Group norms and policy norms trigger different autonomous motivations for Chinese investors in cryptocurrency investment

Cryptocurrency has become a hot area of global investment. Despite the increasing regulation of cryptocurrencies, some investors are still obsessed with investing in cryptocurrencies, and the reasons behind this are worth exploring. Emerging studies from a cryptocurrency behavioural perspective demonstrate that investments in cryptocurrency are influenced by a variety of factors, but ignore the objective factor of the political environment. Based on social norms theory, this article explores the impact of group norms and policy norms on Chinese investors' autonomous motivation to invest in cryptocurrencies. This article adopts a questionnaire and investigates 727 Chinese investors. Research has found that: (1) Cryptocurrency investment is influenced by group norms and policy norms, and autonomous motivation serves as a mediator in the process. Group norms promote autonomous motivation among investors, thereby increasing cryptocurrency investment. Conversely, policy norms inhibit investors' autonomous motivation and reduce cryptocurrency investment. (2) Cryptocurrency knowledge plays a moderating role between social norms and autonomous motivation. The moderating effects of investors' subjective and objective knowledge of cryptocurrency in the model have no significant differences, showing a consistent suppressing effect on autonomous motivation. The findings suggest governments should focus on both regulations and public opinion. On the one hand, the government needs to strengthen and improve the laws and regulations related to cryptocurrencies. On the other hand, the government also needs to strengthen social supervision and exercise necessary control in the dissemination of cryptocurrency information.

Yongzhi Gong, Xiaofei Tang, En-Chung Chang