Pengaruh Herding Behavior Terhadap Keputusan Investasi Cryptocurrencies (Studi Pada Pengikut Akun Instagram Indodax)
Abstract
This study aims to examine the influence of herding behavior on investment decisions among followers of Indodax’s official Instagram account. Using a quantitative approach and survey method, data were collected from 400 respondents selected using Slovin’s formula. The analytical tool used was simple linear regression. The results show that herding behavior has a significant and positive influence on cryptocurrency investment decisions. The coefficient of determination (R²) is 0.773, indicating that 77.3% of the variance in investment decisions can be explained by herding behavior. The findings reveal that in the context of Indonesia’s cryptocurrency market—characterized by high uncertainty and limited access to quality information—herding behavior becomes a rational and adaptive strategy for individual investors. The study supports behavioral finance theory and provides empirical evidence that herding behavior significantly influences investment behavior in digital asset markets.
Penelitian ini bertujuan untuk menguji pengaruh herding behavior terhadap keputusan investasi pada pengikut akun Instagram resmi Indodax. Penelitian ini menggunakan pendekatan kuantitatif dan metode survei dengan jumlah responden sebanyak 400 orang yang dipilih berdasarkan rumus Slovin. Alat analisis yang digunakan adalah regresi linier sederhana. Hasil penelitian menunjukkan bahwa herding behavior berpengaruh positif dan signifikan terhadap keputusan investasi cryptocurrency. Nilai koefisien determinasi (R²) sebesar 0,773 mengindikasikan bahwa 77,3% variabel keputusan investasi dapat dijelaskan oleh herding behavior. Temuan ini menunjukkan bahwa dalam konteks pasar cryptocurrency di Indonesia yang penuh ketidakpastian dan keterbatasan informasi, herding behavior menjadi strategi rasional dan adaptif bagi investor ritel. Penelitian ini mendukung teori behavioral finance dan memberikan bukti empiris bahwa herding behavior secara signifikan memengaruhi perilaku investasi dalam aset digital.
Keywords
References
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DOI: https://doi.org/10.17509/strategic.v25i2.87929
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