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All Journal Jurnal Proaksi
Larventy Larventy
International University of Batam
Economics, Econometrics & Finance Education

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Behavioral Biases and Crypto Investment Decision: Moderating Influence of Financial Literacy in Indonesia Hery Haryanto; Larventy Larventy; Johny Budiman
Jurnal Proaksi Vol. 13 No. 3 (2026): 13 No. 3 (2026): Juli - September
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32534/jpk.v13i3.8587

Abstract

Main Purpose - This research investigates how behavioral biases influence cryptocurrency investment decisions among Indonesian investors, with financial literacy as a moderating variable. Method - A quantitative approach was adopted using data from 520 active cryptocurrency investors in Indonesia collected through convenience-sampled online questionnaires. PLS-SEM was used to evaluate the proposed reflective measurement model and hypothesized structural relationships. Main Findings - Overconfidence, anchoring, mental accounting, loss aversion, and regret aversion significantly have positive effect on investment decisions, while herding behavior and representativeness yielded non-significant results. Financial literacy moderated only the relationships between overconfidence and loss aversion with investment decisions. Theory and Practical Implications - By integrating seven cognitive and emotional biases alongside financial literacy as a moderator, this study advances behavioral finance theory and underscores the strategic value of investor education in curbing bias-driven decision-making in speculative digital markets. Novelty - Departing from single-bias and traditional-market research traditions, this study constructs an integrated seven-bias framework and rigorously tests the boundary conditions imposed by financial literacy.
Co-Authors Hery Haryanto Johny Budiman