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All Journal Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis
Endah Yuni Puspitasari
Digital Bussines Accounting Study Program, Politeknik Negeri Lampung
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Behavioral Determinants of Cryptocurrency Investment Decisions among Generation Z Investors in Lampung Marthiya Salsabila; Endah Yuni Puspitasari; Arif Makhsun; M. Muhayin A Sidik
Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis Vol 10 No 4 (2026): August
Publisher : Lembaga Penelitian dan Pengabdian Kepada Masyarakat (LPPM), STIE Krakatau

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61401/relevansi.v10i4.605

Abstract

The rapid growth of cryptocurrency adoption in Indonesia was accompanied by a substantial increase in the number of investors, reaching approximately 20.19 million individuals, with Generation Z representing the largest demographic group. This study aimed to examine the effects of regret aversion, loss aversion, and mental accounting on cryptocurrency investment decisions among Generation Z investors in Lampung Province, Indonesia. A quantitative research approach was employed using a survey questionnaire distributed to respondents selected through purposive sampling. A total of 128 valid responses were analyzed using multiple linear regression with SPSS version 32 after satisfying the classical assumption tests. The findings indicated that regret aversion had a significant negative effect on cryptocurrency investment decisions, whereas loss aversion and mental accounting had significant positive effects. These results confirmed that psychological biases played an important role in shaping the investment behavior of Generation Z investors. However, this study was limited by its focus on a single province and its reliance on self-reported survey data, which may restrict the generalizability of the findings. The study contributed to the behavioral finance literature by providing empirical evidence on cryptocurrency investment behavior from the Indonesian market.
Co-Authors Arif Makhsun M. Muhayin A Sidik Marthiya Salsabila