<![CDATA[ Purpose – This study aims to examine the effects of herding behavior and loss aversion on cryptocurrency investment decisions, with Fear of Missing Out (FOMO) as a mediating variable among Generation Z investors. The research seeks to understand how behavioral factors influence investment decision-making in the rapidly developing cryptocurrency market. Design/Methodology/Approach – This study employs an explanatory quantitative research design. Data were collected through electronic questionnaires distributed to 198 Generation Z investors in DKI Jakarta aged 17–28 years who had previously invested or were currently investing in cryptocurrency. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4 to test the relationships among the research variables. Findings – The findings indicate that herding behavior, loss aversion, and FOMO have positive and significant effects on cryptocurrency investment decisions. Furthermore, FOMO partially mediates the effects of herding behavior and loss aversion on investment decisions. These results demonstrate that psychological biases and emotional responses play important roles in shaping cryptocurrency investment behavior among Generation Z investors. Originality/Value – This study contributes to behavioral finance literature by extending empirical evidence on investment behavior in cryptocurrency markets, which remain relatively underexplored compared with traditional stock markets. The research provides new insights by integrating herding behavior, loss aversion, and FOMO into a single analytical framework within the context of Generation Z investors in Indonesia..]]>
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