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Fear of
Cryptocurrency investment missing out
behaviour of young Indians:
mediating role of fear of missing out
Devkant Kala 2047
School of Business, UPES, Dehradun, India
Received 16 July 2023
Dhani Shanker Chaubey Revised 6 September 2023
Accepted 10 October 2023
Department of Management, Uttaranchal University, Dehradun, India, and
Ahmad Samed Al-Adwan
Department of Business Technology, Al-Ahliyya Amman University, Amman,
Jordan and Hourani Center for Applied Scientific Research, Al-Ahliyya Amman
University, Amman, Jordan

Abstract
Purpose – This study aims to investigate how fear of missing out (FOMO) mediates the relationship
between cryptocurrency adoption intention and investment behavior among young Indians, using the
extended unified theory of acceptance and use of technology.
Design/methodology/approach – The data were collected by using survey items on cryptocurrency
adoption intention, investment behavior and FOMO derived from existing literature on information systems
and cryptocurrencies. A total of 384 Indian participants completed an online questionnaire. The collected data
was analyzed using PLS-SEM.
Findings – The findings indicate that facilitating conditions, social influence, effort expectancy and price
value play important roles in cryptocurrency adoption. All hypothesized paths were significant, except for
perceived risk. Furthermore, the study highlights that FOMO acts as a mediator between adoption intention
and investment behavior.
Originality/value – This study makes a valuable addition to the literature by empirically exploring the
influence of FOMO on the adoption of cryptocurrencies for investment purposes. The results provide valuable
insights to crypto developers and exchanges regarding the diffusion of adoption in emerging markets. In
addition, policymakers can gain meaningful insights into the influence of government regulations and FOMO
on impulsive cryptocurrency behavior.
Keywords Cryptocurrency, Adoption intention, Investment behavior, Fear of missing out (FOMO),
India
Paper type Research paper

Introduction
Cryptocurrency has emerged as a significant digital currency that meets consumer
demands for flexible, simple and efficient payment methods (Salcedo and Gupta,
2021). The rapid growth of cryptocurrencies, considered cutting-edge Fintech
technology, has disrupted financial systems and transformed the functioning of the
global economy (Liu et al., 2022; Albayati et al., 2020; Dabbous et al., 2022). However, Global Knowledge, Memory and
Communication
the responses to cryptocurrencies are diverse, ranging from admiration for their Vol. 74 No. 5/6, 2025
pp. 2047-2068
innovation to concerns about security issues (Huang, 2019; Mendoza-Tello et al., © Emerald Publishing Limited
2514-9342
2019). As of February 2023, [Link] recorded a total of 22,657 DOI 10.1108/GKMC-07-2023-0237

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 GKMC cryptocurrencies in existence. Among them, Bitcoin holds the highest market
74,5/6 capitalization at US$464bn, making it the most valuable cryptocurrency. Ethereum
follows closely behind with a market capitalization of US$203bn, establishing itself as
the second most popular cryptocurrency. According to the Global Crypto Adoption
Index 2022, India has secured the fourth position globally in terms of cryptocurrency
adoption (Chainalysis, 2022).
2048 Indian Government’s decision to lift the ban on cryptocurrencies and implement
taxes on them has sparked enthusiasm among young Indian customers, leading to
increased engagement with crypto-selling platforms nationwide. These measures have
been welcomed by many industry professionals and investors, viewing them as a clear
indication of the government’s progressive recognition of cryptocurrencies. According
to The Economic Times (2021), approximately 20 million Indians joined the
cryptocurrency bandwagon in 2021. According to KuCoin, a global cryptocurrency
exchange, an estimated 115 million Indian have invested in cryptocurrency to earn
long-term gains (India Today, 2022). Also, the availability of cryptocurrency exchange
platforms in India and easy access provided by mobile apps-based services have made
cryptocurrency trading easier. India has been showing increasing interest in
cryptocurrency, with several exchanges reporting a surge in sign-ups and trading
volumes in recent years. The significant and exceptional profits were sufficient to draw
interest from individuals who were uninformed of cryptocurrencies as well as from
those who were consistently making money in the traditional asset markets. The
speculative rise convinced more people to invest. As a result, as of November 10, 2021,
the overall market capitalization for cryptocurrencies was close to US$3.05tn. Low-
reliable information is actively distributed by social media platforms, user-generated
information platforms and electronic word-of-mouth promotions. It enables individuals
to quickly understand the worth of this digital asset. It engulfs the individual in fear of
missing out (FOMO) (Laurent, 2021). The investing markets may experience herding
behavior as a result of FOMO.
This research builds upon the research directions outlined by Shahzad et al. (2018), Arli
et al. (2020) and Bommer et al. (2023), which emphasize the examination of cryptocurrency
adoption in emerging markets and the understanding of decision-making processes among
young consumers in relation to this decentralized form of currency. Thus, the primary
objective of this research is to investigate the adoption intention of cryptocurrencies among
Indians and assess the influence of FOMO on their investment behavior. To accomplish this,
we apply the extended unified theory of acceptance and use of technology (UTAUT),
combining additional constructs and FOMO. By using the theoretical framework of
UTAUT, this study aims to achieve three main objectives:
(1) explore the factors driving cryptocurrency adoption;
(2) examine the impact of cryptocurrency adoption on investment behavior; and
(3) examine the potential moderating effect of FOMO on cryptocurrency adoption
intention and investment behavior.

Conducting study of this nature is appropriate in India, considering its demographic and
socioeconomic advantages as the world’s fifth-largest economy.
This study makes a valuable contribution by examining cryptocurrency adoption among
Indians and shedding light on the significant role FOMO plays in shaping their investment
behavior toward cryptocurrencies. The findings of this research will assist cryptocurrency
industry players in formulating effective promotional strategies targeted specifically at the

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 Indian market and other emerging markets. Furthermore, although FOMO can drive Fear of
increased adoption of cryptocurrencies, it can also lead to irrational decision-making and missing out
contribute to market volatility. Therefore, it is important for investors to research and
understand the risks and potential downsides of investing in cryptocurrencies, rather than
being solely driven by FOMO. Moreover, it is important for regulators and industry leaders
to advocate for responsible investment practices and combat the dissemination of
misinformation surrounding cryptocurrencies.
2049
Literature review and hypotheses development
UTAUT has emerged as a highly researched and widely adopted framework for
understanding individuals’ acceptance of new technologies. UTAUT, developed by Prof.
Venkatesh and his colleagues, synthesized various technology adoption models to create a
comprehensive framework. Within UTAUT, four constructs address distinct dimensions of
consumer behavior. Based on the comprehensive nature of UTAUT and its applicability to
various contexts, researchers believe that it provides an effective framework for exploring
the adoption of cryptocurrencies.
In line with previous research and observations, this study considers additional
constructs such as price value, perceived risk (PR) and the regulatory framework (RF). The
rationale for adding these extra constructs is presented below:

The significant growth of cryptocurrencies is driven by their potential for high
returns. Consequently, the construct of “price value” has been included to
investigate its impact on adoption.

Schaupp et al. (2022) highlight that investors perceive cryptocurrencies as risky
financial instruments due to factors such as the absence of guarantees in their
working, volatility, susceptibility to cyberfraud and the lack of a strong regulatory
guidelines. Therefore, the construct of “perceived risk” has been deemed relevant
and included in this study.

Several prior research (Shahzad et al., 2018; Ooi et al., 2021; Palos-Sanchez et al.,
2021) have emphasized the critical role of trust in cryptocurrency adoption. This
finding motivated us to incorporate the concept of “perceived trust” into our study.

In addition, given the influential role of the government in the financial system, its
regulations hold significant sway over the prospect of cryptocurrencies (Shahzad
et al., 2018).

Earlier research has highlighted that the absence of a comprehensive governing framework
has impeded widespread of adoption cryptocurrency (Shahzad et al., 2018; Dabbous et al.,
2022). Considering the disruptive nature of cryptocurrencies within the existing financial
system, it becomes crucial to examine how RFs impact consumer adoption and investment
behavior in the cryptocurrency domain. Based on established theories and prior research, we
summarize the relevant literature and formulate hypotheses in the following section (as
depicted in Figure 1).
Furthermore, as cryptocurrencies are not primarily used for transactional purposes,
the construct of “performance expectancy” has been excluded from this research.
Cryptocurrencies use complex algorithms and blockchain technology for security,
transparency and immutability. Factors like transaction speed, scalability, security and
energy efficiency affect cryptocurrency performance. These technical factors may not align
with the traditional concept of “performance expectancy” in terms of user satisfaction and
perceived usefulness.

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 GKMC
Effort
74,5/6 Expectancy
Fear of Missing
Out (FOMO)
H1
Social
Influence
2050 H8 H9
H2
Facilitating
Conditions H3 Cryptocurrency
Investment
adoption
Behaviour
Intention H7
H4
Price Value
H5

Perceived
H6
Risk

Regulatory
Figure 1. Framework
Conceptual
framework
Source: Figure by authors

Effort expectancy
It is the extent to which an individual perceives that using a new technology will be
effortless. Prior research has consistently demonstrated that EE has a positive impact on
individuals’ willingness to embrace new technologies or innovations (Alalwan et al., 2017).
Several studies (Albayati et al., 2020; Palos-Sanchez et al., 2021; Schaupp et al., 2022) have
revealed a robust and positive correlation between effort expectancy (EE) and the attitude
toward using cryptocurrencies. In addition, studies has shown that EE positively influences
the intention to invest in cryptocurrencies (Shahzad et al., 2018; Arias-Oliva et al., 2019;
Ji-Xi et al., 2021). These findings suggest that Indians are more inclined to embrace
cryptocurrencies if the investment process and understanding involved are relatively
effortless. Therefore, the following hypothesis was formulated:

H1. There is a significant and positive relationship between effort expectancy and
cryptocurrency adoption.

Social influence
Social influence (SI) refers to the extent to which an individual’s behavior is influenced by
their social networks, including friends, colleagues and family members. The suggestions
and validation from these social networks have been found to enhance individual confidence
and increase behavioral intent toward new products (Meet et al., 2022). Hence, the validation
from social groups can mitigate PRs and uncertainties linked to a product or technology.
Prior research (Shahzad et al., 2018; Albayati et al., 2020; Gupta et al., 2021; Kim, 2021;

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 Dabbous et al., 2022; Schaupp et al., 2022; Yeong et al., 2022) consistently affirms the Fear of
significant influence of the social aspect on the intention to adopt cryptocurrencies. missing out
However, some studies (Ayedh et al., 2021; Ji-Xi et al., 2021; Mazambani and Mutambara,
2020) have discovered minimal effects of SI on the adoption of cryptocurrencies. Given the
relevance of social norms in the purchase process of Indian consumers, we postulated that
the stronger the SI, the higher the likelihood of an individual favoring cryptocurrency
adoption. Thus, we proposed that: 2051
H2. There is a significant and positive relationship between social influence and
cryptocurrency adoption.

Facilitating conditions
It refers to the technological and organizational infrastructure that can either enable or
hinder the acceptance of a technology (Venkatesh et al., 2003). Existing literature indicates
that facilitating conditions (FC) have a positive impact on the usage of various FinTech
services across the globe. Within the context of cryptocurrencies, these conditions have
emerged as a significant factor influencing aceptance behavior (Ayedh et al., 2021; Ji-Xi
et al., 2021; Kala and Chaubey, 2023a). India possesses a well-established technical
infrastructure that offers affordable and fast internet connectivity, mobile app-based
crypto-exchange platforms and efficient facilities. These resources effectively enable
individuals to invest in this emerging digital currency. Thus, the following hypothesis was
formulated:

H3. There is a significant and positive relationship between social influence and
cryptocurrency adoption.

Price value
Price value (PV) indicates the perceived value of a cryptocurrency in terms of its price,
market capitalization and potential for price appreciation or depreciation. Researchers have
confirmed that network effects, market sentiment and media attention can have a significant
impact on its price. Despite their notable volatility, cryptocurrencies attract many
individuals as investable assets because of their significant value appreciation and the
potential for lucrative returns (Ji et al., 2019; Anamika et al., 2023; García-Monleon et al.,
2023). Studies conducted by Abbasi et al. (2021) and Yeong et al. (2022) have identified PV as
a major driver for cryptocurrency usage. Individuals perceive cyrpto as an asset with
potential returns similar to gold (Jareño et al., 2021). In periods of economic adversity,
individuals often allocate greater investments toward higher-return opportunities,
regardless of the associated risks (Conlon and McGee, 2020; Jareño et al., 2021). However, a
recent study by Veerasingam and Teoh (2023) found that the perceived benefit (high
returns) of cryptocurrency has the opposite effect of discouraging potential investors rather
than enticing them. Moreover, individuals turned to cryptocurrency investments during the
COVID-19 pandemic as a means to secure their financial status (Jareño et al., 2021). When
people perceive a cryptocurrency to have high value and potential for price appreciation,
they are more inclined to invest in it. Thus, our hypothesis stated that:

H4. There is a significant and positive relationship between price value and
cryptocurrency adoption.

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 GKMC Perceived risk
74,5/6 It refers to the uncertainty that individuals perceive regarding potential negative
consequences associated with the usage of a product (Kamal et al., 2020). In the context of
this study, the PR specifically relates to the financial risk associated with cryptocurrency
investment. Despite the widespread investment in various cryptocurrencies, PR remains a
concern among individuals. Perceptions of risk associated with cryptocurrency investments
2052 are influenced by factors such as significant market volatility, the lack of governing
regulations, the speculative nature of these investments and their susceptibility to
cyberattacks (Dabbous et al., 2022; Schaupp et al., 2022). Contradictory information about
cryptocurrencies disseminated by various media and regulatory organizations further fuel
the PR (Baur et al., 2018). Moreover, emerging markets generally exhibit a general
skepticism toward online financial scams (Mazambani and Mutambara, 2020). However,
research by Arias-Oliva et al. (2019) and Mendoza-Tello et al. (2019) has discovered
contradictory findings regarding the impact of PR on financial technology acceptance. If
individuals perceive cryptocurrencies as risky in terms of security, understanding and price
volatility, they may be less inclined to adopt them. Thus, the following hypothesis was
framed:

H5. There is a significant and negative relationship between perceived risk and
cryptocurrency adoption.

Regulatory framework
RF indicates the set of statutory guidelines established by the government to oversee and
safeguard that organizations and consumers uphold their obligations and avoid any
violations (Dabbous et al., 2022). The presence of a robust RF has a significant influence on
individuals’ trust in new system, consequently reducing PR (Salcedo and Gupta, 2021).
Regulatory authorities in various countries have issued warnings regarding the risks
associated with cryptocurrencies. Given the level of financial knowledge and the potential
risks, Zhao and Zhang (2021) recognize the need for strengthened RFs. Shahzad et al. (2018)
and Arli et al. (2020) proposed that governments and financial entities must establish
regulations to enhance awareness and trust among consumers, thereby fostering
cryptocurrency adoption. However, Dabbous et al. (2022) cautioned that when trust in the
government is lacking, RFs will only amplify users’ perception of risk associated with
cryptocurrency. Based on these considerations, this study assumes that after the initial
adoption of cryptocurrencies, an adequate RF becomes crucial in encouraging adoption
among the early majority of customers. Given the substantial efforts of the Indian
Government to regulate cryptocurrencies and promote digital and financial innovations, it
becomes interesting to examine the impact of these efforts on Indians’ cryptocurrency
adoption behavior. Hence, we hypothesized that:

H6. There is a significant and positive relationship between regulatory framework and
cryptocurrency adoption.

Intention and investment behavior

In this study, adoption intention refers to an individual’s conscious decision to either
invest or not invest in cryptocurrencies. The relationship between behavioral intention
and investment behavior has been extensively examined within the field of behavioral
finance, including in the context of cryptocurrency investments. Studies conducted by

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 Chiu et al. (2018) and Lai (2019) have demonstrated that factors such as attitude, Fear of
subjective norms and perceived behavioral control significantly influence investors’ missing out
behavioral intentions and subsequent investment behavior. Pilatin and Dilek (2023)
explored the relationship between behavioral intentions and the usage of
cryptocurrencies, including investment behavior. The findings indicate that behavioral
intentions have a positive impact on the usage of cryptocurrencies. These prior studies
suggest that intention plays a critical role in influencing investment behavior in the
context of cryptocurrencies. Thus, our hypothesis stated that: 2053
H7. There is a significant and positive relationship between cryptocurrency adoption
intention and investment behavior.
Fear of missing out: mediating role FOMO is a powerful psychological factor that
significantly influences the adoption and investment behavior in cryptocurrencies. FOMO
refers to the feeling of anxiety or insecurity individuals experience when they believe others
may be enjoying more exciting experiences, achieving greater success or encountering more
favorable opportunities than themselves (Przybylski et al., 2013; Conlon and McGee, 2020).
In the context of cryptocurrency, FOMO can drive people to invest in cryptocurrencies
because they fear missing out on potential profits (Martin et al., 2022). The feeling is most
apparent when the value of cryptocurrency climbs dramatically in a short period. When
cryptocurrency prices are rising, FOMO can cause a surge in demand for cryptocurrencies
as people rush to invest before prices increase further. This can create a self-fulfilling
prophecy, where rising demand leads to further price increases, which in turn fuels more
FOMO. Individuals who are motivated by a desire to gain higher returns and feel they may
miss out on possible opportunities if they do not act right away (Kang et al., 2020; Anamika
et al., 2023). When crypto prices increase considerably over a relatively short period of time,
FOMO is very common. In the context of retail investors’ investment behavior, the studies of
Baur and Dimpfl (2018), Güler (2021), Gupta and Shrivastava (2022) and Kang et al. (2020)
have established the relationship between FOMO and herd behavior. The concept of FOMO
was largely developed through studies on social media (Przybylski et al., 2013). Given its
prominence in online social platforms, it is appropriate to use this concept to cryptocurrency
trading. The mediation effect of FOMO has been well documented in previous studies in
different context (Przybylski et al., 2013; Abel et al., 2016; Beyens et al., 2016; Buglass et al.,
2017; Narula et al., 2020). Thus, we hypothesized that:

H8. Cryptocurrency adoption intention has a positive influence on FOMO.

H9. FOMO mediates the relationship between cryptocurrency adoption intention and
investment behavior.

Research methodology
Data were gathered from Indian participants through an online questionnaire. The first part of
the questionnaire aimed to assess participants’ knowledge of cryptocurrencies. The next part
consisted of study constructs and their corresponding variables. The drivers of cryptocurrency
adoption were sourced from relevant prior research, including studies by Venkatesh et al.
(2003, 2012), Arias-Oliva et al. (2019), Huang (2019), Mendoza-Tello et al. (2019), Albayati et al.
(2020), Gil-Cordero et al. (2020), Gupta et al. (2021) and Kala and Chaubey (2023b). Five items
adopted from Przybylski et al. (2013) were used to measure “Fear of Missing Out (FOMO)”
construct. The adoption intention was measured using four items taken from Shahzad et al.
(2018) and Kala and Chaubey (2023a). The scale Al-Azizah and Mulyono (2020) was used to

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 GKMC measure investment behavior construct (Appendix). To ensure content validity and alignment
74,5/6 with the study objectives, the researchers made necessary modifications to certain statements.
A five-point Likert scale (where 1 – strongly disagree; 5 – strongly agree) was used to gauge
respondents’ agreement levels. In the third section of the questionnaire, participants were
requested to specify demographic profile. The language of the questionnaire was English.
Content validity was assessed by two professors, one expert form financial market and two
2054 investors. The experts assessed and validated the questionnaire to ensure its content
relevance. In addition, the questionnaire underwent a pretest phase for one week, involving a
convenience sample of 30 participants. The outcomes of the pretest indicated no issues with
item readability.
Data was collected throughout six weeks from May to June 2022. This study used a
nonprobability sampling technique because it was difficult to find a full list of people who
are ready to invest in cryptocurrencies. Because cryptocurrencies are anonymous in nature,
a full sampling frame cannot be retrieved for this study. Following a nonprobabilistic
sampling strategy, purposive and snowball sampling methods were used. This technique
was also used by Yeong et al. (2022) to select potential respondents. The researchers
targeted young business executives employed in New Delhi, the capital city of India, as their
study participants. These individuals have strong understanding of financial concepts and
investment opportunities, making them more open to exploring cryptocurrencies. In
addition, New Delhi’s thriving business ecosystem and diverse population provide a
conducive environment for studying cryptocurrency adoption among ambitious and
forward-thinking professionals. Qualified respondents were requested to partake in the
study, which was delivered to them via e-mail and WhatsApp, accompanied by a brief
introduction. They were also requested to share the questionnaire with their known ones
who expressed an interest in cryptocurrency investment. Given the substantial number of
Indians reported to have embraced cryptocurrencies in 2021 (Economic Times, 2022), the
study population was estimated at 20 million individuals. Using the sample size calculator
provided by Qualtrics ([Link]), a sample size of 385 was determined. Finally,
396 responses were received, of which 384 (excluding 12 incomplete responses) were used
for analysis. The questionnaire exhibited satisfactory reliability, as indicated by a
Cronbach’s alpha value of a ¼ 0.896. Data analysis was performed using Smart PLS.

Common method bias

To address the issue of common method bias (CMB) in the questionnaire survey, measures
were taken to mitigate its potential impact. The order of items in the questionnaire was
carefully mixed to minimize any artificial correlation between the independent and
dependent variables. To further examine the presence of CMB, two distinct tests were
conducted. First, the Harman’s single-factor test was performed, which demonstrated that
CMB was not a concern as the variance explained by a single component was below the
threshold of 50% (Harman, 1976). Second, the approach proposed by Kock (2015) was used,
wherein construct-level variance inflation factor (VIF) values equal to or exceeding 3.3
would indicate the presence of CMB. In our study, all constructs displayed VIF values below
the 3.3 threshold (Table 2). Based on these findings, it can be inferred that CMB is not likely
to be a significant issue in our research. Finally, to reduce the potential for artificial
correlation in this study, the order of items in the questionnaire was deliberately mixed. This
approach was implemented to minimize any bias or systematic patterns that may arise from
the order in which the items are presented to respondents.

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 Results Fear of
Table 1 displays the demographic characteristics of the 384 respondents. The largest missing out
proportion of participants (42.45%) fell within the age range of 21–30 years. There was a
higher representation of male respondents (71.61%) compared to female respondents
(28.39%). This discrepancy can be attributed to the cultural tendency for men in Indian
families to take a more active role in financial investments. Furthermore, 45.05% of the
respondents possessed professional qualifications. In terms of income, the majority of the
sample (31.51%) reported earning between INR 75,001 and 100,000.
2055

Descriptive statistics
Among the constructs, “Fear of missing out” exhibited the highest mean score of 4.42,
indicating a relatively strong level of agreement among respondents. “Social influence” and
“Facilitating Conditions” followed closely with means of 4.31 and 4.23, respectively.
“Regulatory framework” received the lowest mean score of 3.87 (Table 2).

Measurement model
Cronbach’s alpha, composite reliability (CR) and convergent validity were examined to
measure the reliability and validity of the model (Hair et al., 2017). The values of Cronbach’s
alpha ranged from 0.728 to 0.865, indicating satisfactory internal consistency. CR,
considered a more accurate reliability measure, surpassed the recommended threshold of
0.70 for all constructs (Hair et al., 2017). Convergent validity was established through the
AVE, which ranged from 0.506 to 0.715. These AVE values indicated that the items within
each construct were suitably correlated with one another. Furthermore, all factor loadings
exceeded the threshold of 0.5. All of these data points established the convergent validity
(Hair et al., 2017). To evaluate the model’s discriminant validity, the heterotrait-monotrait
(HTMT) ratio matrix was used. A value below 1 indicates the establishment of discriminant
validity (Henseler et al., 2015). In this study, all HTMT values were found to be below the

Demographics F %

Age
Less than 20 89 23.18
21–30 163 42.45
31–40 132 34.38
Gender
Male 275 71.61
Female 109 28.39
Education
Graduate 75 19.53
Postgraduate 136 35.42
Professionals 173 45.05
Monthly income (in Indian Rupee)
Up to 50,000 71 18.49
50,001–75,000 98 25.52
75,001–100,000 121 31.51
Above 100,000 94 24.48 Table 1.
Profile of
Source: Table by authors participants

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 GKMC Constructs and items Mean SD VIF
74,5/6
Effort expectancy (a ¼ 0.766, CR ¼ 0.802, AVE ¼ 0.516) 4.06 1.571
EE1 2.96 1.031 1.335
EE2 3.61 1.054 1.740
EE3 3.56 0.992 1.460
EE4 3.50 1.158 1.795
2056
Facilitating conditions (a ¼ 0.802, CR ¼ 0.869, AVE ¼ 0.625) 4.23 1.871
FC1 4.68 0.482 1.531
FC2 3.67 0.769 2.077
FC3 4.09 0.673 2.667
FC4 4.43 0.568 1.946
Social influence (a ¼ 0.806, CR ¼ 0.873, AVE ¼ 0.632) 4.31 1.770
SI1 4.38 0.714 1.546
SI2 4.37 0.742 1.617
SI3 4.29 0.764 1.729
SI4 4.18 0.628 1.741
Price value (a ¼ 0.728, CR ¼ 0.847, AVE ¼ 0.650) 4.13 2.236
PV1 3.98 0.689 1.629
PV2 3.98 0.745 1.274
PV3 4.43 0.750 1.827
Perceived risk (a ¼ 0.751, CR ¼ 0.851, AVE ¼ 0.656) 4.12 1.565
PR1 3.86 0.831 1.481
PR2 4.09 0.895 1.548
PR3 3.77 0.838 1.492
Regulatory framework (a ¼ 0.865, CR ¼ 0.909, AVE ¼ 0.715) 3.87 1.048
RF1 3.67 0.977 3.081
RF2 4.07 0.782 3.748
RF3 3.79 0.727 3.619
RF4 3.97 0.840 2.683
Adoption intention (a ¼ 0.773, CR ¼ 0.855, AVE ¼ 0.599) 4.41 1.867
INT1 4.37 0.628 1.808
INT2 4.40 0.596 1.571
INT3 4.27 0.557 1.504
INT4 4.60 0.511 2.697
Fear of missing out (a ¼ 0.757, CR ¼ 0.836, AVE ¼ 0.506) 4.42 1.867
FOMO1 4.80 0.404 1.478
FOMO2 4.29 0.569 1.427
FOMO3 4.37 0.581 1.586
FOMO4 4.21 0.707 1.313
FOMO5 4.45 0.627 1.517
Investment behavior (a ¼ 0.762, CR ¼ 0.847, AVE ¼ 0.585) 4.03
IB1 4.28 0.518 1.246
IB2 4.54 0.543 1.846
IB3 3.43 0.559 1.602
IB4 3.88 0.454 1.527
Table 2.
Descriptive statistics Source: Table by authors

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 cutoff value, affirming the model’s discriminant validity (Table 3). According to the Fornell– Fear of
Larcker criterion, the square roots of all AVE values exceeded the correlations between missing out
constructs and their corresponding indicators (Table 4). This implies that all constructs
have attained a satisfactory level of discriminant validity. Overall, the items and constructs
within the proposed model demonstrate strong justifications and effectively establish
discriminant validity.
2057
Structural model and hypotheses testing
The significance of structural relationships in the model was assessed using the
PLS-SEM algorithm and bootstrapping procedure (Hair et al., 2017). To evaluate the
model fitness, VIF, R2 (coefficient of determination) and standardized path coefficients
were used (Hair et al., 2017). Multicollinearity was addressed by ensuring that the VIF
values fell within the acceptable range of 1.0–5.0 (Hair et al., 2017). In this study, all VIFs
were higher than 1, with the highest value being 3.748, indicating no significant issue
with multicollinearity. The R2 values for FOMO, investment behavior and adoption
intention were 0.464, 0.807 and 0.900, respectively, suggesting a satisfactory level of
explained variance in the model. Furthermore, all standardized path coefficients were
statistically significant at a significance level of 0.01. Taken together, these criteria
support the appropriate fitness of the structural model (Table 2).

Constructs EE RF FC PV PR SI AI IB

Effort expectancy
Regulatory framework 0.069
Facilitating conditions 0.043 0.130
Price value 0.075 0.199 0.820
Perceived risk 0.853 0.096 0.056 0.083
Social influence 0.106 0.179 0.624 0.807 0.085
Adoption intention 0.956 0.614 0.944 0.918 0.899 0.756
Investment behaviour 0.099 0.143 0.939 0.919 0.119 0.967 0.937
Table 3.
Fear of missing out 0.118 0.121 0.818 0.819 0.107 0.897 0.934 0.939 Heterotrait-monotrait
ratio (HTMT) –
Source: Table by authors matrix

Constructs EE RF FC PV PR SI AI IB FOMO

Effort expectancy 0.768

Regulatory framework 0.025 0.845
Facilitating conditions 0.008 0.020 0.793
Price value 0.014 0.160 0.633 0.806
Perceived risk 0.647 0.030 0.012 0.022 0.816
Social influence 0.078 0.148 0.498 0.632 0.065 0.795
Adoption intention 0.370 0.301 0.764 0.633 0.271 0.521 0.617
Investment behavior 0.067 0.123 0.750 0.729 0.069 0.742 0.607 0.765
Fear of missing out 0.053 0.077 0.687 0.639 0.051 0.695 0.579 0.733 0.678 Table 4.
Fornell–Larcker
Source: Table by authors criterion

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 GKMC Table 5 presents the results of hypothesis testing. The results indicate that there was a
74,5/6 significant and positive relationship between EE and cryptocurrency adoption (b ¼ 0.134,
t ¼ 2.660, p ¼ 0.008), supporting the acceptance of H1. Similarly, FC (b ¼ 0.487, p ¼ 0.000),
SI (b ¼ 0.292, p ¼ 0.000), PV (b ¼ 0.223, p ¼ 0.000) and RF (b ¼ 0.290, p ¼ 0.000)
demonstrated significant and positive effects on adoption intention, thus confirming the
acceptance of H2, H3, H4 and H6. However, PR (b ¼ 0.016, p ¼ 0.600) exhibited an
2058 insignificant and negative impact on cryptocurrency adoption, leading to the rejection of H5.
Furthermore, cryptocurrency adoption intention was found to have a significant and
positive impact on investment behavior (b ¼ 0.445, p ¼ 0.000) and FOMO (b ¼ 0.682, p ¼
0.000), supporting the acceptance of H7 and H8. Moreover, FOMO significantly influenced
cryptocurrency investment behavior (b ¼ 0.534, p ¼ 0.000) (Figure 2).

Mediation analysis
In this study, the researchers examined examine the moderating effect of FOMO on
cryptocurrency adoption intention and investment behavior. Smart PLS bootstrapping was
conducted to assess the direct and indirect effects. In the first step of the mediation analysis,
the researchers found the significant direct effect of cryptocurrency adoption intention on
investment behavior (b ¼ 0.445, p ¼ 0.000). In the second step, the researchers examined the
effect of the mediating variable (FOMO). The results showed a significant relationship (b ¼
0.534, p ¼ 0.000), indicating that FOMO plays a mediating role in this relationship (Table 5).
It is found that the inclusion of FOMO decreases the variance from 0.0010 to 0.0008 and thus
increases the relationship between adoption intention and investment behavior. This
indicates the mediating role of FOMO and supporting H9.

Discussion
This study analyzed the factors driving the adoption of cryptocurrencies, the influence of
adoption intention on investment behavior and the mediating role of FOMO. The research
model was based on the UTAUT framework and expanded to include PV, PR and FOMO.
The findings indicate that FC play a crucial role in cryptocurrency investment. The
availability of essential resources such as smartphones and internet access, user-friendly
crypto-investment mobile applications and extensive information on cryptocurrency
investments are key factors contributing to this behavior among Indians. These results
align with previous studies conducted by Arias-Oliva et al. (2019), Ayedh et al. (2021) and
Ji-Xi et al. (2021). The adoption of cryptocurrencies is also influenced by social factors.

Path Path coefficient Variance(s2) t-statistics p-values

EE ! AI 0.134 0.0026 2.660 0.008

FC ! AI 0.487 0.0009 16.358 0.000
SI ! AI 0.292 0.0004 13.319 0.000
PV ! AI 0.223 0.0007 8.427 0.000
PR ! AI 0.016 0.0010 0.524 0.600
RF ! AI 0.290 0.0004 14.057 0.000
AI ! IB 0.445 0.0010 13.954 0.000
AI ! FOMO 0.682 0.0012 19.753 0.000
FOMO ! IB 0.534 0.0012 15.827 0.000
AI ! FOMO ! IB 0.364 0.0008 12.648 0.000
Table 5.
Path coefficients Source: Table by authors

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 Fear of
missing out

2059

Figure 2.
Path coefficient

The approval, recommendations and support from social groups, along with a feeling of
personal achievement derived from crypto-investment, all contribute to Indian’s decision to
adopt cryptocurrency. Given that the Indian crypto-market is still in its initial stages,
researchers believe that the role of social groups is really important. These findings align
with previous studies conducted by Albayati et al. (2020), Gupta et al. (2021), Kim (2021) and
Schaupp et al. (2022). Conversely, it contradicts the results of previous studies (Ji-Xi et al.,
2021; Ayedh et al., 2021; Mazambani and Mutambara, 2020). These studies argued that
people prefer to keep their financial matters confidential and do not rely on others for
decision-making.
It is noteworthy that the study found a significant influence of the RF on Indians’
intention to adopt cryptocurrencies. Initiatives such as the digital India campaign, the
promotion of tech-based startups, particularly those related to blockchain technology, and
the announcement of tax on crypto-income in the Union Budget of 2022 have acted as
catalysts, capturing the attention of individuals toward this financial innovation. Many
industry experts and investors view the announcement of tax as a step toward the
recognition of crypto-assets by the government. Furthermore, several governments have
expressed their commitment to fostering a favorable regulatory environment. These global
reports, combined with the careful adoption strategies implemented by various governments
and the development of well-regulated cryptocurrency ecosystems, have encouraged Indians
to embrace cryptocurrencies, creating a conducive environment for innovation.

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 GKMC Consistent with the findings of Abbasi et al. (2021) and Jareño et al. (2021), this study
74,5/6 highlights the significant influence of PV on cryptocurrency adoption. With the realization
of the substantial increase in the value of cryptocurrencies, individuals recognize them as
having the potential for further growth. This expectation of higher financial returns
motivates consumers to adopt cryptocurrencies. Notably, individual investors dominate
emerging markets. Cryptocurrencies fall into the high aspiration layer of the behavioral
2060 portfolio theory (Shefrin and Statman, 2000) and individuals consider investing in them to
pursue high-risk, high-reward outcomes akin to gambling or lottery-like payoffs (Kala and
Chaubey, 2023a). Furthermore, the study reveals that EE significantly influences
cryptocurrency adoption among Indian consumers. This implies that consumers highly
value technologies that enable them to finish tasks promptly and effectively. These findings
align with previous studies conducted by Gil-Cordero et al. (2020), Arias-Oliva et al. (2019),
Shahzad et al. (2018) and Ji-Xi et al. (2021). One possible explanation for this could be
attributed to the relatively younger age group of the respondents. This generation’s level of
comfort and familiarity with technologies, regular use of fintech solutions and awareness of
financial products may contribute to their adoption intention.
Surprisingly, the study uncovers a negative yet insignificant correlation between PR and
cryptocurrency adoption. It appears that Indian perceive crypto-assets as inherently risky
and are willing to accept this risk in exchange for the anticipated returns. This finding
suggests that modern Indian consumers, particularly the younger generation, are open to
embracing the risks associated with cryptocurrency investments. The results of this study
support the outcomes of Mendoza-Tello et al. (2018) and Arias-Oliva et al. (2019). The high
volatility of cryptocurrencies, the availability of less credible information and the early stage
of cryptocurrency adoption in India could be potential reasons for these uncertain results.
The findings also highlight the significant impact of adoption on individuals’ investment
behavior toward cryptocurrencies. This suggests that individuals trust and embrace
cryptocurrencies as superior investment instruments, considering the current technological
revolution. Modern tech-savvy consumers have developed a strong belief that these digital
assets cannot be tampered with or falsified. They are confidence about the overall
functioning, process and security of digital assets. Furthermore, media reports indicate a
growing trend in the adoption of cryptocurrencies and investment behavior among Indians.
Despite the fluctuations in cryptocurrency values, individuals remain optimistic about the
potential for future gains and demonstrate a willingness to invest in this digital asset class.
Despite the significant decline in the value of major cryptocurrencies over the past year,
individuals continue to invest in them, firmly believing that these investments will yield
high returns in the future. In addition, investors hold the belief that the government will
ultimately accept cryptocurrencies and establish effective policies to safeguard the interests
of investors. These findings are consistent with prior studies conducted by Shahzad et al.
(2018), Arli et al. (2020) and Zhao and Zhang (2021).
This study unveiled a positive relationship between cryptocurrency adoption intention
and FOMO, which, in turn, positively influenced investment behavior. The findings suggest
that FOMO acts as a mediator cryptocurrency investment behavior. FOMO can be identified
as one of the factors driving Indians to invest in cryptocurrencies. These results are in the
line with previous studies of Gupta and Shrivastava (2022), Kang et al. (2020) and Narula
et al. (2020). Various channels of information, including electronic word of mouth, social
media, media reports and peer discussions, as highlighted by Güler (2021), Kala and
Chaubey (2018) and Przybylski et al. (2013), play a role in capturing individuals’ attention
and triggering FOMO. In the case of cryptocurrencies, these information channels generate
FOMO among young Indians. In addition, when cryptocurrency prices experience a rise,

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 FOMO can contribute to a surge in demand as individuals rush to invest before prices Fear of
escalate further. This can create a self-fulfilling prophecy, where increasing demand leads to missing out
further price hikes, amplifying FOMO. FOMO can also contribute to the dissemination of
misinformation and hype surrounding cryptocurrencies. Individuals may be more inclined
to share unverified or false information about cryptocurrencies in an attempt to encourage
others to invest, thereby fueling FOMO and potentially misleading investors.

Theoretical implications
2061
This paper makes significant contributions. First, it adds to the growing body of knowledge
on cryptocurrencies, highlighting the strong attraction of young Indian consumers to this
digital asset. By addressing this knowledge gap, the study enriches the existing literature on
cryptocurrency by incorporating technology adoption framework with extra constructs.
Second, it contributes by incorporating the RF as a factor influencing consumers’ adoption
intentions and investment behavior in cryptocurrencies. Finally, this study adds to the
existing literature by incorporating “FOMO” into the model. It demonstrates how FOMO
serves as a mediator between cryptocurrency adoption intention and investment behavior.
Overall, these contributions enhance our understanding of cryptocurrency adoption and
investment behavior, shedding light on the role of technology, regulations and psychological
factors such as FOMO in shaping individuals’ decisions and actions in the cryptocurrency
market.

Practical implications
The findings of this study hold significant implications for various stakeholders. Among the
key insights, FC emerge as a crucial driver of cryptocurrency adoption. It is vital to
emphasize that individuals must perceive the availability of resources, facilities and
guidance necessary for using cryptocurrencies. Therefore, crypto-platforms should
highlight the support, essential resources and favorable conditions they offer to facilitate
seamless and convenient investment, particularly targeting young potential investors.
Furthermore, SI plays a substantial role in driving cryptocurrency adoption. To encourage
Indian investment in cryptocurrencies, it is advisable for crypto-players to develop
strategies that emphasize the simplicity of investing in digital currencies. These strategies
should also leverage SI to attract potential investors. Cryptocurrency enthusiasts can play
an active role by informing others about the advantages of cryptocurrencies compared to
traditional methods. They can then disseminate this information among their social
connections, such as family and friends, creating a desire to adopt cryptocurrencies.
The findings indicate that higher chances of technology adoption and usage are observed
when consumers perceive it as user-friendly and experience positive outcomes. In the
context of cryptocurrencies, it is crucial for crypto-players to emphasize the ease of investing
in crypto and the potential for profitable returns. To foster greater adoption rates, crypto-
players should prioritize making cryptocurrencies accessible and user-friendly for a wider
audience. This can be accomplished through the implementation of user-friendly interfaces,
providing clear instructions and guides, and simplifying the process of investing in
cryptocurrencies. Furthermore, it is crucial to emphasize cryptocurrency as a status symbol
to appeal to the younger, lifestyle-focused and affluent users. The prime target audience for
crypto investment consists of digitally native young investors, and thus, the value and
potential returns should be emphasized to encourage them to invest in cryptocurrencies. For
market expansion, they should elucidate cryptocurrency-related concepts through celebrity
endorsements, how-to videos, financial education programs and discussions on security
issues. The finding concerning the RF is captivating, as it suggests that government

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 GKMC regulations exert an impact on investors’ intention toward digital currencies. The
74,5/6 incorporation of RF into the research model enables to examine the impact of regulations on
individuals’ intention to adopt cryptocurrencies. Regulations play a significant role in
shaping the cryptocurrency landscape, as they provide guidelines and safeguards for users
and investors. Understanding how regulations influence adoption intention can help
policymakers and industry stakeholders develop effective strategies to promote
2062 cryptocurrency adoption while ensuring consumer protection. Given that the absence of
adequate legislation has facilitated extensive fraud, scams and market manipulation, the
implementation of RF will contribute to a safer market environment and enhance individual
trust.
The findings regarding FOMO highlight the significant impact of this psychological
phenomenon characterized by anxiety and distress on investors’ behavior toward
cryptocurrencies. FOMO often leads to impulsive investment decisions, such as purchasing a
cryptocurrency at a high price due to the FOMO on potential gains. It is important for
investors to conduct thorough research and comprehend the risks and potential drawbacks
associated with investing in cryptocurrencies, rather than being solely driven by FOMO. In
addition, it is important for regulators and crypto-platforms to promote responsible
investment practices and combat the spread of misinformation surrounding cryptocurrencies.
Furthermore, crypto stakeholders should address the security concerns, work with regulators
to create a clear legal and RF, educate investors about cryptocurrencies and regulate
implusive investment behavior. By addressing these concerns and improving the perceived
security and stability of cryptocurrencies, they can help to reduce PR and increase adoption
rates. Moreover, it is essential for regulators and crypto-platforms to actively promote
responsible investment practices and combat the dissemination of misinformation
surrounding cryptocurrencies. Furthermore, crypto stakeholders should address security
concerns, collaborate with regulators to establish a clear legal and RF, educate investors
about cryptocurrencies and regulate impulsive investment behavior. By addressing these
concerns and enhancing the perceived security and stability of cryptocurrencies, they can
effectively reduce PRs and foster increased adoption rates. By incorporating FOMO into the
study of cryptocurrency adoption intention, researchers can gain insights into the
psychological factors that influence individuals’ investment behavior. This understanding
can help in designing educational campaigns, investor protection measures and risk
management strategies to mitigate the negative consequences of impulsive investment
decisions driven by FOMO.

Conclusion
The cryptocurrency market has witnessed exponential growth, attracting a large number of
investors and generating significant interest within the community. Understanding the
factors that drive cryptocurrency adoption is of utmost importance in this context. In this
study, we used the UTAUT model, incorporating additional constructs such as PV, PR and
FOMO, to investigate cryptocurrency adoption intention and investment behavior among
Indian individuals. The findings of this study provide strong evidence that FC, SI, PV and
EE significantly influence cryptocurrency adoption. Moreover, the results confirm the
significant role of FOMO in enhancing the relationship between adoption intention and
investment behavior. These findings contribute to the existing literature on Fintech, digital
money and cryptocurrencies, offering valuable insights into the factors influencing crypto
adoption, investment behavior and the impact of FOMO. By shedding light on the dynamics
of cryptocurrency adoption and the role of FOMO, this study contributes to the
advancement of knowledge in the field of cryptocurrencies and digital finance.

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 Limitations and future directions Fear of
Although this research provides valuable insights, there are several limitations that future missing out
studies should address. First, the study was conducted exclusively in India, so caution
should be exercised when generalizing the findings to other contexts. Second, to improve our
understanding of cryptocurrency adoption and investment behavior, future research should
take demographic factors into account. Third, this study used the term “cryptocurrency” in
a generic sense. Further studies could compare investors’ attitudes toward specific
2063
cryptocurrencies to gain deeper insights. Fourth, the sample size of 384 participants may
limit the generalizability of the findings. Therefore, it is recommended that future research
incorporates larger sample sizes for more robust results. Next, laws governing
cryptocurrencies are evolving. Future studies could explore how changes in government
regulations and the potential risks associated with cryptocurrencies impact individuals’
behavioral intentions. Finally, as cryptocurrency adoption is a dynamic and multifaceted
phenomenon, future research should encompass additional constructs to offer a more robust
explanation. We also recommend using integrated theoretical frameworks to offer a more
comprehensive understanding of behaviors related to cryptocurrencies. By addressing these
limitations, future research can provide a more comprehensive understanding of
cryptocurrency adoption and investment behavior.

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Further reading
Qualtrics (2023), available at: [Link]/au/experience-management/research/determine-
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 Appendix Fear of
missing out
Constructs Items Sources

Effort My interaction with cryptocurrency is clear and understandable Venkatesh et al. (2003),
expectancy I found it easy to learn how to interact with cryptocurrencies Mendoza-Tello et al.
I find buying or selling cryptocurrency easy (2019) 2067
Easy exchange of cryptocurrency with any currencies makes me
comfortable to invest in cryptocurrency
Facilitating I have access to reliable information about how to use Gupta et al. (2021);
conditions cryptocurrencies Kala and Chaubey,
I have access to reliable and convenient platforms for buying (2023b)
and selling cryptocurrencies
I have the necessary technology and internet connectivity to use
cryptocurrencies effectively
I have access to customer support or assistance for
cryptocurrency-related issues
Social People who influence my decision feels that I should invest in Venkatesh et al. (2003);
influence cryptocurrency Kala and Chaubey,
People whose opinions I appreciate advise me to invest in (2023b)
cryptocurrency
People who influence my behavior share the positive aspect of
cryptocurrency
My family and friends motivate me to use cryptocurrency as an
investment option
Price value At the current price, cryptocurrency provides a good value Venkatesh et al. (2003),
I believe that investment in cryptocurrency will give me higher Huang (2019)
return than any other financial instrument
I believe that the value of cryptocurrency will shoot up in the
near future
Perceived I think that the use of cryptocurrencies puts my privacy at risk Arias-Oliva et al. (2019),
risk Using cryptocurrencies puts my financial activities at risk Gil-Cordero et al. (2020)
The value of cryptocurrencies is prone to market manipulation
and price volatility
Regulatory There is a proper information infrastructure and certified Albayati et al. (2020);
framework financial advisors available for crypto assets Kala and Chaubey,
A well-established regulatory framework encourages me to (2023a)
consider investing in cryptocurrency
Government acknowledgment of digital currency may impact
the valuation of cryptocurrency positively
The government will frame the buyer-oriented regulatory
architecture for cryptocurrency
Adoption I intend to invest in cryptocurrencies in the near future Shahzad et al. (2018);
intention I believe cryptocurrencies have the potential for significant Kala and Chaubey,
financial gains (2023a)
I am actively researching and educating myself about
cryptocurrencies
I see cryptocurrencies as a viable alternative to traditional
financial systems Table A1.
(continued) Measurement items

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 GKMC
Constructs Items Sources
74,5/6
Investment I regularly invest in cryptocurrencies as part of my investment Al-Azizah and Mulyono
behaviour portfolio (2020)
I am willing to take risks to potentially gain from
cryptocurrency investments
I follow news and updates related to cryptocurrencies to inform
2068 my investment decisions
I am confident in my ability to make informed cryptocurrency
investment decisions
Fear of I fear others are having more profitable cryptocurrency Przybylski et al. (2013)
missing out experiences than me
I worry that my friends are making more money in
cryptocurrencies than I am
I get anxious when I see my friends making cryptocurrency
gains without me
I feel uneasy when I’m not aware of my friends’ cryptocurrency
investments or activities
It is important for me to understand the cryptocurrency-related
discussions and trends my friends are involved in

Table A1. Source: Table by authors

Corresponding author
Ahmad Samed Al-Adwan can be contacted at: [Link]@[Link]

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