Author(s): Campino, José ; Rodrigues, Bruna
Date: 2024
Persistent ID: http://hdl.handle.net/10362/173028
Origin: Repositório Institucional da UNL
Subject(s): Cryptocurrency adoption; Decision-making trial and evaluation laboratory (DEMATEL); Factors influencing adoption; Interrelationships; Transactional safety; Finance; Management of Technology and Innovation
Funding Information: The author Jos\u00E9 Campino acknowledges the financial support of Funda\u00E7\u00E3o para a Ci\u00EAncia e Tecnologia through the project number PTDC/EGE-ECO/7493/2020. Publisher Copyright: © The Author(s) 2024.
Cryptocurrency adoption has gained significant attention across various fields owing to its disruptive potential and associated challenges. However, companies' adoption of cryptocurrencies remains relatively low. This study aims to comprehensively examine the factors influencing cryptocurrency adoption, their interrelationships, and their relative importance. To achieve this objective, we employ a Decision-Making Trial and Evaluation Laboratory (DEMATEL) approach coupled with network analysis tools. By adopting a practical approach rather than a purely theoretical one, our unique contribution lies in the valuable insights derived from experienced Chief Financial Officers (CFOs) of various companies with experience in both traditional finance and cryptocurrencies. Furthermore, the unique blend of analytical rigor and industry expertise supports the study's relevance, offering nuanced insights that are not only academically robust but also immediately applicable in the corporate landscape. Our findings highlight the paramount importance of safety in transactions and trust in the chosen platform for companies considering cryptocurrency adoption. Additionally, criteria such as faster transactions without geographical limitations, lower transaction fees, seamless integration with existing systems, and potential cost savings are identified as crucial drivers. Both the DEMATEL approach and network analysis reveal strong interconnections among the criteria, emphasizing their interdependence and, notably, their reliance on transactional safety. Furthermore, our causes and effects analysis indicates that CFOs perceive company-led cryptocurrency adoption to positively impact the broader cryptocurrency market.
