Faktor – Faktor yang Mempengaruhi Niat Investasi Cryptocurrency dengan Literasi Keuangan dan Literasi Keuangan Digital sebagai Variabel Moderasi
Keywords:
Investment, Cryptocurrency, Financial Literacy, Digital Financial Literacy
Abstract
This research will discuss what factors influence the intention to use cryptocurrency as an investment option. In addition, this study also examines the moderating effect of financial literacy and digital financial literacy on factors that influence the intention to use cryptocurrency as an investment option. This research was conducted because cryptocurrency which is a form of technological development has been recognized as a commodity asset in Indonesia and has made people start to choose it as an investment option. Research on this topic needs to be continued in Indonesia because research on cryptocurrency digital currency is still rarely done in developing countries. Millennials and Generation Z in Indonesia are the population in this study because technological developments are widely accepted in these generations. The research data was obtained from a survey using a questionnaire which was then processed using SmartPLS 4.0. The results of this study prove that performance expectations, effort expectations, social influence and facilitating condition significantly influence intentions to use cryptocurrencies as an investment option. In addition, this study also found that there is no moderating effect of financial literacy and digital financial literacy on factors that influence the intention to use cryptocurrency as an investment option. Thus the Indonesian government needs to develop a strategy for the public regarding the benefits of cryptocurrency in order to increase the use of cryptocurrency as an alternative investment.
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References
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OJK. (2018). Strategi Nasional Literasi Keuangan Indonesia. Otoritas Jasa Keuangan, 1–99.
Panos, G. A., Karkkainen, T., & Atkinson, A. (2021). Financial Literacy and Attitudes to Cryptocurrencies.
Pernice, I. G. A., & Scott, B. (2021). Cryptocurrency. Internet Policy Review, 10(2). https://doi.org/10.14763/2021.2.1561
Sari, M., Rachman, H., Juli Astuti, N., Win Afgani, M., & Abdullah Siroj, R. (2022). Explanatory Survey dalam Metode Penelitian Deskriptif Kuantitatif. Jurnal Pendidikan Sains Dan Komputer, 3(01), 10–16. https://doi.org/10.47709/jpsk.v3i01.1953
Sari, W. G. I., & Ovami, D. C. (2021). PENGARUH MOTIVASI DAN LITERASI KEUANGAN TERHADAP MINAT BERINVESTASI PADA PASAR MODAL SYARIAH (Studi Kasus Mahasiswa Universitas Muhammadiyah Sumatera Utara). National Conference on Applied Business, Education, & Technology (NCABET, 1.
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Shen, Y., Hu, W., & Zhang, Y. (2022). Digital Finance, Household Income and Household Risky Financial Asset Investment. Procedia Computer Science, 202, 244–251. https://doi.org/10.1016/j.procs.2022.04.032
Shofwa, Y. (2017). Pengaruh Motivasi dan Literasi Keuangan Terhadap Minat Berinvestasi di Pasar Modal (Studi Kasus Mahasiswa Universitas Muhamadiyah Purwokerto). Vol 5. No 1, Januari-Juni 2017, 5, 25–50.
Stix, H. (2019). Ownership and purchase intention of crypto-assets-survey results. https://www.bloomberg.com/opinion/articles/2018-01-
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly: Management Information Systems, 27(3), 425–478. https://doi.org/10.2307/30036540
Walton, A., & Johnston, K. (2018). Exploring perceptions of bitcoin adoption: The south african virtual community perspective. Interdisciplinary Journal of Information, Knowledge, and Management, 13, 165–182. https://doi.org/10.28945/4080
Wibowo, K. A. (2020). Transformation of Islamic Financial Literacy in the Member of BMT in Indonesia Through Community Development MKU Methods. SSRN Electronic Journal, 1–5. https://doi.org/10.2139/ssrn.3678336
Williams, M. D., Rana, N. P., & Dwivedi, Y. K. (2015). The unified theory of acceptance and use of technology (UTAUT): A literature review. In Journal of Enterprise Information Management (Vol. 28, Issue 3, pp. 443–448). Emerald Group Holdings Ltd. https://doi.org/10.1108/JEIM-09-2014-0088
Ahmad, G. N., Widyastuti, U., Susanti, S., & Mukhibad, H. (2020). Determinants of the islamic financial literacy. Accounting, 6(6), 961–966. https://doi.org/10.5267/j.ac.2020.7.024
Almeida, J., & Gonçalves, T. C. (2023). A systematic literature review of investor behavior in the cryptocurrency markets. In Journal of Behavioral and Experimental Finance (Vol. 37). Elsevier B.V. https://doi.org/10.1016/j.jbef.2022.100785
Alomari, A. S. A., & Abdullah, N. L. (2023). Factors influencing the behavioral intention to use Cryptocurrency among Saudi Arabian public university students: Moderating role of financial literacy. Cogent Business & Management, 10(1). https://doi.org/10.1080/23311975.2023.2178092
Alshater, M. M., Saba, I., Supriani, I., & Rabbani, M. R. (2022). Fintech in islamic finance literature: A review. In Heliyon (Vol. 8, Issue 9). Elsevier Ltd. https://doi.org/10.1016/j.heliyon.2022.e10385
Arias-Oliva, M., De Andrés-Sánchez, J., & PelegrÃn-Borondo, J. (2021). mathematics Fuzzy Set Qualitative Comparative Analysis of Factors Influencing the Use of Cryptocurrencies in Spanish Households. https://doi.org/10.3390/math9040
Arias-Oliva, M., PelegrÃn-Borondo, J., & MatÃas-Clavero, G. (2019). Variables influencing cryptocurrency use: A technology acceptance model in Spain. Frontiers in Psychology, 10(MAR). https://doi.org/10.3389/fpsyg.2019.00475
Donmez-Turan, A. (2020). Does unified theory of acceptance and use of technology (UTAUT) reduce resistance and anxiety of individuals towards a new system? Kybernetes, 49(5), 1381–1405. https://doi.org/10.1108/K-08-2018-0450
Echchabi, A., Aziz, H. A., & Tanas, I. N. (2021). Determinants of investment in cryptocurrencies: The case of Morocco (Vol. 1, Issue 1). https://akuntansi.pnp.ac.id/rafgo
Fujiki, H. (2020). Who adopts crypto assets in Japan? Evidence from the 2019 financial literacy survey. Journal of the Japanese and International Economies, 58. https://doi.org/10.1016/j.jjie.2020.101107
Ganesan, Y., Allah Pitchay, A. Bin, & Mohd Nasser, M. A. (2020). Does intention influence the financial literacy of depositors of Islamic banking? A case of Malaysia. International Journal of Social Economics, 47(5), 675–690. https://doi.org/10.1108/IJSE-01-2019-0011
Giudici, G., Milne, A., & Vinogradov, D. (2020). Cryptocurrencies: market analysis and perspectives. In Journal of Industrial and Business Economics (Vol. 47, Issue 1). Springer Science and Business Media Deutschland GmbH. https://doi.org/10.1007/s40812-019-00138-6
Gupta, S., Gupta, S., Mathew, M., & Sama, H. R. (2020). Prioritizing intentions behind investment in cryptocurrency: a fuzzy analytical framework. Journal of Economic Studies. https://doi.org/10.1108/JES-06-2020-0285
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). Thousand Oaks. Sage, 165.
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. In European Business Review (Vol. 31, Issue 1, pp. 2–24). Emerald Group Publishing Ltd. https://doi.org/10.1108/EBR-11-2018-0203
Hasan, S. Z., Ayub, H., Ellahi, A., & Saleem, M. (2022). A Moderated Mediation Model of Factors Influencing Intention to Adopt Cryptocurrency among University Students. Human Behavior and Emerging Technologies, 2022, 1–14. https://doi.org/10.1155/2022/9718920
Ilham, R. N., Sinta, I., Sinurat, M., Malikussaleh, U., Tinggi, S., Ekonomi, I., Karya, B., & Tinggi, T. (2022). The Effect Of Technical Analysis On Cryptocurrency Investment Returns With The 5 (Five) Highest Market Capitalizations In Indonesia-Rico Nur Ilham, Irada Sinta. Jurnal Ekonomi, 11(02). http://ejournal.seaninstitute.or.id/index.php/Ekonomi
Jariyapan, P., Mattayaphutron, S., Gillani, S. N., & Shafique, O. (2022). Factors Influencing the Behavioural Intention to Use Cryptocurrency in Emerging Economies During the COVID-19 Pandemic: Based on Technology Acceptance Model 3, Perceived Risk, and Financial Literacy. Frontiers in Psychology, 12. https://doi.org/10.3389/fpsyg.2021.814087
Kajol, K., Singh, R., & Paul, J. (2022). Adoption of digital financial transactions: A review of literature and future research agenda. Technological Forecasting and Social Change, 184. https://doi.org/10.1016/j.techfore.2022.121991
Kass-Hanna, J., Lyons, A. C., & Liu, F. (2022). Building financial resilience through financial and digital literacy in South Asia and Sub-Saharan Africa. Emerging Markets Review, 51. https://doi.org/10.1016/j.ememar.2021.100846
KuÄera, J., & AndelÃk, T. (2021). A historical excursion through the development of cryptocurrencies in the world. Littera Scripta, 14(1). https://doi.org/10.36708/Littera_Scripta2021/1/7
Kumar, P., Pillai, R., Kumar, N., & Tabash, M. I. (2022). The interplay of skills, digital financial literacy, capability, and autonomy in financial decision making and well-being. Borsa Istanbul Review. https://doi.org/10.1016/j.bir.2022.09.012
Miciuła, I., & Kazojć, K. (2019). The global development of cryptocurrencies. Prace Naukowe Uniwersytetu Ekonomicznego We Wrocławiu, 63(2), 183–196. https://doi.org/10.15611/pn.2019.2.16
OJK. (2018). Strategi Nasional Literasi Keuangan Indonesia. Otoritas Jasa Keuangan, 1–99.
Panos, G. A., Karkkainen, T., & Atkinson, A. (2021). Financial Literacy and Attitudes to Cryptocurrencies.
Pernice, I. G. A., & Scott, B. (2021). Cryptocurrency. Internet Policy Review, 10(2). https://doi.org/10.14763/2021.2.1561
Sari, M., Rachman, H., Juli Astuti, N., Win Afgani, M., & Abdullah Siroj, R. (2022). Explanatory Survey dalam Metode Penelitian Deskriptif Kuantitatif. Jurnal Pendidikan Sains Dan Komputer, 3(01), 10–16. https://doi.org/10.47709/jpsk.v3i01.1953
Sari, W. G. I., & Ovami, D. C. (2021). PENGARUH MOTIVASI DAN LITERASI KEUANGAN TERHADAP MINAT BERINVESTASI PADA PASAR MODAL SYARIAH (Studi Kasus Mahasiswa Universitas Muhammadiyah Sumatera Utara). National Conference on Applied Business, Education, & Technology (NCABET, 1.
Setiawan, M., Effendi, N., Santoso, T., Dewi, V. I., & Sapulette, M. S. (2022). Digital financial literacy, current behavior of saving and spending and its future foresight. Economics of Innovation and New Technology, 31(4), 320–338. https://doi.org/10.1080/10438599.2020.1799142
Shen, Y., Hu, W., & Zhang, Y. (2022). Digital Finance, Household Income and Household Risky Financial Asset Investment. Procedia Computer Science, 202, 244–251. https://doi.org/10.1016/j.procs.2022.04.032
Shofwa, Y. (2017). Pengaruh Motivasi dan Literasi Keuangan Terhadap Minat Berinvestasi di Pasar Modal (Studi Kasus Mahasiswa Universitas Muhamadiyah Purwokerto). Vol 5. No 1, Januari-Juni 2017, 5, 25–50.
Stix, H. (2019). Ownership and purchase intention of crypto-assets-survey results. https://www.bloomberg.com/opinion/articles/2018-01-
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly: Management Information Systems, 27(3), 425–478. https://doi.org/10.2307/30036540
Walton, A., & Johnston, K. (2018). Exploring perceptions of bitcoin adoption: The south african virtual community perspective. Interdisciplinary Journal of Information, Knowledge, and Management, 13, 165–182. https://doi.org/10.28945/4080
Wibowo, K. A. (2020). Transformation of Islamic Financial Literacy in the Member of BMT in Indonesia Through Community Development MKU Methods. SSRN Electronic Journal, 1–5. https://doi.org/10.2139/ssrn.3678336
Williams, M. D., Rana, N. P., & Dwivedi, Y. K. (2015). The unified theory of acceptance and use of technology (UTAUT): A literature review. In Journal of Enterprise Information Management (Vol. 28, Issue 3, pp. 443–448). Emerald Group Holdings Ltd. https://doi.org/10.1108/JEIM-09-2014-0088
Published
2023-07-06
Section
Original Articles
Copyright (c) 2023 Delva Muharni, Rita Rahayu
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