In our article, we explore the role of trust in our model to examine its impact on Arab investors’ intentions to adopt cryptocurrency. Our study seeks to demonstrate how attitudes, subjective norms, perceived behavioral control, and trust interact to shape the intention to embrace cryptocurrency among Arab investors.
This study synthesizes insights from extensive research to provide a comprehensive analysis of the dynamics of cryptocurrency adoption, focusing on factors such as digital technostress, user attitudes, subjective norms, and perceived behavioral control. User attitudes represent overall impressions and feelings toward technology adoption, while subjective norms highlight the social pressures that influence behavior. Perceived behavioral control reflects an individual’s confidence in their ability to perform a specific behavior (Abou Ali 2024; Savari and Khaleghi 2023; Soomro et al. 2024), making it crucial to understand these factors for clarifying their impact on adoption decisions. Attitudes indicate whether individuals view cryptocurrency positively or negatively, shaped by beliefs about its benefits, risks, and potential. Subjective norms pertain to social pressures to engage in or avoid certain behaviors. Research by White et al. (2020) shows that perceptions of how significant others view cryptocurrency usage influence these norms, especially in Arab societies where community values are important. Perceived behavioral control, influenced by factors such as access to technology, financial literacy, and regulations (Mishra et al. 2024b), correlates with adoption likelihood. Trust is also essential for cryptocurrency adoption; Alalwan et al. (2017) define it as the belief in the honesty, integrity, and capability of financial systems, particularly regarding the security and reliability of blockchain technologies (Almajali et al. 2022; Arpaci 2016), with higher trust leading to a perception of cryptocurrency as a safe financial option. Lastly, ethics significantly affect adoption, as highlighted by Koroma et al. (2022), particularly regarding legal aspects of smart contracts, personal data privacy, and responsible technology use, issues that resonate strongly in Arab societies where ethical standards align with religious and cultural values.
The concept of “Digital-Technostress” refers to a psychological condition that affects individuals who struggle to adapt to advances in technology (Chiappetta 2017). Similar terms include “techno-anxiety,” “technophobia,” and “digital despair.” Factors contributing to Digital-Technostress include a constant sense of urgency, excessive workload, feelings of inefficacy, difficulty adjusting to new technology, and high expectations for rapid task completion (Wu et al. 2022). Research by Li and Wang demonstrates that Digital-Technostress negatively impacts an individual’s commitment, productivity, and overall performance (Li and Wang 2021). This phenomenon, resulting from the challenges and demands of using digital technologies, significantly influences people’s beliefs, perceptions of their own behavioral control, and attitudes toward adopting new technologies. Research by Khlaif et al. (2023) highlights the negative impact of digital-technostress on intentions to use mobile technology, revealing an inverse relationship between technostress levels and positive attitudes toward new technologies. According to this research, as individuals’ levels of digital-technostress increase, their attitudes toward embracing new technologies, such as cryptocurrencies, may become more negative. Based on these findings, the following hypothesis can be developed:
H1: Attitude towards Cryptocurrency has a negative significant impact on Digital Technostress.
Additionally, Tsai et al. (2020) highlight the negative impacts of technostress on perceived ubiquity and ease of use, affecting customers’ perceptions of computers in terms of usage, enjoyment, and perceived usefulness. Teo et al. (2008) suggest that subjective norms, perceived usefulness, and perceived ease of use play significant roles in shaping attitudes. Furthermore, Delice (2009) emphasizes the important connections between perceived usefulness, perceived ease of use, and actual usage, demonstrating how computer experience directly influences subjective norms and computer self-efficacy. Based on these findings, the following hypothesis can be developed:
H2: Cryptocurrency Subjective Norms have a negative significant impact on Digital Technostress.
Sen’s (2005) research shows that computer self-efficacy and social norms have a direct impact on perceived usefulness and ease of use, which in turn shape attitudes toward and the actual adoption of technology. The analysis further emphasizes the significant interaction between perceived behavioral control and perceived ease of use in influencing the intention to use technology. Perceived behavioral control is influenced by self-efficacy and facilitating conditions. Self-efficacy refers to an individual’s confidence in their ability to perform a behavior, while facilitating conditions are the external factors that either enable or hinder that behavior (Pilatin and Dilek 2024). In the context of cryptocurrency, facilitating conditions are especially important because easy access to technology is likely to positively affect the intention to invest. This broader perspective highlights the significance of both internal confidence and external support systems in shaping user intentions regarding the adoption of new technologies, such as cryptocurrencies. Based on this understanding, the following hypothesis can be developed:
H3: Cryptocurrency Perceived Behavioral Control has a negative significant impact on Digital Technostress.
Trust, in the context of innovative technologies, refers to a consumer’s sense of comfort, confidence, and assurance when utilizing these technologies (Quan et al. 2022). It is a critical foundation for acceptance and adoption, as it determines whether individuals feel secure and at ease in embracing new innovations. Over time, the changing nature of social relationships has highlighted the importance of maintaining consistent trust when individuals consider adopting novel technologies (Lee and Song 2013). Research has shown that higher levels of trust often lead to increased rates of technology adoption, particularly for innovations that are still in the early stages of development and implementation. Specific factors associated with technostress — such as techno-overload, techno-invasion, techno-complexity, and techno-uncertainty — have significantly influenced people’s attitudes and decision-making processes regarding the adoption of cryptocurrencies (Tarafdar et al. 2020; Kim and Lee 2021). All these aspects of digital technostress play an important role in shaping how individuals make decisions and how they feel about adopting cryptocurrency. Based on this information, the following hypothesis can be developed:
H4: Cryptocurrency Trust has a negative significant impact on Digital Technostress.
A further point to address is that a variety of studies have shown that digital technostress affects the willingness to embrace cryptocurrency. Wu et al. (2022) investigated the factors that e-retailers consider when deciding whether to accept cryptocurrencies for transactions and payments. The results indicated that e-retailers’ motivations to use cryptocurrencies are significantly influenced by digital technostress and technological involvement. Similarly, Putriani and Putriana (2023) propose that IT mindfulness can both alleviate and exacerbate the negative effects of digital technostress on the intention to use fintech. Their study revealed that IT mindfulness could potentially reduce the adverse effects of digital technostress on fintech adoption. In contrast, Lee et al. (2021) found that the intention to use fintech is negatively correlated with all subdimensions of digital technostress. Notably, there were significant interaction effects related to complexity and overload, which were linked to the moderating role of digital technology self-efficacy on the relationship between the four subdimensions of technostress and the intention to use fintech.
H5: Digital Technostress has a significantly negative impact on Cryptocurrency Purchase Intentions.
The investigation of ethical concerns examines rules governing transactional behavior, the legal implications of smart contracts, the management of personal information, investment in virtual assets, and the development of disruptive technologies (Koroma et al. 2022). Before deciding whether to make appropriate modifications in ethical conduct, ethical practitioners should understand the new ethical issues brought about by the rapid spread of blockchain technology such as cryptocurrencies. E-commerce’s development has raised serious ethical questions, especially in the early phases of its acceptance in many countires. Therefore, it is still essential to apply the fundamental processes of global ethical standards to the cutting-edge field of smart contract technology (Treiblmaier and Sillaber 2021). It is still up for debate when smart contracts can create a mutually beneficial agreement between parties and remove any doubts about current obstacles. Sætra (2022) points out that privacy and security are crucial elements that influence the formulation of policies, define ethical concerns, and guide the adoption of innovative technologies like blockchain cryptocurrency.
The results of Abou Ali (2024) showed that behavioral intentions toward cryptocurrencies are positively impacted by perceived benefits and trust, contrary to the expectations regarding the role of herd behavior and regulatory support. In the same vein, Mensah and Mwakapesa (2022) revealed that Government Regulations significantly moderate the impact of both performance expectancy and infrastructure support on the behavioral acceptance of cryptocurrency payment. The technology underlying the cryptocurrency payment system operates on a peer-to-peer basis, eliminating the need for a trusted third-party authority. The digital currency sector is concerned about the lack of such monitoring (Conti et al. 2018; Kaushal et al. 2017). Consequently, it has been suggested that in order to slow the expansion of the black money market, government intervention is necessary to control cryptocurrency transactions, maybe through the application of taxes. To establish binding norms and level the playing field for all parties participating in cryptocurrency transactions, appropriate government policies and regulations need to be established. The regulatory framework protects the financial market system and promotes more open and safer environment for the cryptocurrency market. It also makes it easier to deploy transformational cryptocurrency technology (Mensah and Mwakapesa 2022).
Consequently, one of the purposes of this study is to evaluate the moderating influence that Ethical Consideration and Government Regulations have in the adoption of blockchain Cryptocurrency using a conceptual model that has been proposed by this study.
In this study, ethical issues are examined to establish the connection between technostress in crypto and the intention to adopt cryptocurrency (IACR). By exploring this relationship, the research establishes a foundation for formulating the subsequent hypotheses to be tested. These hypotheses will investigate the specific relationships between the key variables and provide a framework for further empirical analysis.
H6: Government regulations moderate the relationship between the Digital Technostress and Cryptocurrency Purchase Intentions.
H7: Ethical Consideration moderates the relationship between the Digital Technostress and Cryptocurrency Purchase Intentions.
Given the complexity and dynamic nature of the cryptocurrency domain, it is possible that technostress acts as a mediating variable in the relationship between various behavioral factors and an individual’s intention to purchase cryptocurrencies. An individual’s attitude toward cryptocurrency reflects their overall evaluation of the technology. A positive attitude is likely to enhance purchase intentions (Soomro et al. 2024; Almajali et al. 2022; Mazambani and Mutambara, 2019; Yoo et al. 2020). However, the stress associated with mastering and managing digital technologies may interfere with this process, thereby mediating the relationship between attitude and the intention to purchase cryptocurrency. Therefore, we will examine the following hypothesis:
H8: Digital Technostress mediates the relationship between Attitude and Cryptocurrency Purchase Intentions.
In contrast, subjective norms represent the perceived social pressures that shape an individual’s actions. While strong social approval may promote cryptocurrency adoption, the ensuing digital technostress could complicate the decision-making process, thereby influencing purchase intentions (Soomro et al. 2024; Almajali et al. 2022; Savari and Khaleghi 2023). Steelman and Soror (2017) suggested that an individual’s cognitive evaluation of a given technology might be negatively impacted by psychological states such as technostress. This is particularly relevant because digital-technostress levels can vary among individuals based on their unique characteristics (Marchiori et al. 2019). As a result, technostress may act as a boundary condition, helping to explain the conflicting results found in studies exploring the relationship between Digital Technostress, subjective norms, and behavioral intention. The following hypothesis will be investigated:
H9: Digital Technostress mediates the relationship between Subjective Norms and Cryptocurrency Purchase Intentions.
Perceived behavioral control and trust are also key factors influencing an individual’s intention to purchase cryptocurrencies. While perceived behavioral control reflects an individual’s confidence in their ability to adopt cryptocurrencies (Albayati et al. 2020; Nadeem et al. 2020; Almajali et al. 2022; Mazambani and Mutambara 2019), trust pertains to the confidence in the reliability and security of the technology. Both of these factors are generally expected to enhance purchase intentions (Almajali et al. 2022; Savari and Khaleghi 2023; Soomro et al. 2024). However, the complexities associated with digital platforms may introduce technostress, which can mediate these relationships. As individuals face challenges in using and employing cryptocurrency technologies, the resulting stress may diminish the direct positive influence of both perceived behavioral control and trust on purchase intentions. The following hypotheses will also be examined:
H10: Digital Technostress mediates the relationship between Perceived Behavioural Control and Cryptocurrency Purchase Intentions.
H11: Digital Technostress mediates the relationship between Trust and Cryptocurrency Purchase Intentions.
The hypotheses developed in this study expand on existing theoretical frameworks by exploring the complex psychological factors that influence individuals’ attitudes and intentions regarding the adoption of emerging digital technologies, such as cryptocurrencies. These proposed hypotheses will guide empirical investigations into how digital technostress may affect Arab investors’ willingness to adopt and benefit from cryptocurrencies.
Figure 1 shows how Digital Technostress, the psychological strain from new technologies, mediates the Elements of Planned Behavior Theory (attitudes, subjective norms, perceived behavioral control) in relation to cryptocurrency adoption in the Arab world. Government regulations and ethical considerations serve as moderator variables, influencing individuals’ intentions and behaviors towards cryptocurrency use in the region.
