The Implications of Ulrich Beck's Risk Society Theory on the Expansion of Cryptocurrency Investment and Trading in Iran

Authors

1 Associate Professor of Sociology, Faculty of Social Sciences, University of Tehran

2 Assistant Professor of Sociology, Faculty of Social Sciences, University of Tehran

3 PhD Student in Economic Sociology and Development, University of Tehran

10.22034/jeds.2025.68266.1884

Abstract

Introduction: Employing a sociological approach based on Ulrich Beck's 'Risk Society' theory, this study investigates the structural factors affecting the growing tendency of Iranians towards the cryptocurrency market. The main objective of the study is to identify how social, economic, and political conditions influence individuals' decisions to enter this market and to explain the role of cryptocurrencies as an individual strategy for coping with structural risks and uncertainties in Iranian society.
Methodology: The present study was conducted using a survey method and an online questionnaire. Sampling was done through stratified random sampling from 1650 individuals in 12 provinces of the country, based on population distribution and level of participation in the cryptocurrency market. The collected data were analyzed using descriptive statistics (including frequency distribution tables, mean, and standard deviation) and inferential statistics (including Pearson correlation coefficient, multiple regression, and path analysis).
Results: Based on Pearson correlation coefficients, significant and direct relationships were observed between perceived economic, social, and political risks and the level of participation in the cryptocurrency market. In the multiple regression model, perceived economic risk with a beta coefficient of 0.55 was identified as the strongest predictor of market participation, followed by social risk (β = 0.30) and political risk (β = 0.15). Furthermore, path analysis results revealed that socioeconomic status and perceived risk, in addition to their direct effects on the outcomes of market participation, also indirectly influence both positive and negative consequences of cryptocurrency market activity through their impact on the level of participation.
Conclusions: Given Iran's socio-economic conditions - including job dissatisfaction, high inflation, international sanctions, and distrust in state financial institutions - cryptocurrencies have emerged as an individual strategy for managing structural risks, yet in practice have themselves become a source of new risks. Therefore, effective policymaking in this area requires simultaneous attention to various aspects including transparent market regulation, reducing structural inequalities, restoring institutional trust, and enhancing financial literacy

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References

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