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Factors affecting users purchase intention in cryptocurrency market: FoMo - Does FoMo affect the users purchase intention in cryptocurrencies market?
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Resumo(s)
Cryptocurrency has been a hot topic for the past few years, with different coins emerging every day. Since it is a recent innovation, cryptocurrency holders must do a fair amount of research to understand how the system and each coin work. Still, it has been demonstrated that most crypto investors have little knowledge of how these markets truly work, being necessary to understand the drivers for their decisions and purchase intention. Moreover, fear of missing out (FoMo) is a construct often linked to purchase intention, also covering the cryptocurrency market.
This study aimed to analyze if FoMo affects users' purchase intention in the cryptocurrency market, with a focus on two key hypotheses. Guided by the stressor-strain-outcome (SSO) framework, this study tries to establish the relationship between three variables: herding, FoMo, and purchase intention of cryptocurrencies. Specifically, we examine whether herding positively affects FOMO (H1), and whether FOMO mediate the effect of herding on purchase intention (H2). By following a quantitative research method, we investigated the relationships among all three variables. The study’s sample was constituted by 202 people, who received an online questionnaire through forums that pertain to cryptocurrency.
A total of 173 valid responses remained, with the obtained results demonstrating that there is an indirect positive effect between herding and FoMo and that there is a positive effect between FoMo and purchase intention of cryptocurrencies. This study contributes to the field by proving that people tend to imitate others’ behaviors due to the fear of missing out on rewarding experiences, and by showing that that fear of missing out is applicable to the purchase intention of cryptocurrencies, due to the fear of not doing the same as others do (herding), experiencing more revenues from this innovative investment.
Descrição
Dissertation presented as the partial requirement for obtaining a Master's degree in Information Management, specialization in Marketing Intelligence
Palavras-chave
Cryptocurrency Herding Fomo Purchase Intention