Scale Construction For Measuring Millennials Perception Towards Cryptoverse Based On Identified Factors

Abstract

Purpose – This paper aims to develop and validate a scale for measuring Millennials' perceptions of the cryptoverse, focusing on constructs such as Expected Benefits, Expected Longevity, Expected Use, Psychographics, Subjective Norms and Risk Appetite.

Design/methodology/approach – The scale development process involved several stages. A pool of items was generated to represent each construct, followed by expert reviews for clarity and relevance. An exploratory factor analysis (EFA) was conducted to assess unidimensionality, convergent validity, and discriminant validity of the constructs. Reliability was evaluated using Cronbach's alpha, composite reliability, and average variance extracted (AVE), with data collected from 150 Millennials.

Findings – The results confirm that the scale is reliable and valid for measuring Millennials’ perceptions of the cryptoverse. Constructs such as Expected Benefits and Psychographics showed strong internal consistency, while Expected Longevity and Subjective Norms exhibited moderate reliability, suggesting the need for further refinement. The EFA confirmed the distinctiveness of the constructs, although some overlap was noted between Expected Longevity and Psychographics. The scale provides valuable insights into how Millennials assess the cryptoverse, considering factors like perceived benefits, longevity, and social influences.

Research limitations/implications – The sample was limited to Millennials, which may not fully represent the broader population. Future studies could expand the sample and incorporate longitudinal or qualitative approaches for a more comprehensive understanding of perceptions.

Practical implications – This scale helps businesses in the cryptoverse space align their products with Millennials' expectations, improving adoption rates.

Originality/value – This study introduces a reliable measurement tool for Millennials’ perceptions of the crypto verse, offering valuable insights for both researchers and practitioners.