In recent years, the growth of cryptocurrency prices, notably that of Bitcoin has garnered mainstream news coverage. However, very little is known about the factors that motivate an individual to adopt Bitcoin, though studies abound in the blockchain technology adoption and its use in various domains such as healthcare, supply chain, and finance. In the current paper, we argue that the existing, widely-used IT adoption models may not thoroughly explain the reasons (i.e., benefits, barriers, and specific factors) associated with the adoption of cryptocurrencies. We propose a research model based on UTAUT and utility theory to discover the perceived benefits, perceived risks, facilitating conditions, and social effects in the individual adoption of Bitcoin.