Nguyen, Linh Chi (2024) Understanding Millennial Investors' Behaviour Towards Cryptocurrency as an Investment. Doctoral thesis, University of Wales Trinity Saint David.
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Abstract
This research is among one of the few studies conducted in Europe and study about millennial investors in the context of cryptocurrency investment. It has enriched readers’ understanding with various areas that have a potential influence on millennial investors’ perceptions of cryptocurrency investment, while validating its theoretical framework with the use of mixed-method. The research aims to explore the perceptions and behaviours of millennial investors on cryptocurrency as an investment. This is achieved through research objectives by: reviewing previous literatures on cryptocurrency from millennials’ perspectives, developing of a conceptual model in decision-making, identifying which factors have the most influence on millennial investors in cryptocurrency, and lastly, contributing findings to fill in gaps in the both academic and business aspects. Among cryptocurrency users, most view it as an investment because they believe it offers financial inclusion, independence from governing bodies, and a secure means of preserving their funds. Moreover, when it comes to new experience, individuals would integrate their perceptions when determining their course of action. Therefore, Hierarchical Decision Modeling and anchored in the Theory of Planned Behaviour and Technology Acceptance Model were employed to clarify this problem. It critically reviews millennial-centric cryptocurrency literature, develops a decision making model, and validates various technological, economic, social, and governmental aspects. In terms of methodology, the study has adopted a pragmatic and abductive approach. Accordingly, a mixed-methods design has been employed, utilizing a sequential exploratory approach that commences with a qualitative inquiry and culminates in a quantitative analysis. A total sample size of 131 individuals which comprises a subgroup of 10 participants who partake in the qualitative phase of the study, followed by a larger cohort of 121 participants engaged in the subsequent quantitative phase. The deliberate division of participants into two independent samples has been undertaken as a precautionary measure given the mixed-methods nature of the study. Qualitative analysis reveals that most respondents consider factors like price movements, trust in the system, influence from friends and family, and taxations as significant influencers of their cryptocurrency investment decisions. At a 5% significance level, quantitative method establishes statistical significance for all independent variables, affirming the predictive value of price movements, trust in the cryptocurrency system, advice from their personal social circles, and tax policies in shaping millennial investors' perceptions of cryptocurrency investments. These quantitative findings corroborate the qualitative outcomes, reiterating that technological and governmental factors exert less influence on millennial investors compared to the aforementioned variables. This convergence between quantitative and qualitative findings underscores the robustness and consistency of the study's results, affirming the significance of friends and family as a driving force behind millennial investors' perceptions in cryptocurrency adoption and its ongoing influence on their investment perceptions. With the dynamic of the study and its topic, it is useful for business to comprehend cryptocurrency investors’ perceptions and behaviours for risk management, product development, building market strategies and customer service tailoring to market participants’ needs.
| Item Type: | Thesis (Doctoral) |
|---|---|
| Uncontrolled Keywords: | millennials, cryptocurrency, perceptions, social, economic, technology, government |
| Subjects: | H Social Sciences > HD Industries. Land use. Labor |
| Divisions: | Theses and Dissertations > Doctoral Theses |
| Depositing User: | Victoria Hankinson |
| Date Deposited: | 05 Mar 2025 11:39 |
| Last Modified: | 05 Mar 2025 11:39 |
| URI: | https://repository.uwtsd.ac.uk/id/eprint/3492 |
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