A Systematic Literature Review on the Adoption of Cryptocurrency as an Investment Option

Abstract

This systematic literature review examines the adoption of cryptocurrency as an investment option by analyzing twenty relevant journal articles. A rigorous methodology was followed involving a comprehensive academic journal search and purposive article selection. The findings reveal several demographic, economic, and social factors influence cryptocurrency adoption. Specifically, age, income, education, internet access, financial knowledge, risk attitudes, and regulatory support impact adoption. Fur-thermore, perceived usefulness, ease of use, trust, expected returns, and perceived risks are significant drivers of investment intentions. In emerg-ing economies, investment motives, economic and financial factors, and socio-demographic characteristics predict cryptocurrency adoption. Re-garding Bitcoin, user characteristics, technology factors, and institutional conditions determine adoption, with crypto automated teller machine availability and legal status being influential. The reviewed literature highlights unique cryptocurrency features like decentralization, limited supply, and profit potential that attract institutional investors. However, risks including volatility, lack of regulation, and cybersecurity exist. In conclusion, understanding what shapes cryptocurrency investment adop-tion is critical for individuals and institutions interested in this expanding asset class. While current knowledge has limitations, this review provides a comprehensive overview and future research directions to elucidate this timely, complex phenomenon.