This time, I would like to talk about the psychology of cryptocurrency.
What is your impression of cryptocurrency?
I think there are many people who have various impressions of cryptocurrencies: new, unfamiliar, lucrative, or a scam.
For me, cryptocurrency is a new expectation to replace the existing one.
I would like to introduce a study that investigated how cryptocurrencies are perceived from a social psychology perspective. I would like to introduce my research on this topic.
Contents of the study
The purpose of this study was to examine the "Questionnaire on Attitudes toward Cryptocurrencies" and to identify predictors of attitudes toward Bitcoin.
The sample included 262 people between the ages of 17 and 30, 45% of whom were male.
Methods included
Association
Value scale
Questionnaire on Moral Foundations
Farnham's Money Beliefs and Behavior Scale.
Huff's Baseline Confidence Scale.
Confirmatory factor analysis proved the three-factor structure of the questionnaire.
Linear regression analysis showed that beliefs in the potential of cryptocurrency as a means of payment were directly related to the value of people-centered care and freedom, and inversely related to sanctity.
They are positively related to trust in the financial system and negatively related to trust in the government.
Age and gender also mattered, with concerns about cryptocurrency adoption being directly related to negative attitudes toward money, the value of confidence, age, and trust in the financial system and government, and inversely related to trust in people and fear of money.
As for willingness to use cryptocurrency, it is directly dependent on trust in the power of money, behavior, age, and gender orientation to independence, and inversely proportional to trust in government.
The data states that the intention to use cryptocurrency is directly related to the desire for economic autonomy and distrust of social institutions.
And it is inversely proportional to trust in people and fear of money.
Explanation
From the data obtained.
Respondents who are willing to use cryptocurrency
The data obtained supports the hypothesis that respondents who were willing to use cryptocurrencies did so because of their desire for economic autonomy and distrust of social institutions.
The data obtained supports the hypothesis that those who are willing to use cryptocurrencies do so out of a desire for economic autonomy and distrust of social institutions.
In fact, blockchain technology, the basis of cryptocurrencies, reduces the need for centralized systems to regulate financial flows and ensures independence from interference with transaction histories.
In addition, the costly dynamics of cryptocurrencies clearly stimulate the expectation of rapid enrichment in the presence of the direction of money as value, indicating confidence in their power.
Respondents characterized by a generous view of and trust in the financial system
tend to perceive cryptocurrencies as promising.
Respondents who fear that their financial well-being will be transferred to an external guarantor are more likely to
Respondents who fear that their financial well-being will be transferred to external guarantors tend to worry about the introduction of cryptocurrencies into their daily lives.Respondents who seek financial independence and do not trust social institutions tend to be
ready to use cryptocurrencies.
In general, economic activity, interest, and willingness to use cryptocurrency can be seen as one of the indicators of successful economic socialization, reflecting the desire for autonomy and economic independence.
Gagarina M, Nestik T, Drobysheva T. Social and Psychological Predictors of Youths' Attitudes to Cryptocurrency. Behav Sci (Basel). 2019;9(12):118. published 2019 Nov 20. doi:10.3390/bs9120118
Conclusion
The results of this study show that the impressions of cryptocurrencies are influenced by trust in government and economic independence.
It is also said that money = trust, so as distrust of the government increases, transactions using cryptocurrencies may become more active, but unless the balance between those who think this way and the old-timers is broken, there may not be any major movement.
This is not to say that we should have a good impression of cryptocurrencies, but in Japan, where interest in economics and finance is low, the situation is likely to continue.
