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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Mariya Bagdasaryan
Socio Psychological Predictors of Attitudes Toward Cryptocurrency
Applied Social Psychology
(Master’s programme)
2019
In this study we investigated possible predictors of attitudes towards new digital payment option known as cryptocurrency, that offers fast, borderless, anonymous, peer-to-pear transactions without involvement of third parties and government regulations. As this topic is relatively new, and thus ignored and understudied by social psychologists, we had to focus on previous literature on psychology of money and adoption of e-commerce. Based on the theoretical overview, we proposed three possible psychological and demographic predictors that might influence attitudes towards cryptocurrency, which are: openness to experience, perceived risk and the level of education. We defined three hypotheses that referred to each of these predictors. To test them we developed a short cryptocurrency attitude scale. We found that those respondents who scored high on openness to experience perceived cryptocurrency as promising. Respondents who placed importance on the perceived risk from using cryptocurrency assessed digital money as unreliable and illegal. More educated participants also evaluated cryptocurrency as untrustworthy. Our findings are discussed in terms of literature on monetary attitudes and cryptocurrency acceptance, and suggestions for further research are considered.

Keywords: economic psychology, cryptocurrency attitudes, perceived risk, openness to experience

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