The Path to Financial Decentralization

The study's empirical findings from 131 respondents fundamentally challenge traditional technology adoption paradigms. Contrary to conventional UTAUT expectations, the classical drivers—Performance Expectancy and Effort Expectancy—demonstrated non-significance, indicating that adoption decisions for complex blockchain technologies depend more on users' access to supportive resources and awareness of decentralized principles rather than perceived ease of use or performance benefits.

The analysis reveals that self-custody adoption is primarily driven by three key factors: Facilitating Conditions enhanced by Technology Awareness, Personal Innovativeness in IT, and Social Influence. This triad demonstrates that successful adoption depends on building robust support infrastructure, leveraging early adopters, and fostering social networks rather than emphasizing utility or simplicity.

Theoretical contributions extend UTAUT beyond traditional utility-focused models to account for technologies that fundamentally reshape user autonomy and responsibility. The integration of Technology Awareness within Facilitating Conditions represents a significant theoretical advancement, suggesting that transformative technologies require deeper cognitive engagement where users must grasp underlying principles, not merely operational functionality.

Practical implications reveal counterintuitive adoption patterns requiring targeted intervention strategies. The study identifies significant barriers among highly educated individuals, with postgraduate degree holders showing substantially lower adoption intentions, alongside participants from education sector. These findings indicate that traditional educational approaches are insufficient for blockchain adoption, necessitating specialized strategies for different professional contexts.

For institutional adoption, results underscore the critical importance of ensuring C-level managers and key stakeholders develop genuine technological understanding rather than relying solely on intermediaries. Implementation strategies should include mandatory educational modules for crypto exchanges, while leveraging technologically innovative individuals and social networks to facilitate broader adoption across diverse professional and educational backgrounds.

Policy implications emphasize regulatory frameworks that enable infrastructure rather than control it, supporting grassroots innovation while protecting users' rights to self-custody. Effective policies should prioritize financial autonomy and technological understanding over operational efficiency, creating environments where blockchain's democratizing potential can flourish.

The research acknowledges several limitations, including focus on Behavioral Intention rather than actual usage patterns, sample size constraints, and challenges in capturing blockchain's decentralized nature. Future research should investigate the unexpected role reversals of Perceived Control and traditional adoption factors, examine cross-cultural adoption patterns, and employ longitudinal designs to track actual usage behaviors and their evolution over time.