Investigating the Factors Affecting Muslim Consumers’ Attitude Towards Adopting Cryptocurrency: Does Religiosity Matter?

The current research aims to investigate the key factors influencing the acceptance of cryptocurrency among potential investors in Morocco. To achieve this objective, we propose and test an integrated framework combining factors from the technology acceptance model (TAM), the theory of planned behavior (TPB), and the perceived risk theory. Data was gathered through a self-administered questionnaire distributed from 212 Moroccan respondents, representing diverse demographics in terms of gender, age, educational backgrounds, and income levels, and analyzed using the partial least square (PLS) estimation. Our findings indicate that the respondents' attitude toward cryptocurrency significantly and positively influences their intention to invest in it. Alongside, attitude toward cryptocurrency is predominantly shaped by digital literacy, perceived usefulness, and trust. Investors’ trust in cryptocurrency was also positively influenced by the perceived regulatory support. Still, Islamic religiosity had no impact moderating impact in the relationship between attitude and the intention to invest in cryptocurrency. Our results suggest valuable insights for both investors and financial policymakers.