EXPLORING CRYPTOCURRENCY ADOPTION AMONG UNDERGRADUATES’ STUDENTS

Abstract

This study investigates determinants of cryptocurrency adoption among Malaysian undergraduates through an extended Unified Theory of Acceptance and Use of Technology (UTAUT) framework, extended variable. Employing a quantitative design, data from 271 students at Universiti Malaysia Sabah were analysed via partial least squares structural equation modelling (PLS-SEM). Findings reveal performance expectancy, social influence, and trust as significant positive predictors of adoption, whereas effort expectancy and facilitating conditions exhibited non-significant effects. The study’s originality lies in contextualising UTAUT within Malaysia’s under-researched tertiary education sector, highlighting trust as a critical socio-cultural determinant often overlooked in technology adoption models. Practical implications suggest that universities and policymakers should prioritise cryptocurrency literacy programmes and regulatory frameworks that enhance platform security to foster informed adoption. A limitation is the single-institution sampling, which constrains generalisability; future research should explore demographic variables (e.g., age, discipline) and cross-cultural comparisons. By bridging theoretical and empirical gaps, this work advances understanding of behavioural drivers in digital finance, offering actionable insights for academia and Southeast Asia’s evolving cryptocurrency landscape.