FACTORS INFLUENCING THE INVESTMENT INTENTION IN CRYPTOCURRENCY: AN APPROACH BASED ON THE THEORY OF PLANNED BEHAVIOUR (TPB)
DOI:
https://doi.org/10.18623/rvd.v22.n6.3771Keywords:
Theory of Planned Behavior, Cryptocurrency, Investment Intention, Behavioral Finance, Financial RiskAbstract
This study analyzes the factors influencing the investment intention in cryptocurrency based on the Theory of Planned Behavior (TPB). Data was collected from 330 students at universities in Hanoi. The data will be analyzed using SPSS, employing regression tests to determine the impact of each factor on the investment intention. The results show that Attitude (AT), Subjective Norm (SN), Perceived Behavioral Control (PBC), Financial Risk (FR), and Perceived Trust (PT) all positively influence the investment intention in cryptocurrency. The findings from the SPSS analysis provides valuable insights into the investment behavior of students and help better understand the factors determining investment decisions in cryptocurrency within the context of Vietnam.
References
Abadi, M. K. R., & Annuar, H. A. B. (2023). Financial Behaviour, Financial Self Efficacy and Intention to Invest in Cryptocurrency. Al Tijarah, 9(2), 120-135.
Akhter, T., & Hoque, M. E. (2022). Moderating effects of financial cognitive abilities and considerations on the attitude–intentions nexus of stock market participation. International Journal of Financial Studies, 10(1), 5.
Ali, S., Zani, R. M., & Kasim, K. (2014). Factors influencing investors’ behavior in Islamic unit trust: an application of theory of planned behavior. Journal of Islamic Economics, Banking and Finance, 10(2), 183-201.
Alleyne, P. (2011). Using the theory of planned behaviour and risk propensity to measure investment intentions among future investors. Journal of Eastern Caribbean Studies, 36(1), 1-21.
Almajali, D. A., Masa’Deh, R. E., & Dahalin, Z. M. (2022). Factors influencing the adoption of Cryptocurrency in Jordan: An application of the extended TRA model. Cogent Social Sciences, 8(1), 2103901.
Alsmadi, A. A., Shuhaiber, A., & Al-Omoush, K. S. (2024). Risky? So, why people are getting back to invest in cryptocurrencies? The United Arab Emirates as a case. Kybernetes, 53(11), 4697-4722.
Arias-Oliva, M., de Andrés-Sánchez, J., & Pelegrín-Borondo, J. (2021). Fuzzy set qualitative comparative analysis of factors influencing the use of cryptocurrencies in Spanish households. Mathematics, 9(4), 324.
Armani Dehghani, M., Karavidas, D., Rese, A., & Acikgoz, F. (2025). Bridging the adoption gap for cryptocurrencies: understanding the affordances that impact approach–avoidance behavior for potential users and continuation usage for actual users. Information Technology & People, 38(1), 497-530.
Bland, E., Changchit, C., Cutshall, R., & Pham, L. (2024). Behavioral and Psychological Determinants of Cryptocurrency Investment: Expanding UTAUT with Perceived Enjoyment and Risk Factors. Journal of Risk and Financial Management, 17(10), 447.
Bouri, E., Shahzad, S. J. H., & Roubaud, D. (2019). Co-explosivity in the cryptocurrency market. Finance Research Letters, 29, 178-183.
Caporale, G. M., Gil-Alana, L., & Plastun, A. (2018). Persistence in the cryptocurrency market. Research in International Business and Finance, 46, 141-148.
Drakpa, D., Lhamo, Y., Wangmo, C., Jamtsho, T., Thaye, J., & Pelden, N. (2024). Awareness and Attitude towards Cryptocurrency Adoption among Business Students in Bhutan.
ElBahrawy, A., Alessandretti, L., Kandler, A., Pastor-Satorras, R., & Baronchelli, A. (2017). Evolutionary dynamics of the cryptocurrency market. Royal Society open science, 4(11), 170623.
Gandal, N., & Halaburda, H. (2014). Competition in the cryptocurrency market. Retrieved from
Gazali, H. M., Ismail, C. M. H. B. C., & Amboala, T. (2018). Exploring the intention to invest in cryptocurrency: The case of bitcoin. Paper presented at the 2018 International Conference on Information and Communication Technology for the Muslim World (ICT4M).
Gupta, S., Gupta, S., Mathew, M., & Sama, H. R. (2021). Prioritizing intentions behind investment in cryptocurrency: a fuzzy analytical framework. Journal of Economic Studies, 48(8), 1442-1459.
Handayani, D., Ikhsan, R. B., & Prabowo, H. (2023). Behavioral Intention to Invest Cryptocurrency in Indonesia: An Empirical Study. Paper presented at the 2023 8th International Conference on Business and Industrial Research (ICBIR).
Huong, N. T. L., Oanh, N. T. L., & Linh, H. N. N. (2021). Testing impact of personal innovativeness on intention to invest in cryptocurrency products of Vietnamese people: an extension of theory of planned behavior (TPB). Paper presented at the International Conference on Emerging Challenges: Business Transformation and Circular Economy, November.
Kim, M. (2021). A psychological approach to Bitcoin usage behavior in the era of COVID-19: Focusing on the role of attitudes toward money. Journal of Retailing and Consumer Services, 62, 102606.
Krafft, P. M., Della Penna, N., & Pentland, A. S. (2018). An experimental study of cryptocurrency market dynamics. Paper presented at the Proceedings of the 2018 CHI conference on human factors in computing systems.
Lim, T. S., Mail, R., Abd Karim, M. R., Ulum, Z. K. A. B., Jaidi, J., & Noordin, R. (2018). A serial mediation model of financial knowledge on the intention to invest: The central role of risk perception and attitude. Journal of Behavioral and Experimental Finance, 20, 74-79.
Malik, A., & Rahman, A. (2023). Pengaruh Pengetahuan Investasi, Subjective Norm Dan Perceived Risk Terhadap Niat Investasi Lagi Mata Uang Pada Forum Investor Kripto Axuscoin. Jurnal Ekonomi Manajemen dan Bisnis, 4(1), 1-13.
Mazambani, L., & Mutambara, E. (2019). Predicting FinTech innovation adoption in South Africa: the case of cryptocurrency. African Journal of Economic and Management Studies, 11(1), 30-50.
Miko, S., Atmaja, A. W. T., Mawardah, R., Zulfa, S. D., Siboro, F., & Marjuki, A. (2023). The impact of competitiveness, information technology, risk perception, and financial literacy on the intention to invest in cryptocurrency. IAIC Transactions on Sustainable Digital Innovation (ITSDI), 5(1), 1-7.
Muhammad, M., Leniwati, D., Wicaksono, A. P. N., Juanda, A., Wahyuni, E. D., & Setyawan, S. (2023). Pengaruh Attitude Subjective Norms, dan Perceived Behavioural Control Terhadap Minat Investor Berinvestasi Cryptocurrency. Jurnal Akuntansi dan Keuangan, 11(1), 47-56.
Ng, I., Budiman, J., Junita, J., Viviani, V., Lindawati, L., & Joey, J. (2023). Determinan keputusan investasi pada cryptocurrency. Jurnal Bina Manajemen, 11(2), 106-123.
Norisnita, M., & Indriati, F. (2022). Application of theory of planned behavior (TPB) in cryptocurrency investment prediction: a literature review. Economics and Business Quarterly Reviews, 5(2).
Nugraha, V. A., & Prasetyaningtyas, S. W. (2023). ANALYSIS OF FACTORS INFLUENCING INVESTMENT INTENTION IN CRYPTOCURRENCY: A THEORY OF PLANNED BEHAVIOR (TPB) APPROACH. Jurnal Ekonomi, 12(02), 541-551.
Nurbarani, B. S., & Soepriyanto, G. (2022). Determinants of investment decision in cryptocurrency: Evidence from Indonesian investors. Universal Journal of Accounting and Finance, 10(1), 254-266.
Osakwe, C. N., Dzandu, M. D., Amegbe, H., Warsame, M. H., & Ramayah, T. (2022). A two-country study on the psychological antecedents to cryptocurrency investment decision-making. Journal of Global Information Technology Management, 25(4), 302-323.
Pandurugan, V., & Al Shammakhi, B. N. S. (2024). Modelling the theory of planned behaviour to evaluate the investment intention of generation Z in the speculative market: stocks, Forex and cryptocurrencies. Arab Gulf Journal of Scientific Research, 42(4), 1900-1916.
Pham, Q. T., Phan, H. H., Cristofaro, M., Misra, S., & Giardino, P. L. (2021). Examining the intention to invest in cryptocurrencies: An extended application of the theory of planned behavior on Italian independent investors. International Journal of Applied Behavioral Economics (IJABE), 10(3), 59-79.
Pilatin, A., & Dilek, Ö. (2024). Investor intention, investor behavior and crypto assets in the framework of decomposed theory of planned behavior. Current Psychology, 43(2), 1309-1324.
Qi, J., Zhang, Y., & Ouyang, C. (2025). Cryptocurrency Investments: The Role of Advisory Sources, Investor Confidence, and Risk Perception in Shaping Behaviors and Intentions. Journal of Risk and Financial Management, 18(2), 57.
Salisa, N. R. (2021). Faktor yang Mempengaruhi Minat Investasi di Pasar Modal: Pendekatan Theory of Planned Behaviour (TPB). Jurnal Akuntansi Indonesia, 9(2), 182.
Soomro, B. A., Shah, N., & Abdelwahed, N. A. A. (2024). Intention to adopt cryptocurrency: a robust contribution of trust and the theory of planned behavior. Journal of Economic and Administrative Sciences, 40(2), 419-433.
Ter Ji-Xi, J., Salamzadeh, Y., & Teoh, A. P. (2021). Behavioral intention to use cryptocurrency in Malaysia: an empirical study. The Bottom Line, 34(2), 170-197.
Wang, Y.-S., Duong, N. T., Ying, C.-H., & Chang, Y.-C. (2024). What Drives People’s Cryptocurrency Investment Behavior. Journal of Computer Information Systems, 1-18.
Wątorek, M., Drożdż, S., Kwapień, J., Minati, L., Oświęcimka, P., & Stanuszek, M. (2021). Multiscale characteristics of the emerging global cryptocurrency market. Physics Reports, 901, 1-82.
Zhang, Y., Naveed, K., & Qi, J. (2025). Crypto Investment: The Role of Investment Motivations, Investment Confidence, and Risk Perceptions. Financial Services Review, 33(1), 120-141.
Downloads
Published
How to Cite
Issue
Section
License
I (we) submit this article which is original and unpublished, of my (our) own authorship, to the evaluation of the Veredas do Direito Journal, and agree that the related copyrights will become exclusive property of the Journal, being prohibited any partial or total copy in any other part or other printed or online communication vehicle dissociated from the Veredas do Direito Journal, without the necessary and prior authorization that should be requested in writing to Editor in Chief. I (we) also declare that there is no conflict of interest between the articles theme, the author (s) and enterprises, institutions or individuals.
I (we) recognize that the Veredas do Direito Journal is licensed under a CREATIVE COMMONS LICENSE.
Licença Creative Commons Attribution 3.0





