Claim Missing Document
Check
Articles

Found 1 Documents
Search
Journal : Transekonomika : Akuntansi, Bisnis dan Keuangan

Analysis of Risk and Return on Investments in Cryptocurrency Instruments in Indonesia from 2022 to 2024 Hidayat, Rizki; Maisyarah, Renny
TRANSEKONOMIKA: AKUNTANSI, BISNIS DAN KEUANGAN Vol. 5 No. 5 (2025): September 2025
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/transekonomika.v5i5.1056

Abstract

Cryptocurrency has a much higher level of risk and volatility compared to traditional investment instruments such as stocks, thus requiring a deeper understanding of the characteristic differences between the two. This research analyzes the risk profile and return on investment of cryptocurrency compared to stock indices in Indonesia during the 2022–2024 period. This research seeks to examine the characteristic differences between cryptocurrency and traditional stock investments. Using purposive sampling techniques, this research involves five types of cryptocurrency (Bitcoin, Ethereum, Tether, Binance, Ripple) and five stock indices (IHSG, MBX, LQ45, Kompas 100, Bisnis-27) with monthly data totaling 350 observations. The methodology used includes the Shapiro-Wilk normality test for data distribution, followed by the non-parametric Mann-Whitney U test for return and risk variables that are not normally distributed, and the Independent Sample t-test for the Value at Risk (VaR) variable that is normally distributed. The findings shed light that although there is no significant difference in the rate of return between cryptocurrency and stock indices (p = 0.494), cryptocurrency has a much higher level of risk based on standard deviation (p = 0.000) and Historical VaR 95% (p = 0.028). The average VaR of cryptocurrency reaches 23.17%, while stock indices only 6.10%, indicating a potential maximum loss nearly four times greater under worst market conditions. These findings confirm that cryptocurrency is a high-risk asset that demands more careful risk management strategies, and provides important implications for investors and policymakers in designing regulations and investment portfolios that are adaptive to digital market dynamics.
Co-Authors Abdul Mukit Abdul Rahman Adityawarman Hidayat, Adityawarman Aflizah, Nur Afriza, Afriza Aji, Maskhul Alhadi, Zikri Annisa, Meivia Annisa, Riska Riyana Argarini, Diah ariyanto, sanusi Aryanto, Gani Putri Azhari Syarief Bahri, Khairul Desriyeni, Desriyeni Eka Pandu Cynthia, Eka Pandu Fajar, Kana Fatimatuzahro, Siti Fauziyyah, Zahra Febi Yanto, Febi Febrianti, Tressia Feriyanti, Yang Gusti Ginanjar Rahmawan, Ginanjar H, Harry Aulia Halim, Putri Aliyah Tamima Halimahtussakdiah, Halimahtussakdiah Henry Prasetyo, Henry Hidayanti, Dwi Nur Hidayat Hidayat Hutasuhut, Arti Febriyani Indriani Indriani Iqbal, Moh Kasman Ediputra, Kasman Lussy Midani Rizki Maisyarah, Renny Masdiana Masdiana Mazziyah, Fitri Farihatul Meiyanti, Elni Mubarok, Sabiqul Mudasir Mudasir Muhammad Fikry Muhammad Muhammad Muti'ah, Siti mutiah, siti Naziyah, Naziyah Nursasmita, Rizqi Nurul Islami, Nurul Nurul Yakin Oktaviana, Nadia Permaha, Owan Ratna Purwo Subekti Putra, Reza Putri, Adinda Julia Rahmatullah, Muhammad Rizky Rasman, Damayanti Bunga Pertiwi Retno Widowati Riandini, Ory Riyanto, Putri Sahara Rodhiyah Mardhiyyah Roza, Azmi Sahira, Adinda Said, Faridah Mohd Said, Mohamed Saifulaman Mohamed Saputri, Eki Nining Sembiring, Tesalonika Senasi, Vally Siska Siska Siti Nurhayati Sjahriani, Tessa Sukamti, Nita Suralaga, Cholisah Suripto, Heri Tri Kusmita Triswanti, Nia Venessa Agusta Gogali Walmashitoh, Suranti Widasari Sri Gitarja, Widasari Sri Winnugroho Wiratman, Manfaluthy Hakim, Tiara Aninditha, Aru W. Sudoyo, Joedo Prihartono Yakin, Ainol Yuliani, Nadia Yunanda, Alif Yusniawati, Erni Yusra, Yusra Zainal Arifin Zulhelmy