Analysis Essential Influence Factors on the Intention to Use Cryptocurrency in Indonesia

Many studies have emerged about the factors affecting the intention to use cryptocurrency. However, there is a notable gap in research focusing on Indonesia. This research aims to investigate the direct relationship between government support, perceived benefit, perceived risk, trust, financial literacy, social influence, and product awareness toward the intention to use cryptocurrency in the Indonesian context. A total of 549 respondents were gathered, and after excluding 54 outliers, 495 relevant responses were analyzed. The study employs a quantitative research method to assess these relationships, utilizing a conceptual model. The results indicate that four out of seven factors are significant: perceived benefit (PB) with a p-value of 0.000, product awareness (PA) with a pvalue of 0.000, social influence (SI) with a p-value of 0.005, and trust (TR) with a p-value of 0.000. The other three factors financial literacy (FNL) with a p-value of 0.613, government support (GOV) with a p-value of 0.226, and perceived risk (PR) with a p-value of 0.223 did not show a significant impact. Additionally, a multi-group analysis revealed that social influence has a major impact on the male population but does not significantly affect the female population. These findings highlight the importance of perceived benefit, product awareness, social influence, and trust in shaping the intention to use cryptocurrency. This research contributes to the literature by providing insights based on Indonesian data, addressing the existing research gap in this region.