Revealing The Crypto Case: How Personality Traits And Fomo Drive Investor Behavior In Cryptocurrency Adoption

Kusuma Ratnawati; Nuraini Desty Nurmasari

Authors

Kusuma Ratnawati Universitas Brawijaya, Malang
Nuraini Desty Nurmasari Universitas Brawijaya, Malang

Keywords:

Cryptocurrency adoption intention; personality traits; UTAUT; Investment Behavior; FOMO.

Abstract

Every investor will strive rationally to maximize returns from each investment product they choose. However, this assumption of rational behavior has been a topic of discussion, particularly in the field of financial behavior studies. This study aims to examine the influence of cryptocurrency adoption intention and personality traits on investment behavior, as well as the integration of the Unified Theory of Acceptance and Use of Technology (UTAUT) in this context. Using an explanatory approach, the research involved 400 individual respondents engaged in cryptocurrency trading in East Java, employing purposive sampling. Data was collected through an online questionnaire with a 1-5 Likert scale, and data analysis was performed using SEM-PLS. The results indicated that Price Value, Regulatory Framework, and Perceived Ease of Use had a significant influence on cryptocurrency adoption intention, while Social Influence and Perceived Risk did not. Cryptocurrency adoption intention positively influenced FOMO (Fear of Missing Out), which, in turn, drove investment behavior. FOMO also mediated the relationship between adoption intention, personality traits, and investment behavior. These findings emphasize the importance of clear regulation, ease of use, and psychological factors in influencing adoption and investment decision-making in cryptocurrency.

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