Understanding the Drivers of Millenial’s Adoption of Cryptocurrency Investment Applications in Indonesia

Abstract

In 2022, cryptocurrency in Indonesia attracted 12.4 million investors, with millennials making up the majority of such investors.  It is fascinating to see that bitcoin is quickly becoming a popular investment tool among millennials in Indonesia.  This paper's overarching goal is to learn how crypto adoption rates in Indonesia compare to national averages, with the hope of drawing conclusions about how the country's policymakers can work to increase crypto's mainstream appeal in the future.  Three hundred and ninety-eight young adults in Indonesia who are active bitcoin investors provided the data for this study.  The UTAUT 2 Unified Theory of Technology Acceptance and Use is the basis of the research model.  Indirectly, the results demonstrated that Performance Expectancy, Effort Expectancy, Habit, and enabling conditions all had beneficial impacts on Use Behavior via Behavior Intention. Habit, in turn, directly influences Use Behavior.  The conclusion is that existing crypto exchange providers in Indonesia should focus on two things: first, maintaining their community, which has already established a habit of investing in cryptocurrency among their users; and second, making access to cryptocurrency easier for more people, which will further grow the cryptocurrency industry. This is because cryptocurrency has already proven to be successful and accepted in Indonesia