Although adoption of cryptocurrencies has received much attention in recent literature, little is known about what factors affecting adoption of Bitcoin. Since the context of cryptocurrencies is different from traditional technologies, several factors derived from the Blockchain technology may play important roles in adoption. We conducted email interviews with 165 students to identify the positive utilities (benefits) and negative utilities (risks) attached to Bitcoin. Then, based on a literature review and the results of our explorative research, we propose a qualitative theoretical model which extends the Unified Theory of Acceptance and Use of Technology (UTAUT) and utility theory. Our theoretical model consists of correlations amongst the following constructs: positive and negative utilities, structural provisions, perceived value, attitude, personality traits, and intention to adopt Bitcoin. The proposed model can serve as a foundation for future studies addressing factors shaping individuals’ Bitcoin adoption decisions. Further research is required to empirically test the model to articulate Bitcoin adoption at the individual level.