Fostering trust and overcoming psychological resistance towards cryptocurrencies and cryptoassets

Mujahid Mohiuddin Babu, Tom Bason, Rocco Porreca, Pythagoras Petratos, Shahriar Akter

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Abstract

This research investigates the extent to which sponsorships can be utilised to foster trust and reduce barriers to adopting new technologies. Using Crypto.com's sponsorship of the 2022 FIFA World Cup as the context, this mixed‐methods study utilises innovation resistance theory (IRT) and trust transfer theory (TTT) to investigate the extent to which such a sponsorship can increase trust and reduce barriers in innovative technologies such as cryptoassets, while also filling a research gap concerning consumer resistance to innovations in digital financial products and services. The findings of study 1, using a survey (n = 1081), and study 2 using interviews (n = 24) reveal that a positive image of sponsorship significantly influences favourability and interest, and trust of the product of the sponsor which subsequently reduces psychological barriers to adoption. Integrating the theoretical viewpoints of IRT and TTT, this study enhances our conceptual understanding regarding the psychological dimension of sponsorship and the extent to which a sponsorship generates interest, giving assurance and trust in the sponsor's product, and removing uncertainty; thus, reducing barriers to adoption.
Original languageEnglish
Pages (from-to)45-68
Number of pages24
JournalPsychology & Marketing
Volume41
Issue number1
Early online date22 Aug 2023
DOIs
Publication statusPublished - Jan 2024

Bibliographical note

This is an open access article under the terms of the Creative Commons Attribution‐Non Commercial‐No Derivs License, which permits use and distribution in any medium, provided the original work is properly cited, the use is non‐commercial and no modifications or adaptations are made.

Keywords

  • consumer resistance
  • cryptoassets
  • innovation resistance theory
  • mixed method
  • mega event
  • psychological barriers
  • sponsorship
  • trust transfer theory

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