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