When Digital Hype Meets Crypto Literacy in Bitcoin Investment Indonesia

This study aims to analyze the effects of Fear of Missing Out (FOMO) and Crypto Literacy on Bitcoin investment decisions in Indonesia, with Social Media Exposure serving as a moderating variable. A quantitative approach using Partial Least Squares–Structural Equation Modeling (PLS-SEM) was employed to examine the relationships among variables. The findings reveal that FOMO has a positive effect on Bitcoin investment decisions, confirming the role of psychological factors in driving speculative investment behavior. Crypto Literacy also significantly influences investment decisions, although the level of crypto literacy among Indonesian investors remains relatively low. Social Media Exposure not only has a direct effect but also strengthens the relationships between FOMO and Crypto Literacy with investment decisions, functioning as an amplifier in the dynamics of investment behavior. These findings extend behavioral finance literature by emphasizing the interaction between psychological factors, literacy, and social influence in the context of digital asset investment. This study is expected to contribute insights for investors, regulators, and social media platforms in developing more effective educational strategies, regulations, and consumer protection policies in the digital era.本研究旨在探究印度尼西亚市场中错失焦虑（Fear of Missing Out，FOMO）与加密货币素养对投资者比特币投资决策的影响，并将社交媒体曝光度设为调节变量。本研究采用偏最小二乘-结构方程模型（Partial Least Squares–Structural Equation Modeling，PLS-SEM）定量研究方法，对各变量间的关联关系进行检验。 研究结果表明：错失焦虑对投资者的比特币投资决策存在显著正向影响，印证了心理因素对投机性投资行为的驱动作用；加密货币素养同样会对投资决策产生显著影响，尽管当前印度尼西亚投资者的加密货币素养水平仍相对偏低；社交媒体曝光度不仅能够直接影响投资决策，还可强化错失焦虑、加密货币素养与投资决策之间的关联关系，在投资行为的动态演化过程中发挥放大器功能。本研究的发现拓展了行为金融学的研究边界，强调了心理因素、素养水平与社会影响在数字资产投资场景下的交互作用。本研究可为投资者、监管机构及社交媒体平台提供决策参考，助力其在数字时代制定更具实效性的教育策略、监管规范与消费者保护政策。