Published: 2026-05-28

Bitcoin Risk Perception and Investment Behavior: The Role of Literacy and Trust

DOI: 10.35870/ijmsit.v6i1.6979

I Made Ardita, Ni Made Suci, Fridayana Yudiatmaja
  • I Made Ardita: Universitas Pendidikan Ganesha
  • Ni Made Suci: Universitas Pendidikan Ganesha
  • Fridayana Yudiatmaja: Universitas Pendidikan Ganesha
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Abstract

This study aims to examine the effect of Bitcoin risk perception on stock investment decisions by considering the mediating roles of financial literacy and investor trust. The rapid development of digital financial technology, particularly cryptocurrencies, has introduced new dimensions of risk that influence investor behavior across financial instruments. This research adopts a quantitative approach with an explanatory design, involving 120 respondents selected through purposive sampling. Data were collected using structured questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that Bitcoin risk perception has a positive and significant effect on financial literacy, investor trust, and stock investment decisions. Furthermore, financial literacy and investor trust significantly influence stock investment decisions and serve as partial mediators in the relationship between Bitcoin risk perception and investment decisions. These findings suggest that higher awareness of cryptocurrency risk encourages individuals to enhance their financial understanding and develop rational trust, ultimately leading to more informed investment decisions in the stock market. This study contributes to the integration of behavioral finance and financial technology by highlighting the indirect mechanisms through which risk perception shapes investment behavior. Practically, the results emphasize the importance of financial education and transparent information in improving investor decision-making in the digital era.

Keywords

Bitcoin risk perception; Financial literacy; Investor trust; Stock investment decisions; Behavioral finance

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How to Cite

Ardita, I. M., Suci, N. M., & Yudiatmaja, F. (2026). Bitcoin Risk Perception and Investment Behavior: The Role of Literacy and Trust. International Journal of Management Science and Information Technology, 6(1), 609-618. https://doi.org/10.35870/ijmsit.v6i1.6979
Article Information

This article has been peer-reviewed and published in the International Journal of Management Science and Information Technology. The content is available under the terms of the Creative Commons Attribution 4.0 International License.

  • Issue: Vol. 6 No. 1 (2026)

  • Section: Articles

  • Published: 2026-05-28

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Author Biographies
I Made Ardita, Universitas Pendidikan Ganesha
Google Scholar ResearchGate ORCID

Department of Magister Management, Universitas Pendidikan Ganesha, Buleleng Regency, Bali Province, Indonesia

Ni Made Suci, Universitas Pendidikan Ganesha
Google Scholar ResearchGate ORCID

Department of Magister Management, Universitas Pendidikan Ganesha, Buleleng Regency, Bali Province, Indonesia

Fridayana Yudiatmaja, Universitas Pendidikan Ganesha
Google Scholar ResearchGate ORCID

Department of Magister Management, Universitas Pendidikan Ganesha, Buleleng Regency, Bali Province, Indonesia

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