Intention to Use Cryptocurrencies for Business Transactions: The Case of North Carolina

Abstract

Financial technologies and payment applications have revolutionized money flow recently, with cryptocurrencies offering decentralization, though still limited in transactional use. This study investigates the factors influencing the use of cryptocurrencies for business transactions in North Carolina (NC). This exploratory research utilizes an extended technology acceptance model (TAM) using survey data collected from 228 North Carolina residents and applying Partial Least Squares Structural Equation Modeling (PLS-SEM) to find the relationship between the independent and dependent variables. Our results indicate that perceived usefulness, social influence, and personal innovativeness significantly impact users’ intentions to adopt cryptocurrencies as a medium of exchange. A surprising finding is that ownership has a negative effect on the intention to use cryptos for business transactions. The findings imply that regulators and cryptocurrency issuers should make the system more useful, take full advantage of social media to promote cryptos, and encourage crypto holders to use cryptos for their intended utility rather than just as speculative instruments. © 2025 Elsevier B.V., All rights reserved