<![CDATA[This study examines the influence of financial literacy, herding behavior, and risk perception on cryptocurrency investment decisions, with income level as a control variable. The rapid development of cryptocurrency as an alternative investment instrument has attracted significant interest among Millennial and Generation Z investors in Indonesia. However, investment decisions are often influenced by psychological and cognitive factors rather than comprehensive fundamental analysis. Therefore, understanding the determinants of investment decisions is essential to encourage rational financial behavior in the digital asset market. This research employed a quantitative method using a causal-associative approach. Data were collected through electronic questionnaires distributed to 150 retail cryptocurrency investors from the Millennial and Gen Z generations in Indonesia who are registered on official exchanges. The collected data were analyzed using multiple linear regression analysis. The results indicate that financial literacy, herding behavior, and risk perception each have a positive and significant effect on cryptocurrency investment decisions. Simultaneously, the three independent variables significantly influence investment decisions, with a coefficient of determination (R²) of 68%. In addition, income level effectively distinguishes investors’ risk capacity in facing market volatility and uncertainty. These findings provide practical implications for regulators in strengthening financial education and consumer protection policies nationwide in Indonesia.]]>
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