Date of Conferral

2022

Degree

Doctor of Business Administration (D.B.A.)

School

Management

Advisor

Wooyoung Chung

Abstract

Millions of Bitcoin transactions occur daily, worth nearly $2 billion annually. With the proliferation of cryptocurrency markets, the reluctance to adopt the currency as an alternate payment method could cause businesses to forgo growth opportunities within this expanding market. Grounded in the diffusion of innovation theory, the purpose of this qualitative multiple-case study was to explore strategies business leaders use to respond to the alternative payment concerns perpetuated by cryptocurrency markets. The participants comprised 6 business leaders who effectively employed cryptocurrency adoption strategies. Data were collected through semistructured interviews, corporate documents, and other company social media resources. Thematic analysis of the data resulted in 4 common themes: commitment to innovation as a relative advantage, cryptocurrency compatibility within the organization, overcoming the complexity of cryptocurrency adoption, and trialability and observability of innovative technology. Key recommendations include creating business models to encourage more cryptocurrency transaction-based outcomes and creating cryptocurrency education and training programs for employees and customers. The implications for positive social change include the potential to assist unbanked individuals who lack creditworthiness to gain access to more goods and services to improve their overall standard of living.

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