This study aims to empirically predict the factors that influence behavioural intention (BI) to invest in Bitcoin by integrating the theory of planned behaviour (TPB) and social learning theory (SLT).
A cross-sectional quantitative approach was used, in which a questionnaire survey was administered and distributed online to collect 504 valid responses for the analysis. The partial least squares structural equation modelling approach was used to analyse both the measurement and structural models.
The results showed that TPB factors, including attitude (AT) and perceived behavioural control (PBC), were significantly associated with BI to invest in Bitcoin, except for social influence (SI). More importantly, the results showed that investment awareness (IA) had a significant impact on all TPB factors and that social networking sites (SNSs) had a significant impact on IA.
Bitcoin, the most popular digital currency, is not accepted as a payment or even investment method in the Kingdom of Saudi Arabia (KSA) because of the high level of uncertainty regarding this digital currency. Therefore, this study provides policymakers and other stakeholders with a roadmap to understand the factors influencing the BI of potential Bitcoin investors.
This study attempts to fill a research gap and advance the existing knowledge on BI to invest in Bitcoin, a scarcely researched area, from the perspective of a developing and emerging market, the KSA. It integrated TPB with SLT by incorporating IA and SNSs, offering a deeper and better understanding of Bitcoin investment.
