10th International Congress on Information and Communication Technology

Authors - Desmond Kwadjo Kumi, Sheena Lovia Boateng
Abstract - This study uses the utility theory framework to investigate cryptocurrency awareness and usage behavior among Gen Z in Ghana. Data were collected from 700 individuals in the educational sector of Ghana, aged 18-25 years, through purposive and snowball sampling, using structured questionnaires, with 657 usable responses. Data was analyzed using SPSS, AMOS, and Hayes Process Macro. The results revealed that perceived benefits significantly indirectly affect cryptocurrency usage behaviour via cryptocurrency’s perceived value. Perceived risks lessen the influence of perceived benefits on perceived value, whereas personal innovativeness improves this link. The survey further revealed a very high awareness of Bitcoin and other cryptocurrencies, but comparatively lower awareness of the entire blockchain technology. Whereas, awareness, attitudes toward and ownership of cryptocurrencies were higher among males than females, thus showing a gender gap in the awareness and ownership of digital assets. This study is arguably one of the few sources with insights into applying the utility theory to understand cryptocurrency usage behaviour among Gen Z in a developing economy like Ghana. Practitioners and policymakers could therefore, tailor strategies that address awareness and ownership gaps and optimize utility dimensions.