As-Syirkah: Islamic Economic & Financial Journal
Vol. 5 No. 2 (2026): As-Syirkah: Islamic Economic & Financial Journal 

Analisis Risiko dan Tingkat Pengembalian Terhadap Investasi Bitcoin di Indonesia

Septiana Nur Anggraeni (Fakultas Ekonomi dan Bisnis, Universitas Pamulang)
Vega Anismadiyah (Fakultas Ekonomi dan Bisnis, Universitas Pamulang)



Article Info

Publish Date
30 Jun 2026

Abstract

                This study aims to analyze the risk level and rate of return of Bitcoin investment in Indonesia during the period 2020–2024. Bitcoin was selected as the research object due to its high volatility and its position as the cryptocurrency with the largest market capitalization. This research employs a quantitative descriptive approach using secondary data in the form of monthly closing prices obtained from CoinMarketCap and Investing.com. Data analysis was conducted by calculating monthly returns, standard deviation as a measure of risk, and coefficient of variation to assess investment efficiency. The results show that Bitcoin has a risk level of 19.79%, indicating high price volatility. However, Bitcoin generated significant returns in several periods, particularly in 2020, 2021, and 2024. These findings confirm that Bitcoin is characterized as a high-risk, high-return investment. Thus, Bitcoin investment is more suitable for aggressive investors with high risk tolerance rather than conservative investors.

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Journal Info

Abbrev

assyirkah

Publisher

Subject

Religion Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Other

Description

As-Syirkah: Islamic Economic & Financial Journal is a scientific journal published by Ikatan Dai Indonesia (IKADI) in collaboration with Masyarakat Ekonomi Syariah (MES) and Intellectual Association for Islamic Studies (IAFORIS). This journal contains scientific papers from academics, researchers ...