The Influence of Islamic Financial Literacy, Risk Perception, and Locus of Control on Cryptocurrency Investment Intention Among Muslim Students in Yogyakarta

Abstract

The cryptocurrency phenomenon has attracted significant attention from various groups, particularly young investors, with high participation from investors aged 18-30 in Indonesia. However, the high volatility and uncertainty in cryptocurrency investments raise various considerations, especially from an Islamic perspective. This research aims to analyze the influence of Islamic Financial Literacy, Risk Perception, and Locus of Control on cryptocurrency investment intentions among Muslim students in Yogyakarta. Using a mixed-method approach, this research combines quantitative analysis of 200 respondents through questionnaires and qualitative analysis through in-depth interviews with 4 selected informants. The results show that Islamic Financial Literacy and Risk Perception have significant negative effects, while Locus of Control has a significant positive effect on cryptocurrency investment intentions. Qualitative analysis reveals that higher Islamic understanding leads to a more critical attitude towards gharar and maysir aspects, risk perception encompasses price volatility, platform security, and regulatory uncertainty, while a strong internal locus of control increases confidence in managing cryptocurrency investments.