Determinan Keputusan Investasi Aset Kripto pada Generasi Z: Pengaruh Media Sosial, Persepsi Risiko, dan Literasi Keuangan

Dewi Pertiwi, Joshua Wijaya, Ismi Fitri Aulia

Abstract


Jumlah investor aset kripto di Indonesia terus bertambah dan didominasi kelompok usia muda, sementara aset ini memiliki risiko tinggi akibat fluktuasi harga yang ekstrem, ketidakpastian regulasi, dan ancaman keamanan siber. Kondisi tersebut menuntut investor Generasi Z mengambil keputusan secara rasional, padahal keputusannya mudah terpengaruh oleh informasi di media sosial. Penelitian ini bertujuan menganalisis pengaruh media sosial, persepsi risiko, dan literasi keuangan terhadap keputusan investasi aset kripto pada Generasi Z. Penelitian menggunakan pendekatan kuantitatif melalui survei dengan kuesioner daring kepada 101 responden Generasi Z berusia 17–26 tahun yang telah berinvestasi aset kripto. Data dianalisis dengan pemodelan persamaan struktural berbasis kuadrat terkecil parsial (partial least squares). Hasil penelitian menunjukkan bahwa literasi keuangan merupakan faktor paling dominan dengan pengaruh positif dan signifikan terhadap keputusan investasi. Persepsi risiko juga berpengaruh positif dan signifikan, sedangkan media sosial tidak berpengaruh signifikan. Dapat disimpulkan bahwa keputusan investasi aset kripto pada Generasi Z lebih ditentukan oleh pemahaman keuangan dan kesadaran terhadap risiko daripada paparan informasi di media sosial. Oleh karena itu, penguatan literasi keuangan dan pemahaman risiko penting untuk mendukung keputusan investasi yang lebih terinformasi. 

 


Keywords


aset kripto, keputusan investasi, Generasi Z, literasi keuangan, persepsi risiko, media sosial

Full Text:

PDF

References


Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior And Human Decision Processes, 50, 179–211.

Alghani, A., & Wiksuana, G. B. (2026). The effect of financial literacy on investment decisions with financial wellbeing as a mediating variable (A study on cryptocurrency investors in bali province). Return: Study of Economic And Business Management, 5(1), 13–26. https://return.publikasikupublisher.com/index.php/return/index

Bouri, E., Gupta, R., & Roubaud, D. (2019). Herding behaviour in cryptocurrencies. Finance Research Letters, 29, 216–221. https://doi.org/10.1016/j.frl.2018.07.008

Chairunnisa, A., & Dalimunthe, Z. (2021). Indonesian stock’s influencer phenomenon: Did financial literacy on millennial age reduce herding behavior? Jurnal Akuntansi Dan Keuangan, 23(2), 62–68. https://doi.org/10.9744/jak.23.2.62-68

Chaitanya, D. B., & Nordin, N. (2021). The relationship between psychological factors, risk perception and social media on investment decision making. International Journal of Advanced Research in Economics and Finance. https://doi.org/10.55057/ijaref.2021.3.4.6

Junaidi, A., Hasan Hafidzi, A., & Sari, M. I. (2026). Pengaruh herding behavior, literasi keuangan, dan persepsi risiko terhadap keputusan investasi cryptocurrency pada gen z di kabupaten jember. Management, and Accounting Studies, 1(3), 47–58.

Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263–292. https://about.jstor.org/terms

Kim, K. T., & Fan, L. (2025). Beyond the hashtags: social media usage and cryptocurrency investment. International Journal of Bank Marketing, 43(3), 569–590. https://doi.org/10.1108/IJBM-12-2023-0665

Lestanti, N. (2024, October 29). Bappebti: Investor kripto di indonesia tembus 21,27 Juta, didominasi gen Z dan milenial. Tribunnews. https://www.tribunnews.com/new-economy/2024/10/29/bappebti-investor-kripto-di-indonesia-tembus-2127-juta-didominasi-gen-z-dan-milenial

Lestari, D. M., Sadalia, I., & Silalahi, A. S. (2023). The effect of financial literacy, risk perception, overconfidence, and investment experience on cryptocurrency investment decision. Proceedings of the 19th International Symposium on Management (INSYMA 2022), 158–164. https://doi.org/10.2991/978-94-6463-008-4_21

Lusardi, A., & Mitchell, O. S. (2023). The importance of financial literacy: Opening a new field. Journal of Economic Perspectives, 37(4), 137–154. https://doi.org/10.1257/jep.37.4.137

Martaningrat, N. W. S., & Kurniawan, Y. (2024). The impact of financial influencers, social influencers, and fomo economy on the decision-making of investment on millennial generation and gen Z of indonesia. Journal of Ecohumanism, 3(3), 1319–1335. https://doi.org/10.62754/joe.v3i3.3604

OECD. (2020). OECD/INFE 2020 international survey of adult financial literacy. www.oecd.org/financial/education/launchoftheoecdinfeglobalfinancialliteracysurveyreport.htm

Otoritas Jasa Keuangan, Lembaga Penjamin Simpanan, & Badan Pusat Statistik. (2026, August 11). Siaran pers bersama: Indeks literasi dan inklusi keuangan masyarakat meningkat, OJK, LPS, dan BPS umumkan hasil survei nasional literasi dan inklusi keuangan (SNLIK) tahun 2026. Otoritas Jasa Keuangan. https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/Hasil-SNLIK-Tahun-2026.aspx

Purba, A. (2026, August 7). OJK: Investor aset kripto capai 22,69 juta per juni 2026. RRI. https://rri.co.id/medan/ekonomi/keuangan/2631895/ojk-investor-aset-kripto-capai-2269-juta-per-juni-2026

Rahyuda, H., & Candradewi, M. R. (2023). Determinants of cryptocurrency investment decisions (Study of students in Bali). Investment Management and Financial Innovations, 20(2), 193–204. https://doi.org/10.21511/imfi.20(2).2023.17

Rijanto, B. P., & Utami, N. (2024). Financial technology, social media influencers, and experience of cryptocurrency investment decisions: Financial literacy’s role. Jurnal Manajemen Maranatha, 23(2), 201–216. https://doi.org/10.28932/jmm.v23i2.8717

Rodpangtiam, A., Boonchutima, S., & Mazahir, I. (2024). Perception of social media users regarding cryptocurrency investment adoption: a case of social media platform–Reddit. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2402513

Sa’diyah, C., Widagdo, B., & Fitriasari, F. (2024). Cryptocurrency investment: Evidence of financial literacy, experience, and risk tolerance. Investment Management and Financial Innovations, 21(3), 148–159. https://doi.org/10.21511/imfi.21(3).2024.13

Sang, T. M. (2026). Integrating behavioral, social, and technological factors in cryptocurrency investment decisions. Plos One, 21(4 April). https://doi.org/10.1371/journal.pone.0332256

Slovic, P. (1987). Perception of risk. Science, 236(4799), 280–285.

Susanto, S. A., & Anastasia, N. (2019). Herding behavior and decision-making within the middle – class residential property investments. Jurnal Akuntansi Dan Keuangan, 21(2), 90–100. https://doi.org/10.9744/jak.21.2.90-100

Yaga, D., Mell, P., Roby, N., & Scarfone, K. (2019). Blockchain Technology Overview. https://doi.org/10.6028/NIST.IR.8202

Zhao, H., & Zhang, L. (2021). Financial literacy or investment experience: which is more influential in cryptocurrency investment? International Journal of Bank Marketing, 39(7), 1208–1226. https://doi.org/10.1108/IJBM-11-2020-0552




DOI: https://doi.org/10.31764/jabb.v7i2.44013

Refbacks

  • There are currently no refbacks.



This publication is indexed by: