Title: Crypto-curious or crypto-cautious? Behavioural insights from India's retail equity investors

Authors: Madhu Bala Sharma; Pooja Yadav

Addresses: Institute of Management Studies and Research, Maharshi Dayanand University, Rohtak, 122102, Haryana, India ' Maharshi Dayanand University – Centre for Professional and Allied Studies, Gurugram, University – Maharshi Dayanand University, Rohtak, 122001, Haryana, India

Abstract: In India's rapidly evolving capital market, cryptocurrencies have sparked significant interest among retail equity investors, particularly younger males under 35 years of age. This study makes a novel theoretical contribution by extending the technology acceptance model (TAM)-theory of planned behaviour (TPB) through the integration of three constructs namely, usability confidence, utilitarian value and perceived risk, which capture behavioural and market characteristics unique to emerging economies such as India. Using SPSS 25 and partial least squares structural equation modelling (PLS-SEM) on a sample of 278 crypto-aware but non-investing investors, the findings show utilitarian value as the most influential driver of adoption, while perceived risk functions both as a deterrent and as a behavioural filter reflecting cautious curiosity. By integrating these factors specifically for India, the study expands the applicability of TAM-TPB to emerging markets, advances understanding of the psychology of retail investors and offers insights for regulators, financial institutions, and policymakers to promote secure and informed cryptocurrency participation in India.

Keywords: cryptocurrency adoption; retail equity investors; attitude; TAM; technology acceptance model; TPB; theory of planned behaviour; risk perception; utilitarian value; India.

DOI: 10.1504/IJBC.2025.149930

International Journal of Blockchains and Cryptocurrencies, 2025 Vol.6 No.3/4, pp.236 - 263

Received: 29 May 2025
Accepted: 18 Aug 2025
Published online: 18 Nov 2025 *

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