Assessing Beliefs About Cryptocurrencies: Development and Validation of the Scale of Beliefs About Cryptocurrencies (SBaC)

Abstract

The technological revolution of the last decades has revolutionized economic interactions, introducing new paradigms like e-banking and cryptocurrencies. Although the literature has questioned the antecedents associated with the use of cryptocurrencies and, in particular, the attitudes and beliefs underlying them, there is still a lack of a robust, multidimensional tool to measure beliefs about cryptocurrencies. Therefore, the aim of the study is to preliminarily validate a brand-new scale for a comprehensive assessment of beliefs related to cryptocurrencies: the scale of beliefs about cryptocurrencies (SBaC). The first version of the scale was tested on 395 Italian-speaking participants (53.1% were women, mean age 27.44 years, SD = 11.03). Thirteen percent of the sample also held cryptocurrencies at the time of completing the questionnaire. The results of the exploratory factor analysis (EFA) showed that the SBaC, with a total of 12 items, has four factors: (i) self-fulfillment, related to achieving independence and goals through cryptocurrencies; (ii) investment, indicating potential profitability; (iii) cryptocurrencies as a medium of exchange, as an alternative for transactions; and (iv) locus of control, related to individual attribution of success or failure in the crypto market. The results of the confirmatory factor analysis (CFA) on an independent sample (N = 133, mean age = 34.47, SD = 11.79) confirm the four-factor structure of the scale. The correlation analysis showed that positive beliefs toward cryptocurrencies as a medium of exchange and as investments are significantly correlated with willingness to engage and hold cryptocurrencies. Internal locus of control negatively correlates with willingness to engage with cryptocurrencies but does not significantly affect the amount held or investment willingness. Social influence plays a role in shaping perceptions of cryptocurrencies as a medium of exchange and investment but does not significantly impact locus of control or self-fulfillment. Self-fulfillment is positively correlated with willingness to engage with cryptocurrencies and investment willingness, albeit with weaker correlations. This study showed that the SBaC is a valuable tool for assessing cryptocurrencies’ beliefs, predicting behavioral intentions, and understanding cognitive processes driving engagement with digital currencies.