Factors Influencing Cryptocurrency Investment Intention and Decision: Evidence from Students in Hanoi

Abstract

This study examines the factors affecting students’ intention and decision to participate in the cryptocurrency market in Hanoi. Drawing on the Theory of Planned Behavior, the Technology Acceptance Model, and behavioral finance, the study investigates the effects of attitude, subjective norms, perceived risk, trust, perceived ease of use, expected benefits, FOMO, and financial literacy. Data were collected from 635 valid observations and analyzed using the PLS-SEM approach. The results show that attitude, financial literacy, subjective norms, expected benefits, and FOMO positively influence participation intention, while perceived risk has a negative effect. Participation intention has the strongest impact on participation decision, whereas trust does not significantly affect intention but has a direct effect on decision. The study provides additional empirical evidence on students’ cryptocurrency investment behavior and offers implications for regulators, educational institutions, and trading platforms in guiding participation in a more prudent and transparent manner.