Behavioral Intention to Use Cryptocurrencies Among Bank Employees in the West Bank

Year 2025, Issue: 71, 189 - 220, 27.06.2025

Sami Sholi , Arta Antonovica , Javier De Esteban Curiel , Merve Aydoğan

https://doi.org/10.26650/JECS2024-1562786

Abstract

Cryptocurrencies have been increasingly accepted worldwide; however, their applications in financial systems are still limited. Global research on cryptocurrencies adoption is extensive; studies specifically on the West Bank are relatively scarce. This distinction is crucial as it underscores the unique contribution of this study to the application of the UTAUT2 model in order to understand cryptocurrency adoption among bank employees in the West Bank. The purpose of this paper is to identify bank employees’ behavioral intention to use cryptocurrency in the West Bank. To that end, the researchers employed seven variables to collect and analyze the data. These variables were Performance Expectancy, Effort Expectancy, Social Influence, Facilitating Conditions, Hedonic Motivation, Price/Value, and Habit. The researchers added two more variables to the model: the Perceived Risk and Legitimacy. The analysis was based on an online questionnaire administered to 380 bank employees. After data collection, the researchers used the Structural Equation Modeling for analysis. The main findings showed that 95.8% of the participants were familiar with cryptocurrency. Of these, 30.3% expressed an interest in investing in cryptocurrencies. However, only 8.4% had actually invested in it. The majority of those investors (84.3%) were males aged 26-45 years old. Furthermore, factors like Performance Expectancy, Effort Expectancy, Social Influence, Hedonic Motivation, Price/Value, and Legitimacy showed a positive and significant effect on behavior intention to adopt cryptocurrency. In contrast, the Facilitating Conditions, Habit, and Perceived Risk did not significantly influence users` intention to adopt cryptocurrency. The study also revealed a number of practical implications, including strategies to boost cryptocurrency adoption, enhancing legitimacy through clear regulations, developing cost-effective mining programs, and emphasizing practical bene f its for high-income males interested in investing in cryptocurrencies. Based on these findings, the researchers recommend promoting social influence and ease of use through training to boost hedonic motivation and highlighting financial benefits like cost savings and lower fees while addressing price volatility.

Keywords

cryptocurrency, UTAUT2 model, behavioral intention, the West Bank, financial systems

Ethical Statement

There are no any conflicts of interest

Supporting Institution

No supporting institution

Project Number

Research paper is not part of any project

Thanks

-

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