Factors determining investment decisions of college students in the cryptocurrency market: A pilot study in Bursa province

The cryptocurrency market has evolved rapidly, attracting individual investors worldwide with its decentralized and volatile nature. Despite its growth, most existing literature focuses on technological and economic dimensions, with limited exploration of the sociocultural, psychological, and financial factors influencing investor behavior. The purpose of this study is to investigate the key psychological, sociocultural, and financial factors that influence the investment decisions of individual investors in the cryptocurrency market. In this context, two of the most used theoretical frameworks as the Technology of Acceptance Model (TAM), and the Theory of Planned Behavior (TPB) were analyzed. The study evaluates the effects of nine independent variables - social support, social influence, fear of missing out, perceived trust, financial self-efficacy, and perceived usefulness on investor attitude and actual usage. By adopting a quantitative research design, primary data was collected using an online survey questionnaire consisting of scales representing dependent and independent variables along with demographic variables. The target population included students from the three universities through Bursa Uludag University, Bursa Teknik University, and Mudanya University. A stratified random sampling method was employed to ensure proportional representation for each institution. A total of 306 valid responses was obtained among college students of Bursa. To test the hypothesized relationships between variables, the study used Structural Equation Modeling (SEM), supported by confirmatory factor analysis to ensure validity and reliability, which evaluate the relationships between the constructs and their effects on investment decision making behavior. Findings showed that the psychological and sociocultural factors have a significant influence on individual cryptocurrency investment decisions, with financial self-efficacy not showing a significant effect. The study enriches the literature on behavioral finance and cryptocurrency market adoption by highlighting the relationship between emotional, social, financial, and cognitive factors in shaping young investors decisions. The findings add to both the academic literature and our practical understanding of individual investor behavior in digital asset markets. They also provide valuable insights for financial educators, policymakers, and investment platforms looking to improve decision-making in an increasingly decentralized financial landscape. Keywords: Cryptocurrency, Behavioral finance, Investment Decisions, University Students, Structural Equation Modeling.