A Behavioral Approach to Cryptocurrency Adoption in the United States

Amidst cryptocurrency’s move into the mainstream, most research assumes that the factors associated with owning cryptocurrency also apply to the prerequisite considering stage. Drawing on foundational theories of behavior, we examine whether those who would consider owning cryptocurrency differ from both existing owners and those who reject it outright. Leveraging three original surveys of US adults (n = 810; n = 1,877; n = 2,077) and partial proportional odds models, we find that the correlates of cryptocurrency adoption are not monolithic. Despite sharing similar sociodemographic and personality profiles, considering cryptocurrency relates more to mainstream political preferences and technological optimism, while owning cryptocurrency relates more to financial experiences and the desire to disrupt the status quo. Our work has theoretical and empirical implications: Whereas considerers may evaluate cryptocurrency through the lens of existing institutions, ownership may reflect a particular timbre of engagement marked by action and willingness to challenge systemic norms.