Examining the Intention to Invest in Cryptocurrencies: An Extended Application of the Theory of Planned Behavior on Italian Independent Investors

Among investors of cryptocurrencies there are supporters and detractors; this claims for the identification of the behavioral and socio-demographic factors that push to invest (or not) in cryptocurrencies. A survey has been administered to 275 Italian investors. Together with socio-demographic features (gender, income, age, and education), behavioral factors derived from the theory of planned behavior (attitude, subjective norm, and perceived control behavior) and from the financial behavior literature (illegal attitude, herding behavior, perceived risk, perceived benefit, and financial literacy) have been collected and analyzed. While attitude, illegal attitude, subjective norms, perceived behavioral control, herding behavior, and perceived risk have a positive impact on investors' intentions. Socio-demographic factors and financial literacy have no influence on the intention to invest in cryptocurrencies. This is the first study that comprehensively investigates the influence of behavioral and socio-demographic factors on the intention of investors to invest in cryptocurrencies.