<![CDATA[ABSTRAKPesatnya perkembangan investasi cryptocurrency di Indonesia yang diiringi dengan tingginya risikoserta kecenderungan perilaku investor yang tidak selalu rasional. Penelitian ini bertujuan untukmenganalisis pengaruh investment experience, financial education, dan perilaku herding terhadapinvestment decision pada aset cryptocurrency. Penelitian menggunakan pendekatan kuantitatifdengan teknik purposive sampling terhadap 160 investor kripto aktif. Pengumpulan data dilakukanmelalui kuesioner berskala Likert dan dianalisis menggunakan metode Partial Least SquaresStructural Equation Modeling (PLS-SEM). Hasil penelitian menunjukkan bahwa investmentexperience dan financial education berpengaruh positif dan signifikan terhadap investmentdecision, yang berarti semakin tinggi pengalaman dan pemahaman keuangan investor, semakinbaik kualitas keputusan investasi yang diambil. Sebaliknya, perilaku herding berpengaruh negatifdan signifikan terhadap investment decision, yang menunjukkan bahwa kecenderungan mengikutimayoritas justru menurunkan rasionalitas pengambilan keputusan. Temuan ini menegaskan bahwakeputusan investasi cryptocurrency tidak hanya ditentukan oleh faktor pengetahuan danpengalaman, tetapi juga dipengaruhi oleh bias perilaku sehingga diperlukan penguatan literasikeuangan yang disertai kesadaran psikologis agar investor mampu mengambil keputusan secaralebih rasional dan mandiri. Kontribusi penelitian ini terletak pada pengembangan ilmu keuanganperilaku dalam konteks aset digital dengan menekankan pentingnya integrasi literasi keuangan dankesadaran terhadap bias perilaku guna mendorong pengambilan keputusan investasi yang lebihrasional dan berkualitas.Kata Kunci: cryptocurrency; keputusan investasi; pengalaman investasi; pendidikan keuangan;perilaku berkelompok; ABSTRACTThe rapid growth of cryptocurrency investment in Indonesia, which is accompanied by high risk andinvestor behavior that is not always rational. The research aims to analyze the influence of investmentexperience, financial education, and herding behavior on investment decisions in cryptocurrencyassets. A quantitative approach was employed using purposive sampling of 160 active cryptoinvestors. Data were collected through Likert-scale questionnaires and analyzed using Partial LeastSquares Structural Equation Modeling (PLS-SEM). The results indicate that investment experience andfinancial education have a positive and significant effect on investment decisions, suggesting thathigher levels of experience and financial understanding lead to better investment decision quality. Incontrast, herding behavior has a negative and significant effect, implying that the tendency to followthe majority reduces the rationality and effectiveness of decision-making. These findings highlight thatcryptocurrency investment decisions are shaped not only by knowledge and experience but also bybehavioral biases, emphasizing the importance of strengthening financial literacy alongsidepsychological awareness to support more rational and independent investment decisions. Thecontribution of this research lies in the development of behavioral finance science in the context of digital assets by emphasizing the importance of integrating financial literacy and awareness ofbehavioral biases to encourage more rational and quality investment decision-making.Keywords: cryptocurrency; financial education; herding behavior; investment decision; investmentexperience]]>
