Bitcoin Investment Instrumen in Indonesia: The Impact of Perceived Risk and Benefit on Investor Behaviour

Abstract

Bitcoin's revolutionary nature has been attributed to the fact that it uses constantly improving and innovating Blockchain technology. After the success of fiat currency over gold, many have speculated that this could be the next stage. The study's goal is to collect responses reflecting the range of opinions about Bitcoin. Data was collected using a quantitative method, and 244 users participated as respondents. We analyze the factors that influence users' behavioral intentions to accept Bitcoin as an alternative investment in Indonesia using an integrated methodology. In this study, we suggested a model for Bitcoin adoption that combines the insights of the Theory of Planned Behavior (TPB) with those of the Unified Theory of Acceptance and Use of Technology (UTAUT); in several prior studies, Financial Literacy factor became one of the independent variables with significant results on Behavioral Intention; however, when tested as a moderator, the results did not show that Financial Literacy significantly influenced an individual's attitude toward using Bitcoin as an investment tool.