Pengaruh Perilaku Keuangan terhadap Keputusan Investasi Cryptocurrency dengan Literasi Keuangan Sebagai Moderasi
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Abstract
Investasi cryptocurrency berkembang pesat di Indonesia, namun pengambilan keputusan investor individu kerap dipengaruhi oleh bias psikologis seperti overconfidence, herding, dan disposition effect, terutama dengan tingkat literasi keuangan yang beragam. Penelitian ini bertujuan untuk menganalisis pengaruh bias psikologis terhadap keputusan investasi kripto, serta menguji peran literasi keuangan sebagai variabel moderasi. Pendekatan kuantitatif digunakan melalui survei online terhadap 210 anggota komunitas investor kripto di Telegram. Analisis dilakukan menggunakan Structural Equation Modeling (SEM) dengan bantuan SmartPLS. Hasil penelitian menunjukkan bahwa overconfidence, herding, dan disposition effect berpengaruh positif dan signifikan terhadap keputusan investasi. Namun, hanya literasi keuangan yang secara signifikan memoderasi hubungan antara disposition effect dan keputusan investasi. Artinya, literasi keuangan dapat mengurangi dampak disposition effect, namun belum mampu menetralkan pengaruh overconfidence dan herding. Penelitian ini memperkaya literatur tentang perilaku keuangan dalam konteks aset digital. Secara praktis, temuan ini menegaskan pentingnya kesadaran dan pemahaman finansial bagi investor kripto. Kebaruan penelitian ini terletak pada pengujian simultan tiga bias perilaku keuangan dengan literasi keuangan sebagai moderator dalam konteks investasi kripto di Indonesia, yang masih jarang diteliti.
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