Behavioral Intention to Invest Cryptocurrency in Indonesia: An Empirical Study

Abstract

The use of blockchain technology is increasing along with the need for an increase in financial value, one of which is cryptocurrency. This study analyzes behavioral intentions to invest using cryptocurrencies based on social effects, regulatory support, and trust factors. Quantitative procedures are applied to answer study hypotheses with data sources from distributing online questionnaires to respondents who invest in cryptocurrencies in Indonesia. Therefore, a purposive sampling technique was applied to 410 respondents. The data analysis used Partial Least Square - Structural Equation Modeling-(PLS-SEM). The study's results prove that social effects positively and significantly influence trust and behavioral intention. In addition, regulatory support positively and significantly affects trust, and trust has a positive and significant effect on behavioral intention to invest in cryptocurrency. This research contributes significantly to investor behavior by applying regulatory support for adopting the latest information technology.