Cryptocurrency Adoption in Malaysia: Does Age, Income and Education Level Matter?
Yoon-Chow Yeong1, Khairul Shafee Kalid2, Savita K Sugathan3
1Yoon-Chow Yeong, Department of Computer and Information Sciences, Universiti Teknologi PETRONAS, Seri Iskandar, Malaysia.
2Khairul Shafee Kalid, Department of Computer and Information Sciences, Universiti Teknologi PETRONAS, Seri Iskandar, Malaysia.
3Savita K Sugathan, Department of Computer and Information Sciences, Universiti Teknologi PETRONAS, Seri Iskandar, Malaysia.
Manuscript received on 26 August 2019. | Revised Manuscript received on 03 September 2019. | Manuscript published on 30 September 2019. | PP: 2179-2184 | Volume-8 Issue-11, September 2019. | Retrieval Number: K20350981119/2019©BEIESP | DOI: 10.35940/ijitee.K2035.0981119
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Dated back in 2008, the first blockchain-powered cryptocurrency-Bitcoin was introduced by Satoshi Nakamoto. Over the years, the types of cryptocurrencies available in the market amounted to more than 2,000. With the disruptive potential to revolutionize the traditional financial services, cryptocurrencies become a topic of interest among scholars, global regulators, investors, business operators, information technology enthusiasts and consumers. Nevertheless, the negative activities associated with cryptocurrencies such as money laundering and illicit trading, have resulted in the legality of cryptocurrencies remain controversial in the global context.As the worldwide regulators expressed different stance towards cryptocurrency acceptance and adoption, this study sought to gauge the individual’s behavioral intention to use cryptocurrency. Recognizing the dearth of study in Asian countries, especially the developing country, this study addresses the literature gap by focusing the case of Malaysian individuals. Specifically, this study investigated the effects of age, education level and income level differences in an individual’s behavioral intention to use cryptocurrency.The sample is made up of 176 Malaysian individuals who are equipped with cryptocurrency knowledge. The empirical data were gathered using online survey questionnaire via Google form. Subsequently, the data were analyzed using one-way analysis of variance (ANOVA) to understand the demographics effect on the intention to adopt cryptocurrency.Finally, the results revealed that the role of age, education and income level are not significant in influencing an individual’s behavior towards cryptocurrency adoption.
Keywords: Age differences, Behavioral intention, Cryptocurrency, Education level differences, Income level differences, Malaysian individuals
Scope of the Article: Cryptocurrency