The Influence of Social Media Marketing on the Decision to Adopt Cryptocurrency

Abstract

The purpose of this qualitative descriptive study was to explore how active cryptocurrency users in the United States describe their experiences with social media marketing platforms in their decision to adopt a cryptocurrency. The study was grounded in Vroom’s Expectancy Theory and Rogers’ Diffusion of Innovation Theory and sought to understand the ‘what and how’ of the experiences of users and the influence of social media marketing content on adoption behaviors. Two central research questions guided this study: ‘How do active users of cryptocurrency describe their experiences with social media marketing platforms in their decision to adopt cryptocurrency?’ and ‘How influential do users of cryptocurrency consider social media marketing on their decision to adopt a cryptocurrency?’ Data were collected from 11 individual interviews and 13 different participants from two focus groups, totaling 24 participants, all recruited via Facebook communities related to cryptocurrency. The data were thematically analyzed using MAXQDA, with member checking implemented to enhance credibility. Five primary themes emerged, and the findings indicate that social media marketing significantly shapes the perceptions and actions of active users; notably through emotional, community-based, and influencer-driven content. These insights can inform strategic marketing practices for cryptocurrency projects and contribute to the theoretical discourse on adoption behavior in digital economies.