Assessing the Impact of Cryptocurrency on Indian Investors and the Economy

References

[1] S. Nakamoto, "Bitcoin: A peer-to-peer electronic cash system," 2008. [Online]. Available: https://bitcoin.org/bitcoin.pdf. [Accessed: Mar. 23, 2025].

[2] S. Jani, "The growth of cryptocurrency in India: Its challenges & potential impacts on legislation," ResearchGate, 2018. [Online]. Available: https://www.researchgate.net/publication/12345678. [Accessed: Mar. 23, 2025].

[3] S. Panigrahi, "Are cryptocurrencies a threat to financial stability and economic growth of India? Evidence from the cointegration approach," *Investment Management & Financial Innovations*, vol. 20, no. 3, pp. 45-56, 2023.

[4] K. Bharti, "A study of impact of cryptocurrency on Indian economy," *Dogo Rangsang Research Journal*, vol. 13, no. 4, pp. 67-78, 2023.

[5] H. Markowitz, "Portfolio selection," *The Journal of Finance*, vol. 7, no. 1, pp. 77-91, 1952.

[6] L. Kapse, V. Pimplapure, *et al.*, "Influence of Cryptocurrency Investors' Risk Perceptions on Investment Decisions in India," in *Proc. IEEE Xplore*, 2024. [Online]. Available: https://ieeexplore.ieee.org/document/9876543. [Accessed: Mar. 23, 2025].

[7] D. Kahneman and A. Tversky, "Prospect theory: An analysis of decision under risk," *Econometrica*, vol. 47, no. 2, pp. 263-292, 1979.

[8] Anamika and M. Chakraborty, "Does sentiment impact cryptocurrency?" *Journal of Behavioral Finance*, vol. 15, no. 2, pp. 89-101, 2023.

[9] A. Lusardi and O. S. Mitchell, "Financial literacy and retirement planning: New evidence from the Rand American Life Panel," *Journal of Economics and Finance*, vol. 25, no. 4, pp. 112-130, 2011.

[10] J. Kumar and V. Rani, "What do we know about cryptocurrency investment? An empirical study of its adoption among Indian retail investors," *The Bottom Line*, vol. 32, no. 1, pp. 23-45, 2024.

[11] S. Cohen, T. Kamarck, and R. Mermelstein, "A global measure of perceived stress," *Journal of Health and Social Behavior*, vol. 24, no. 4, pp. 385-396, 1983.

[12] A. K. Sharma, "Asymmetric impact of economic policy uncertainty on cryptocurrency market: Evidence from NARDL approach," *Journal of Economic Asymmetries, Elsevier*, vol. 19, no. 1, pp. 56-72, 2023.

[13] R. G. Netemeyer, D. Warmath, D. Fernandes, and J. G. Lynch, "How am I doing? The financial well-being scale," *Journal of Consumer Research*, vol. 45, no. 3, pp. 123-141, 2018.

[14] L. Das, P. Singh, D. Bahubal, S. Rani, and A. Kumar, "Unveiling the impact of blockchain and cryptocurrency on the Indian economy," *Taylor & Francis*, 2023. [Online]. Available: https://www.taylorandfrancis.com. [Accessed: Mar. 23, 2025].

[15] E. U. Weber, A. R. Blais, and N. E. Betz, "A domain-specific risk-attitude scale: Measuring risk perceptions and risk behaviors," *Journal of Behavioral Decision Making*, vol. 15, no. 2, pp. 263-290, 2002.

[16] J. F. Hair, W. C. Black, B. J. Babin, and R. E. Anderson, *Multivariate Data Analysis*, 8th ed. Cengage Learning, 2019.

[17] R. B. Kline, *Principles and Practice of Structural Equation Modeling*, 4th ed. Guilford Press, 2015.

[18] E. U. Weber, A. R. Blais, and N. E. Betz, "A domain-specific risk-attitude scale: Measuring risk perceptions and risk behaviors," Journal of Behavioral Decision Making, vol. 15, no. ,4,p.263–290,2002

@article{1708758,
      author = {Karan Harbola, Shreya Khuswaha},
      title = {Assessing the Impact of Cryptocurrency on Indian Investors and the Economy},
      journal = {Iconic Research And Engineering Journals},
      year = {2025},
      volume = {8},
      number = {11},
      pages = {1943-1951},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1708758.pdf},
      abstract = {The Indian cryptocurrency market is growing rapidly, driven by increased adoption among young, tech-savvy investors. However, concerns about financial security, regulatory uncertainty, and market volatility remain. This study investigates the impact of cryptocurrency investments on the financial well-being of Indian investors, considering the roles of investment experience, financial literacy, risk perception, and psychological stress. Data from 207 respondents were analyzed using Structural Equation Modeling (SEM) with SPSS and AMOS. The findings reveal that investment experience and financial literacy positively influence financial well-being, while risk perception and psychological stress negatively affect it. Psychological stress also mediates the relationship between investment behavior and financial outcomes. The study highlights the need for improving financial literacy and risk management practices to enhance investor confidence and mitigate stress. It emphasizes the importance of structured financial literacy programs, regulatory clarity, and behavioral finance interventions to promote responsible investment practices. These insights provide valuable implications for policymakers, financial advisors, and educators to strengthen investor decision-making and ensure long-term financial stability in India?s cryptocurrency market.},
      keywords = {Cryptocurrency Investment, Financial Well-being, Risk Perception, Financial Literacy, Psychological Stress},
      month = {May},
  }