Behavioral Financing and the Adoption of Cryptocurrency in Indonesia
EIRENE JUSI UMBOH, DEWI TAMARA
Management Department,
Business School Master Program, Bina Nusantara University,
Jl. Hang Lekir I No.6, RT.1/RW.3, Senayan, Kec. Kby. Baru, Central Jakarta City,
Special Capital Region of Jakarta 11480,
INDONESIA
Abstract: - The aim of this research is to identify the factors that influence an individual’s financial behavior in
the adoption of cryptocurrency. This research is a quantitative study, and the respondents were selected through
purposive sampling, of which the following criteria were applied; 1) owning cryptocurrency 2) using
cryptocurrency for investment or purchasing needs 3) having a minimum of 3 years of investment experience.
A questionnaire was distributed to a total of 121 valid respondents. The research data was processed using
SEM-PLS, and from this, it was found that 21 out of 23 questionnaire items were valid. This research found
that the adoption of cryptocurrencies can be influenced by several factors; trust and perceived value can
improve the adoption of cryptocurrency, while financial literacy and perceived risk do not influence the
adoption of cryptocurrency. Also, the moderation of short/long horizon variables is not able to strengthen the
influence of perceived risk on adoption.
Key-Words: - Adoption, Cryptocurrency, Behavior Financing, financial literacy, perceived risk, Trust.
Received: June 22, 2023. Revised: February 11, 2024. Accepted: March 19, 2024. Published: May 7, 2024.
1 Introduction
Cryptocurrency is a digital currency that functions
independently of any centralized authority, such as a
financial institution or government, [1]. This
decentralized nature of cryptocurrency is
revolutionizing the financial industry by facilitating
direct peer-to-peer transactions, eliminating the
necessity for intermediaries such as banks or
traditional financial establishments, [2].
Cryptocurrency has the potential to serve as a viable
alternative investment option for individuals.
Cryptocurrencies show an annual increase in face
value and are immune to inflationary pressures due
to their limited supply. There are many types of
cryptocurrencies in terms of market capitalization,
such as Bitcoin, Ethereum (ETH), Dash, Monero
(XMR), Ripple (XRP), and Litecoin (LTC), [3].
cryptocurrency is revolutionizing the financial
industry by facilitating direct peer-to), Ripple
(XRP), Litecoin (LTC), [3].
Throughout history, virtual currencies have
gained popularity in modern societies, [4] and the
global population of users exceeds 100 million
individuals. This numerical value is anticipated to
exhibit a sustained upward trend in the forthcoming
years, [3]. The emergence of cryptocurrency in
Indonesia has drawn attention as one of the
countries accepting virtual currency. According to a
report by the Ministry of Trade of the Republic of
Indonesia, the number of individuals utilizing
cryptocurrencies in Indonesia peaked at 16.55
million users in 2022. Furthermore, statistics from
the same year showed that the overall number of
cryptocurrency investors in the country reached 6.27
million persons.
Investors use cryptocurrency because they see it
as a potential investment that can provide high
returns within a certain period. Transactions with
cryptocurrency are faster and cheaper than those
through banks. Cryptocurrency transactions can be
conducted worldwide with low fees and without
geographical limitations. All cryptocurrency
transactions are recorded in a blockchain that is
accessible publicly and open to everyone.
Cryptocurrency also holds potential investment
value, as the value of crypto assets can experience
significant increases over time, offering
opportunities for investors to profit.
However, cryptocurrency also presents several
challenges, such as volatile fluctuations in
cryptocurrency value over short periods. Digital
cryptocurrency wallets can be targets for
contamination or loss if not adequately secure.
Some countries lack clear regulations regarding
crypto, so the risk of legalization remains, making
cryptocurrency prohibited for use as a legal payment
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method, as in Indonesia, where cryptocurrency
cannot be used as a valid payment tool. These
phenomena lead this study to be more precise on the
identification of the factors that drive to the
adoption of cryptocurrencies in Indonesia.
2 Literature Review and Hypotheses
Development
2.1 Cryptocurrency
Presently, the number of individuals utilizing
cryptocurrencies has witnessed substantial growth,
reaching levels comparable to the populations of
certain small nations, [3]. Cryptocurrencies are
digital representations of value that rely on
cryptography for exchange. They utilize peer-to-
peer technologies on networks composed of user
computers. These emerging methods of exchange
are expected to play a significant role in the future
of electronic commerce, where financial
transactions are conducted through electronic
information exchanged over telecommunications
lines, [5]. Data from Chainalysis shows a 65%
increase in the amount of digital money sent to
merchant service providers like BitPay between
January and July 2019, [6]. Furthermore, the
ongoing COVID-19 pandemic has further fueled
this trend. [7], demonstrated that individuals heavily
engaged in electronic commerce are increasingly
turning to cryptocurrencies for their electronic
transactions. Cryptocurrencies offer intrinsic
features that help mitigate the uncertainties
associated with the new realities brought about by
the pandemic.
Cryptocurrency is a digital form of currency that
uses encryption techniques to regulate the
generation of units of currency and verify the
transfer of funds, [8]. Cryptocurrencies may
revolutionize digital trade markets by creating a
free-flowing trading system without fees.
Cryptocurrency returns are exposed to
cryptocurrency network factors but not
cryptocurrency production factors. There is a strong
time-series momentum effect, and proxies for
investor attention strongly forecast future
cryptocurrency returns, [9]. Cryptocurrency is
viewed as a speculative investment instead of a
long-term investment, [10]. Cryptocurrency as a
speculative investment activity is a natural response
to an unbalanced interplay between high and low
impulses, [11]. The findings of his study, which was
conducted in South Korea, imply that Bitcoin
speculation uses a decision-making process similar
to that used by other unplanned or risky IT
behaviors.
Following, [12], who investigated factors
influencing customers’ behavior, a series of other
variables that play a pivotal role in cryptocurrency,
namely: financial literacy, and perceived risk. It
emerged that herding behavior, perceived risk,
perceived benefits, and financial literacy were other
important variables to consider when assessing the
intention to use cryptocurrencies for electronic
commerce, [12]. Furthermore, referring to [13],
financial behavior can also be influenced by trust.
The perceived value that cryptocurrencies give in
terms of comfort and usability can also have an
impact on how widely they are adopted, [14].
2.2 Hypotheses Development
Financial literacy is becoming increasingly
important in modern society, as everyone needs to
make responsible decisions in their daily lives, [15].
Financial literacy is an important factor in
cryptocurrency adoption, [16]. Financial literacy is
also defined as individuals’ or society’s ability to
comprehend and manage finances. It can also be
regarded as the ability to effectively understand and
manage financial matters, [15]. According to a study
which utilizes data from the Japan 2019 Financial
Literacy Survey to evaluate the demographic
characteristics, financial behavior, and financial
literacy of Japanese adopters of crypto assets, and
financial literacy were factors that affect the
cryptocurrency adoption, [17]. Meanwhile, in
Africa, the different financial literacy levels are
considered as a challenge to cryptocurrency
adoption, particularly outside the cities,
[18]. Additionally, the dynamic nature of the
cryptocurrency world requires appropriate
regulation to ensure trust and prevent companies
from collapsing overnight. Overall, while financial
literacy may play a role in cryptocurrency adoption,
it is not the only factor and other variables such as
investment experience may also be influential, [16].
H1: Financial Literacy positively influences on
Adoption of Cryptocurrency.
Trust is the positive expectation or belief that
others will not act opportunistically through their
words, actions, policies, and behavior. Public
perceptions of trust and confidence in institutions
significantly contribute to cryptocurrency adoption.
Lower perceived trust in people and higher
perceived confidence in civil service and
international regulatory bodies increase
cryptocurrency adoption, while perceived
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confidence in political and financial institutions
discourages cryptocurrency adoption, [19].
H2: Trust positively influences on Adoption of
Cryptocurrency.
Perceived risk strongly influences consumer
decision–making, [20], [21]. Previous studies as
[22], proposed that when the level of perceived risk
is determined then it is easy to determine how
customers behave in connection to that risk.
Consumers may sometimes encounter high risk
when purchasing an investment product as a
financial value is frequently higher and there is no
guarantee or options for returning the purchase.
[23], have revealed in their paper that customers
who perceived less risk are likely to have a more
positive attitude towards the behavior. Perceived
risk is a variable to understand customer’s
perception of risk when adopting cryptocurrency
investment. So was suggested by [24], who stated
that short and long horizons actually strengthen the
relationship of perceived risk towards adoption.
H3a: Perceived Risk negatively influences on
Adoption of Cryptocurrency.
H3b: Short/Long Horizon strengthens the influence
of Perceived Risk on Adoption of Cryptocurrency.
Perceived value refers to the worth or value that
a customer believes they receive from a product or
service which made by the customer based on their
individual needs, preferences, and experiences, [25],
[26]. Perceived value is an important factor in the
adoption of cryptocurrencies. Based on perceived
value, there is a significant positive direct effect of
financial perceived value on the intention to use
cryptocurrencies, [27]. A value-based approach to
understanding what drives people to use
cryptocurrencies for value exchange has been
studied, and it was found that perceived value is an
important factor in adoption, [27]. According to
[28], based on cryptocurrency users, it was found
that they were motivated to adopt cryptocurrency
due to their desire for privacy, control over their
money, and their perception of the value of Bitcoin
currency.
H4: Perceived Value positively influences on
Adoption of Cryptocurrency.
Fig. 1: Model of research
Figure 1 presents the proposed research model
and delineates the variables under examination and
their interrelations in addressing the research
problem. This study will explore factors that
influence cryptocurrency adoption by investors,
including financial literacy, trust, perceived risk,
and perceived value. Additionally, this study will
discuss the influence of short/long horizons on the
impact of perceived risk. Financial literacy and trust
are considered crucial because they shape
individuals in navigating the complexities of
cryptocurrency. Perceived risk and perceived value
also play an important role, where lower perceived
risk tends to result in more positive attitudes.
Additionally, a short/long horizon is proposed to
strengthen the impact of perceived risk.
3 Methodology
3.1 Research Design
This research is a quantitative study, where
quantitative research refers to research that involves
processing numerical data. The data source for this
study is primary data, which is obtained directly
through a questionnaire assessed using a Likert
scale. The Likert scale is a numbering system used
to determine the extent to which statements are
evaluated by respondents, where scores from 1 to 5
are assigned. The respondents of this study were
selected through purposive sampling, with the
following criteria: 1) owning cryptocurrency; 2)
using cryptocurrency for investment or purchasing
needs; 3) having a minimum of 3 years of
investment experience. A minimum observation-to-
variable ratio of 5:1 is suggested by the sample-to-
variable ratio, while values of 15:1 or 20:1 are
recommended, [29]. The minimum sample size for
this research is 80 samples. However, in this study,
a questionnaire was distributed to 121 valid
respondents. The questionnaire was administered to
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respondents through Google Forms. The collected
data is then processed using SEM-PLS (Structural
Equation Modeling-Partial Least Squares).
3.2 Measurement Item
The Questionnaire items used in this research were
adopted from previous studies that examine the
same variables and focus. This research consists of
6 variables, where the first variable is Financial
Literacy (FL), [30], Trust, Perceived Risk [13] and
Perceived Value [14], [31], Furthermore, long /
short horizon as a moderating variable adopted from
[13] and lastly Adoption of cryptocurrency [13].
4 Result and Discussion
4.1 Characteristics of Respondents
This research selected 121 respondents obtained
from a Google Form, where the respondents met the
following criteria: 1) owning cryptocurrency, 2)
using cryptocurrency for investment or purchasing
needs, and 3) having a minimum of 3 years of
investment experience. The distribution of
respondent characteristics can be found in Table 2.
Table 1. Characteristics of respondent
Respondent Characteristics
Frequen
cy
Percentag
e
Gender
Female
50
41%
Male
71
59%
Occupation
Business
Owner
17
14%
Student
8
7%
Employee
71
59%
Self-
Employee
1
1%
Private Civil
Servant
5
4%
Professional
14
12%
Age
18 - 24
18
15%
25 - 30
45
37%
41 - 45
15
12%
31 - 35
20
17%
35 - 40
12
10%
51 - 55
5
4%
46 - 50
5
4%
> 55
1
1%
Education
Master's
Degree
27
22%
Bachelor's
Degree
81
67%
High School
9
7%
Diploma
1
1%
D-1
1
1%
PhD
1
1%
S3
1
1%
Master's
Degree
27
22%
Based on Table 1, it was found that there were
121 valid respondents consisting the majority of
participants were male, accounting for 71
respondents (41%), while the female respondents
were in the minority with 50 participants (59%).
The respondent’s occupations were primarily
employees with 71 respondents (59%), followed by
business owners with 17 respondents (14%). The
research participants were divided into different age
groups with a dominant age of 25 - 30 years with 45
respondents (37%). The education level consists of a
bachelor’s degree as the highest respondent with 81
participants (67%).
4.2 Confirmatory Factor Analysis
Table 2 shows the total measurement of all
indicators to find the validity and reliability scores.
The value of outer loading, average variance
extracted (AVE), cronbach alpha dan composite
reliability show 21 of 23 items fulfilled the validity
and reliability requirements. As presented in Table
2, the remaining variables had outer loading and
AVE more than 0.5 as the requirement of
convergent validity, and Cronbach’s alpha and
composite reliability of greater than 0.7 as the
requirement of construct reliability
Table 2. Measurement Model Test
Variabel
Item
OL
CA
CR
AVE
Ad
Ad1
0.879
0.909
0.936
0.785
Ad2
0.881
Ad3
0.922
Ad4
0.860
FL
FL1
0.858
0.852
0.908
0.766
FL2
0.849
FL3
0.917
Tr
Tr1
0.896
0.918
0.939
0.754
Tr2
0.905
Tr3
0.864
Tr4
0.791
Tr5
0.881
PR
PR1
0.746
0.838
0.878
0.646
PR2
0.932
PR3
0.835
PR4
0.681
PV
PV1
0.865
0.860
0.914
0.781
PV2
0.866
PV3
0.919
S/L H
SL1
0.855
0.837
0.914
0.841
SL3
0.975
Legend: Ad (Adoption); FL (Financial Literacy); PR (Perceived
Risk); PV (Perceived Value); S/L H (Short/Long Horizon); Tr
(Trust); OL (Outer Loading); AVE (Average variance
extracted); (CA) cronbach alpha; CR (Composite reliability)
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To test discriminant validity, the Fornell-Lacker
Criterion can be used. According to Ghozali and
Latan (2015), the Discriminant Validity method
involves testing reflective indicators by examining
the Cross Loading values for each variable, which
should be > 0.70. The Fornell-Lacker Criterion is
shown in Table 3. Thus, the requirement for
Discriminant Validity through the Fornell-Lacker
Criterion test has been met.
Table 3. Discriminant Validity Test
Legend: Ad (Adoption); FL (Financial Literacy); PR (Perceived
Risk); PV (Perceived Value); S/L H (Short/Long Horizon); Tr
(Trust)
4.3 Hypothesis Testing
Table 4 displays the result of the research
hypothesis testing. Firstly, out of the five
hypotheses, two hypotheses are below 0.05 which is
considered as accepted and the other is above 0.05
(Rejected). The highest coefficient value is seen in
the relationship between perceived risk and adoption
at 50.7% followed by trust and adoption at 32.7%.
While financial literacy and perceived risk are
unable to influence the adoption of cryptocurrency.
This suggests that this study supports H2 and H4 but
rejects H1 and H3a. The moderation of the short/long
horizon (β=0.603, p=0.269) doesn't enhance the
impact of perceived risk on adoption, thus leading to
the rejection of H3b.
Table 4. Inner Model test
Hypothesis
β
t-Values
P Values
R2
Desc
FL-> Ad
-0.025
0.391
0.696
0.643
Rejected
Tr-> Ad
0.327
3.492
0.000
Accepted
PR -> Ad
-0.008
0.096
0.923
Rejected
PV ->Ad
0.507
5.637
0.000
Accepted
S/LH x PR
0.603
1.105
0.269
Rejected
Note: FL (Financial Literacy), Ad (Adoption), Tr (Trust), PR
(Perceived Risk), PV (Perceived Value), S (Short), LH (Long
Horizon)
Financial literacy empowers individuals to
develop effective financial management practices
such as budgeting, saving, and responsible
investing. While some prior research has suggested
that the level of financial literacy can influence
individual financial behavior, its effect on
cryptocurrency adoption requires further
clarification. Analytical findings reveal that there is
no significant relationship between the level of
financial literacy and cryptocurrency adoption. Even
though individuals with high financial literacy might
possess a better understanding of the technical
concepts of cryptocurrency, it doesn't appear to
influence their decisions to adopt cryptocurrency.
This study, [32], corroborated the notion that
perceived risk diminishes individuals' capacity to
adopt cryptocurrency technology.
It is critical to establish trust since it is closely
associated with the credibility of platforms and
services that offer cryptocurrency services. People
tend to select reputable, transparent, and trustworthy
platforms or services. If a high level of trust is
fostered within these platforms or services, they will
feel at ease engaging in transactions and interacting
with cryptocurrencies. Our finding is in line with
[33], who reported that trust promotes the capacity
to adopt cryptocurrency technology.
Perceived risk is frequently considered in the
adoption process. This factor refers to how
individuals perceive cryptocurrency’s potential
losses or negative consequences. On the contrary,
the present study highlights that perceived risk does
not always play a critical role in deciding
cryptocurrency adoption. Several investors have
concerns about the security, potential fraud, or value
volatility of cryptocurrencies. Thus, rather than
solely addressing risk-related concerns, it may be
more effective to emphasize the benefits and
opportunities of cryptocurrencies.
The prices of cryptocurrencies are known to
fluctuate significantly over short periods. This
volatility can create uncertainty, which in turn,
decreases the perceived value of cryptocurrencies as
a stable store of value or exchange medium. The
limited acceptance of cryptocurrencies as a payment
method by businesses and merchants also
contributes to the reduced perceived value of
cryptocurrencies. If an individual thinks that
cryptocurrencies have limited use in the real world
or is unable to use them for their desired
transactions, they will feel discouraged from
adopting cryptocurrencies. Moreover, if an
individual perceives that cryptocurrencies do not
have clear and meaningful uses in daily life or
business, this may negatively influence the
adoption. Hence, it tis crucial for the perceived
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value of cryptocurrencies to be aligned with
practical needs and benefits to encourage adoption.
5 Conclusion
Our study demonstrates that cryptocurrency
adoption is influenced by trust and perceived value,
where this factor can improve cryptocurrency
adoption. On the other hand, financial literacy and
perceived risk do not influence cryptocurrency
adoption. The moderation of the short/long horizon
variable is not able to the moderation strengthen the
influence of perceived risk on adoption.
Although financial literacy was found not to be
a factor that influences cryptocurrency adoption,
efforts towards financial education remain
important. Educational endeavors should be directed
toward teaching individuals about investment
portfolio diversification, the benefits of blockchain
technology, and the potential value growth of
cryptocurrencies. By building a better
understanding, people may be more open to
exploring and utilizing cryptocurrencies.
To promote cryptocurrency adoption, fostering
trust among potential users is essential.. This can be
achieved by providing accurate and easily
comprehensible information about the benefits and
value of using cryptocurrencies. Promotional
campaigns may concentrate on giving insights into
how blockchain technology works, the benefits of
fast and low-cost transactions, as well as the
potential value growth of cryptocurrencies.
Despite having no significant influence on
cryptocurrency adoption, perceived risk is still
important to acknowledge that some individuals
may have concerns regarding risks. As such,
communication and education strategies should be
done to address potential risks, such as secure
storage, the use of reputable platforms, and other
security practices.
In future research, other factors that may
influence cryptocurrency adoption and the
moderation mechanism involved should be further
explored. By expanding the scope of research, a
more comprehensive understanding of
cryptocurrency adoption behavior can be obtained.
Collaboration among academics, practitioners, and
regulators is the key to strengthening the overall
cryptocurrency ecosystem. Dialogue and
information exchange between researchers and
stakeholders should be established, which can
contribute to policy and strategy development that
supports sustainable growth and broader
cryptocurrency adoption.
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WSEAS TRANSACTIONS on INFORMATION SCIENCE and APPLICATIONS
DOI: 10.37394/23209.2024.21.23
Eirene Jusi Umboh, Dewi Tamara
E-ISSN: 2224-3402
244
Volume 21, 2024
Research on Social Impacts of E-Payment and
Blockchain Technology.” 2022.
Contribution of Individual Authors to the
Creation of a Scientific Article (Ghostwriting
Policy)
- Eirene Jusi Umboh carried out the writing,
original draft, reviewing, editing, statistic
- Dewi Tamara was responsible for the
conceptualization and supervising the research
process.
Sources of Funding for Research Presented in a
Scientific Article or Scientific Article Itself
No funding was received for conducting this study.
Conflict of Interest
The authors have no conflicts of interest to declare.
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WSEAS TRANSACTIONS on INFORMATION SCIENCE and APPLICATIONS
DOI: 10.37394/23209.2024.21.23
Eirene Jusi Umboh, Dewi Tamara
E-ISSN: 2224-3402
245
Volume 21, 2024
