Studies on the adoption of remittance and valuation of cryptocurrencies

Abstract

Our study provides insight into the multifaceted dynamics governing cryptocurrencies, with a focus on the domain of cross-border remittances. Using extended TAM and TPB models, we found that the influence of individuals' attitudes and intentions can determine their propensity to utilize cryptocurrencies for remittances. Interestingly, perceived risks like social and functional concerns only sometimes directly deter the intention to use cryptocurrencies. In a broader economic context, price determinants of cryptocurrencies' valuation are a volatile interplay between inherent technical attributes and an array of external factors, from global events to regulatory shifts. The central outsized role of collective market sentiment, driven by phenomena such as the 'herding' effect and the influence of social media, plays an essential role in the price of cryptocurrencies. However, there still needs to be a clear direction. On the institutional front, macro-level factors such as policies, economics, and technological innovation considerably dictate the premium value of cryptocurrencies, highlighting disparities across countries. These findings offer an avenue for further exploration and research to increase our understanding of the holistic landscape of these digital currencies or assets.