The Impact of Knowledge and Experience on Opinion Formation: The Case of Cryptocurrencies

Abstract

The aim of this paper was to investigate the influence of knowledge and experience in a specific domain on the formation of opinions regarding a particular issue. The research focused on cryptocurrencies, chosen due to their relatively new and unexplored nature in terms of opinion formation. A survey questionnaire was used to collect data from 778 university students, which were then analyzed using the SmartPLS package. The survey was conducted in Poland, a country where cryptocurrencies are treated relatively neutrally, not being banned but also not widely accepted as a means of payment. The main research question addressed whether previously acquired knowledge and experience with cryptocurrencies impact opinion formation. Four latent variables were examined: Experience, Perceived Benefits, Perceived Disadvantages, and Opinion Formation. The findings reveal that Experience has the strongest influence on Opinion Formation, followed by Perceived Benefits, which has a positive effect, and Perceived Disadvantages, which has a negative effect. Therefore, the hypotheses were supported, indicating a positive association between Perceived Benefits and Opinion Formation (H1), as well as between respondents' Experience with cryptocurrencies and Opinion Formation (H3). Additionally, H2 was supported, indicating a negative association between Perceived Disadvantages and Opinion Formation. Our research results enrich the literature, particularly in the field of interdisciplinary approaches to cryptocurrencies, knowledge, and experience.