretical contribution opens the vistas of the extant body of knowledge in technology-adoption related literature. This study also provides theoretical, practical and methodological contributions.
Highlights
The world in the last decade has seen several technological advancements such as electronic commerce, digital payments and the internet of things (IoT)
This study investigates the role of personal innovativeness on performance expectancy and price value
Researchers excluded the construct habit from the original UTAUT2 model on the assumption that habit is regarded as the notion of previous actions and it is regarded as the degree to which an individual is inclined to do a particular behaviour routinely or repeatedly [47]
Summary
The world in the last decade has seen several technological advancements such as electronic commerce, digital payments and the internet of things (IoT). Reflections of these developments can be seen in the ways people interact and the way they exchange money [1]. Mazambani and Mutambara [3] referred to cryptocurrency as a digital currency that relies on advanced encryption techniques to perform a range of financial transactions. The use of cryptocurrency like bitcoins, enables users to move out of the scope of conventional retail payment methods owing to two key reasons: anonymity and non-dependence on central entities such as financial institutions [6]. Reduction in transaction time and significantly lower transactional costs are some of the few benefits that cryptocurrency can bring to potential users
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