The motivation and factors driving crypto-currency adoption in SMEs

Abstract

Businesses should not only focus on their current environment and challenges. In order to survive in a world that is faced with constant change organisations needs to not only be adept at exploiting their current environment but also need to allocate a fair portion of their resources and time at exploring the future. Organisations that managed to balance their exploitative and explorative activities are referred to as ambidextrous organisations. Ambidextrous organisations have not only proved to be more capable at pioneering new innovations but have also demonstrated that they are more adaptive to disruptive change. Cryptocurrencies are seen as a potential disruptive megatrend with questionable consequences to financial institutions, regulating authorities, businesses and government. The purpose of this research study was to provide small to medium sized businesses (SMEs) with a model/lens with which to examine the cryptocurrency megatrend. The study utilised the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) model to examine the factors that drive cryptocurrency adoption in SMEs. The research study found that the following UTAUT2 constructs : performance expectancy, price value and habit are all significant drivers on the behaviour intention to use Bitcoin. The research study also demonstrated that the trust construct, a construct that does not form part of the original UTAUT2 model, is also a considerable driver on the behaviour intention to use Bitcoin. The findings of the research study can be used by organisations as an input for constructive discourse to anticipate the potential impact or opportunities brought by the cryptocurrencies megatrend. Armed with this knowledge, managers can make more informed decisions, implement targeted interventions and channel resources more effectively to streamline the change process.