An Insight into the Key Motivational Influences Responsible for the Adoption of Cryptocurrency Among Irish Male Millennials

Over the past twelve months, cryptocurrency has become an extremely popular alternative to the traditional monetary institutions, particularly among millennial males. The entire market-cap of the cryptocurrency industry grew roughly 5000% in 2017, resulting in all-time market highs that completely shocked the entire financial industry. The research was undertaken of this contemporary topic in an attempt to understand the primary determinants responsible for causing the abrupt surge in the adoption of this new technology which is still considered to be in its infancy. To ensure an effective analysis of this phenomenon, a comprehensive review of previous literature on disruptive innovation and the relationship between male millennials and technology adoption was carried out. In addition to this, numerous technology adoption models were examined and critiqued in order to identify the most appropriate framework which would assist in guiding the data gathering process. The Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) model was specifically adapted for the purposes of this study as it was identified as the most relevant and efficient model in assessing the adoption of cryptocurrency amongst Irish male millennials. Ten Irish male millennial’s who own cryptocurrency were contacted and open-ended interviews were conducted with the guidance of the adapted UTAUT2 model to develop an understanding for the motivating influences responsible for their adoption of this new phenomenon. The findings are discussed and critiqued in conjunction with the literature to develop some interesting insights and conclusions. Additionally, further areas of research are identified which will be required as this technology continues to grow and gains greater levels of worldwide adoption