THE INFLUENCE OF SUBJECTIVE NORMS, FINANCIAL LITERACY, TRUST, AND GOVERNMENT REGULATION ON BEHAVIORAL INTENTION TO INVEST IN CRYPTOCURRENCY

Abstract

Despite the fact that cryptocurrency is regarded as a highrisk speculative cryptocurrencies, the growth in the number of cryptocurrency owners in Indonesia continues to grow every year. The low level of financial literacy and the trust factor in crypto investment are the reasons why the government is worried about the increasing number of crypto investors. The study will provide an explanation for the rise in cryptocurrency investment based on the following variables: subjective norms, financial literacy, trust, and governmental regulation. Gender is utilized as a moderating variable to analyze the difference in cryptocurrencies investment between men and women. This study used a quantitative methodology, the data were collected using a questionnaire survey of respondents who were at least 17 years old, and had invested in non- cryptocurrencies. Financial literacy and trust were discovered to have an impact on the forming of investment intentions in cryptocurrency. Women are known to have higher trust than men in investing in cryptocurrencies. This research is expected to provide input to the Indonesian government in developing strategies to establish a safer environment for investors and to minimize the amount of risk associated with cryptocurrency investment.