Cryptocurrency Adoption and Financial Literacy among Indonesian Users
DOI:
https://doi.org/10.61255/jeemba.v4i6.2232Keywords:
Cryptocurrency Investment Adoption, User Trust, User Satisfaction, Financial LiteracyAbstract
Purpose – This study examines the relationship between Cryptocurrency Investment Adoption and Financial Literacy, with User Trust and User Satisfaction as mediating variables among Indonesian cryptocurrency users. The study focuses on how cryptocurrency investment involvement may be associated with users’ financial understanding and how trust and satisfaction contribute to this relationship.
Design/methodology/approach – This study adopts a quantitative approach using a cross-sectional survey design. Data were collected from 100 Indonesian cryptocurrency users selected through purposive sampling. The questionnaire consisted of 20 indicators measuring Cryptocurrency Investment Adoption, User Trust, User Satisfaction, and Financial Literacy using a four-point Likert scale. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. Hypotheses were tested using bootstrapping with 5,000 resamples.
Findings/Results – The results show that Cryptocurrency Investment Adoption has a positive and significant effect on Financial Literacy (β = 0.347; p < 0.001), User Trust (β = 0.600; p < 0.001), and User Satisfaction (β = 0.631; p < 0.001). User Trust significantly affects Financial Literacy (β = 0.288; p = 0.013) and significantly mediates the relationship between Cryptocurrency Investment Adoption and Financial Literacy (β = 0.173; p = 0.023). However, User Satisfaction does not significantly affect Financial Literacy (β = 0.129; p = 0.305) or mediate the relationship (β = 0.081; p = 0.319).
Originality/Value – This study highlights User Trust as a significant mechanism linking cryptocurrency investment adoption with financial literacy, while User Satisfaction does not provide a significant pathway.
Abstract views: 2
, 
PDF downloads: 0
Downloads
References
Ahmad, R. A. R., Khoiruman, M. A., & Uslan, U. (2026). Effectiveness of using digital-based interactive media in improving fifth grade elementary school students' English-speaking skills. International Journal of Educational Practice and Policy, 4(2), 233-251. https://doi.org/10.66314/ijepp.v4i2.855
Choowan, N., Daovisan, H., & Suwanwong, C. (2025). Effects of financial literacy and financial behavior on financial well-being: Meta-analytical review of experimental studies. International Journal of Financial Studies, 13(1), 1. https://doi.org/10.3390/ijfs13010001
Fadli, J. A. (2025). The impact of security, digital financial literacy, and trust on cryptocurrency investment experiences. Jurnal Ilmiah Manajemen Kesatuan, 13(2), 1075–1082. https://doi.org/10.37641/jimkes.v13i2.3163
Fakhrullah, F., Xiao, D., Suplata, M., Khan, S., & Pawera, R. (2025). Customer-centric value assessment of cryptocurrency adaptation. Computational Economics, 66(6), 4923–4958. https://doi.org/10.1007/s10614-025-10868-6
Gan, Q., & Lau, R. Y. K. (2024). Trust in a “trust-free” system: Blockchain acceptance in the banking and finance sector. Technological Forecasting and Social Change, 199, 123050. https://doi.org/10.1016/j.techfore.2023.123050
García-Monleón, F., Erdmann, A., & Arilla, R. (2023). A value-based approach to the adoption of cryptocurrencies. Journal of Innovation & Knowledge, 8(2), 100342. https://doi.org/10.1016/j.jik.2023.100342
Hair, J. F., & Alamer, A. (2022). Partial least squares structural equation modeling (PLS-SEM) in second language and education research: Guidelines using an applied example. Research Methods in Applied Linguistics, 1(3), 100027. https://doi.org/10.1016/j.rmal.2022.100027
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A primer on partial least squares structural equation modeling (PLS-SEM) (3rd ed.). SAGE Publications. https://us.sagepub.com/en-us/nam/a-primer-on-partial-least-squares-structural-equation-modeling-pls-sem/book270548
Hayashi, F., & Routh, A. (2025). Financial literacy, risk tolerance, and cryptocurrency ownership in the United States. Journal of Behavioral and Experimental Finance, 46, 101060. https://doi.org/10.1016/j.jbef.2025.101060
Imamah, N., & Nafisa, L. (2024). Financial literacy of cryptocurrency users in Indonesia and factors affecting the investment decision. In Y. A. Yusran, D. K. Irmawati, R. Prafitri, & M. Pramujo (Eds.), Proceedings of the 2023 Brawijaya International Conference (BIC 2023) (pp. 439–452). Atlantis Press. https://doi.org/10.2991/978-94-6463-525-6_51
Irawan, D. H., & Khoiruman, M. A. (2026). Strategies for Improving the English Competence of Vocational High School Students at SMK Sritanjung Banyuwangi. ANTHOR: Education and Learning Journal, 5(4), 1525-1532. https://doi.org/10.31004/anthor.v5i4.1063
Jones, M., Luu, T. J., & Samuel, B. (2024). The interdependence of financial literacy and crypto literacy. Economics Letters, 239, 111737. https://doi.org/10.1016/j.econlet.2024.111737
Khoiruman, M. A., & Irawan, D. H. (2026). Basic Technology Education as a Foundational Determinant of English Language Learning in EFL Contexts. Journal of Contemporary Education and Inovation, 2(1), 25-34. https://doi.org/10.67008/j2b0k104
Kumari, V., Bala, P. K., & Chakraborty, S. (2023). An empirical study of user adoption of cryptocurrency using blockchain technology: Analysing role of success factors like technology awareness and financial literacy. Journal of Theoretical and Applied Electronic Commerce Research, 18(3), 1580–1600. https://doi.org/10.3390/jtaer18030080
Otoritas Jasa Keuangan. (2024). Survei Nasional Literasi dan Inklusi Keuangan (SNLIK) 2024. https://ojk.go.id/id/berita-dan-kegiatan/publikasi/Pages/Survei-Nasional-Literasi-dan-Inklusi-Keuangan-(SNLIK)-2024.aspx
Otoritas Jasa Keuangan. (2025). Recent economic and financial development: Financial services technology innovation (ITSK) and crypto-assets update. https://iru.ojk.go.id/iru/BE/uploads/publication/files/file_afe0a8fd-8082-45be-9a56-f3f80316d22f-08042025210838.pdf
Purwanto, P., Abdullah, I., Ghofur, A., Abdullah, S., & Elizabeth, M. Z. (2022). Adoption of Islamic microfinance in Indonesia: An empirical investigation: An extension of the theory of planned behaviour. Cogent Business & Management, 9(1), 2087466. https://doi.org/10.1080/23311975.2022.2087466
Rahardja, U., Chen, S.-C., Lin, Y.-C., Tsai, T.-C., Aini, Q., Khan, A., Oganda, F. P., Dewi, E. R., Cho, Y.-C., & Hsu, C.-H. (2023). Evaluating the mediating mechanism of perceived trust and risk toward cryptocurrency: An empirical research. SAGE Open, 13(4), 1–17. https://doi.org/10.1177/21582440231217854
Rahayu Marsha, P., Sari, P. K. K., & Rizal, N. A. (2025). Intention of Bitcoin adoption in Indonesia: The role of individual perception, financial literacy, and trust. In Economic resilience and sustainability—Vol. 1 (pp. 541–557). Springer. https://doi.org/10.1007/978-3-032-04218-7_32
Rey-Ares, L., Fernández-López, S., Castro-González, S., & Rodeiro-Pazos, D. (2021). Does self-control constitute a driver of millennials’ financial behaviors and attitudes? Journal of Behavioral and Experimental Economics, 93, 101702. https://doi.org/10.1016/j.socec.2021.101702
Rijanto, B. P., & Utami, N. (2024). Financial technology, social media influencers, and experience of cryptocurrency investment decisions: Financial literacy’s role. Jurnal Manajemen Maranatha, 23(2), 201–216. https://doi.org/10.28932/jmm.v23i2.8717
Salim, H. C., Angriawan, R., & Widuri, R. (2025). Factors affecting cryptocurrency adoption: Extending the UTAUT2 model with financial literacy and trust. Edelweiss Applied Science and Technology, 9(7), 46–65. https://doi.org/10.55214/25768484.v9i7.8532
Saunders, M. N. K., Lewis, P., & Thornhill, A. (2023). Research methods for business students (9th ed.). Pearson. https://www.pearson.com/nl/en_NL/higher-education/subject-catalogue/business-and-management/saunders-research-methods-for-business-students-9ed.html
Shahzad, M. F., Xu, S., Lim, W. M., Hasnain, M. F., & Nusrat, S. (2024). Cryptocurrency awareness, acceptance, and adoption: The role of trust as a cornerstone. Humanities and Social Sciences Communications, 11(1), Article 4. https://doi.org/10.1057/s41599-023-02528-7
Stanciu, A., Partsch, M., & Lechner, C. M. (2024). Basic human values and the adoption of cryptocurrency. Frontiers in Psychology, 15, Article 1395674. https://doi.org/10.3389/fpsyg.2024.1395674
Thu, Y. (2024). Impact of cryptocurrency adoption on financial inclusion in Myanmar. Asian Journal of Computing and Engineering Technology, 5(2), 11–22. https://doi.org/10.47604/ajcet.2904
Waloyandari, M. J., & Tyas, A. M. (2024). Pengaruh teknologi blockchain terhadap kepercayaan investor dalam pengambilan keputusan investasi. Ranah Research: Journal of Multidisciplinary Research and Development, 6(5), 1385–1393. https://doi.org/10.38035/rrj.v6i5.978
Zaimovic, A., Omanovic, A., Nuhic Meskovic, M., Arnaut-Berilo, A., Zaimovic, T., Dedovic, L., & Torlakovic, A. (2025). The nexus between digital financial knowledge and financial inclusion: Digital financial attitudes and behaviour as mediators enhancing financial inclusion. International Journal of Bank Marketing, 43(2), 388–423. https://doi.org/10.1108/IJBM-01-2024-0053
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Rafael Winata Willy Suwanto, Made Ratih Nurmalasari
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
