When Digital Hype Meets Crypto Literacy in Bitcoin Investment Indonesia

This study aims to analyze the effects of Fear of Missing Out (FOMO) and Crypto Literacy on Bitcoin investment decisions in Indonesia, with Social Media Exposure serving as a moderating variable. A quantitative approach using Partial Least Squares–Structural Equation Modeling (PLS-SEM) was employed to examine the relationships among variables. The findings reveal that FOMO has a positive effect on Bitcoin investment decisions, confirming the role of psychological factors in driving speculative investment behavior. Crypto Literacy also significantly influences investment decisions, although the level of crypto literacy among Indonesian investors remains relatively low. Social Media Exposure not only has a direct effect but also strengthens the relationships between FOMO and Crypto Literacy with investment decisions, functioning as an amplifier in the dynamics of investment behavior. These findings extend behavioral finance literature by emphasizing the interaction between psychological factors, literacy, and social influence in the context of digital asset investment. This study is expected to contribute insights for investors, regulators, and social media platforms in developing more effective educational strategies, regulations, and consumer protection policies in the digital era.