Perceptions and Adoption of Cryptocurrencies in the Aftermath of the Greek Financial Crisis. A Study on the Region of Eastern Macedonia and Thrace

Abstract: This research study investigates the potential of cryptocurrencies in alleviating the consequences of the financial crisis and identifying new avenues for economic development in Eastern Macedonia and Thrace, Greece. It is motivated by the significant economic downturn experienced by Greece following the 2008 financial crisis, which led to a risk of bankruptcy and a drastic reduction in GDP per capita, with the consecutive implementation of capital controls further disrupting the financial transactions in the country. The region under study is documented for its low economic development level and GDP per capita compared to the national and EU averages. Through a mixed-methods approach, including a questionnaire-based survey and data analysis, this study explores the perceptions and behaviors of consumers and business owners in that region regarding cryptocurrencies. Furthermore, the survey employs closed-ended questions delivered through an internet-based platform while using probability and non-probability sampling techniques to target consumers and business owners. Consequently, the collected data are examined through the scopes of descriptive and deductive analyses with the use of SPSS software, with the findings of this research aiming to shed light on the role of cryptocurrencies as a means to mitigate the impact of the financial crisis and stimulate economic activity in Eastern Macedonia and Thrace. The findings revealed that while participants did not believe that introducing a parallel digital currency would improve the Greek economy, consumers affected by the crisis showed eagerness to invest and transact in cryptocurrencies. Business owners, on the other hand, were hesitant to view cryptocurrencies as long-term assets and did not believe in their capacity to transform the region’s economy. The study's outcomes contribute to the growing body of knowledge on cryptocurrencies' adoption and potential benefits in regions facing economic challenges.