Purpose: The purpose of this study is to explore the factors that influence the acceptance of Bitcoin as investment among individuals and to construct a framework with the help of Interpretive Structural Modelling (ISM).
Methodology: The methodology is divided into three parts, firstly the determination of factors, consultation with experts, and the subsequent creation of a hierarchical model that is further classified by establishing the interconnectedness between these elements applying Interpretive Structural Modeling (ISM). This is then validated by Matriced Im- pact Croises Multiplication Appliquee a un classement (MICMAC) analysis.
Findings: The MICMAC analysis identifies Gender (G), Financial Knowledge (FK), Policy Support(PS), and Facilitating Conditions (FC) as key driving factor with signifi- cant influence. Conversely, Performance Expectancy, Personal Innovativeness, Per- ceived Trust, Perceived Value, and Attitude emerge as the top-level factors expressing the highest dependence power. The MICMAC analysis reveals that Gender, Financial Knowledge, Policy Support and Facilitating Conditions are driving factors, Personal Innovativeness emerged as dependent factor, while User Friendliness, Perceived Trust, Attitude etc. are among linkage factors highlighting their interconnectedness roles and influence within their framework.
Originality/Value: This is the first study to find out the factors influencing the adoption of Bitcoin. The model is developed using ISM and MICMAC which contributes to the originality.
Keywords: distributed ledger technology, bitcoin, interpretive structural modeling, MICMAC analysis
