ANALISIS PENGARUH INVESTMENT EXPERIENCE, FINANCIAL EDUCATION DAN HERDING TERHADAP INVESTMENT DECISIONS DALAM CRYPTOCURRENCY

Abstract

ABSTRAK
Pesatnya perkembangan investasi cryptocurrency di Indonesia yang diiringi dengan tingginya risiko serta kecenderungan perilaku investor yang tidak selalu rasional. Penelitian ini bertujuan untuk  menganalisis pengaruh investment experience, financial education, dan perilaku herding terhadap  investment decision pada aset cryptocurrency. Penelitian menggunakan pendekatan kuantitatif  dengan teknik purposive sampling terhadap 160 investor kripto aktif. Pengumpulan data dilakukan  melalui kuesioner berskala Likert dan dianalisis menggunakan metode Partial Least Squares Structural Equation Modeling (PLS-SEM). Hasil penelitian menunjukkan bahwa investment experience dan financial education berpengaruh positif dan signifikan terhadap investment  decision, yang berarti semakin tinggi pengalaman dan pemahaman keuangan investor, semakin  baik kualitas keputusan investasi yang diambil. Sebaliknya, perilaku herding berpengaruh negatif  dan signifikan terhadap investment decision, yang menunjukkan bahwa kecenderungan mengikuti  mayoritas justru menurunkan rasionalitas pengambilan keputusan. Temuan ini menegaskan bahwa keputusan investasi cryptocurrency tidak hanya ditentukan oleh faktor pengetahuan dan pengalaman, tetapi juga dipengaruhi oleh bias perilaku sehingga diperlukan penguatan literasi keuangan yang disertai kesadaran psikologis agar investor mampu mengambil keputusan secara lebih rasional dan mandiri. Kontribusi penelitian ini terletak pada pengembangan ilmu keuangan perilaku dalam konteks aset digital dengan menekankan pentingnya integrasi literasi keuangan dan kesadaran terhadap bias perilaku guna mendorong pengambilan keputusan investasi yang lebih rasional dan berkualitas.
Kata Kunci: cryptocurrency; keputusan investasi; pengalaman investasi; pendidikan keuangan;
perilaku berkelompok;

ABSTRACT
The rapid growth of cryptocurrency investment in Indonesia, which is accompanied by high risk and  investor behavior that is not always rational. The research aims to analyze the influence of investment experience, financial education, and herding behavior on investment decisions in cryptocurrency assets. A quantitative approach was employed using purposive sampling of 160 active crypto investors. Data were collected through Likert-scale questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that investment experience and  financial education have a positive and significant effect on investment decisions, suggesting that higher levels of experience and financial understanding lead to better investment decision quality. In
contrast, herding behavior has a negative and significant effect, implying that the tendency to follow the majority reduces the rationality and effectiveness of decision-making. These findings highlight that cryptocurrency investment decisions are shaped not only by knowledge and experience but also by behavioral biases, emphasizing the importance of strengthening financial literacy alongside psychological awareness to support more rational and independent investment decisions. The contribution 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 of  behavioral biases to encourage more rational and quality investment decision-making.

Keywords: cryptocurrency; financial education; herding behavior; investment decision; investment
experience