Will Cryptocurrency Become the Future of Digital India? A Comparative Study of Generation Y and Z to Identify the Intention to Adopt Cryptocurrency

The first cryptocurrency transaction in the form of Bitcoin was initiated in 2010 in India. Since then, cryptocurrency has been a point of discussion and a topic of debate. This research has identified six exogenous factors which are impacting the use of cryptocurrency in India. The impact of each factor has also been compared between generation Y and generation Z. A sample of 602 respondents including 284 and 318 respondents of generation Y and generation Z, respectively, has been used for data analysis. The MGA (Multigroup Analysis) technique has been implied to differentiate the two generations. It was found that perceived trust, performance expectancy, effort expectancy, and facilitating conditions positively impacted the intention to use cryptocurrency in both generations. A significant difference in perceived risk and social influence factors between generations Y and Z was identified for the intention to use cryptocurrency.