Disrupting Money: Psychological Factors of Investment Biases in Cryptocurrency

Author:

Ratu Hafishina Aqila Dhiya1,Abraham Juneman1,Hendric Spits Warnars Harco Leslie2,Hartono Manurung Rudi3,Nainggolan Togiaratua4

Affiliation:

1. Psychology Department, Faculty of Humanities, Bina Nusantara University, Jakarta 11480, Indonesia

2. Information System Concentration, Doctor of Computer Science Department

3. Japanese Department, Faculty of Humanities, Bina Nusantara University, Jakarta, 11480, Indonesia

4. Research Center for Social Welfare, Village, and Connectivity, Badan Riset dan Inovasi Nasional, Jakarta 10340, Indonesia

Abstract

The presence of cryptocurrencies as means of trading and investing has presented new opportunities to make profits. Unfortunately, investment bias becomes a phenomenon that accompanies investing behavior for many people which actually results in losses and regrets. This study uses a narrative review method to identify cognitive, affective, and contextual factors that correlate with investment biases in cryptocurrency. The results of the review indicate that a number of factors - i.e. self-affirmation, anticipation of postdecision dissonance, fear of missing out (FoMO), overconfidence, perception of the investment process and regulation - play a pivotal role in explaining investment biases in cryptocurrency.

Funder

Kementerian Pendidikan, Kebudayaan, Riset, dan Teknologi

Publisher

Association for Information Communication Technology Education and Science (UIKTEN)

Subject

Management of Technology and Innovation,Information Systems and Management,Strategy and Management,Education,Information Systems,Computer Science (miscellaneous)

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