Vol.12, No.1, February 2023.                                                                                                                                                                              ISSN: 2217-8309

                                                                                                                                                                                                                        eISSN: 2217-8333


TEM Journal



Association for Information Communication Technology Education and Science

Disrupting Money: Psychological Factors of Investment Biases in Cryptocurrency


Aqila Dhiya Ratu Hafishina, Juneman Abraham, Harco Leslie Hendric Spits Warnars, Rudi Hartono Manurung, Togiaratua Nainggolan


© 2023 Juneman Abraham , published by UIKTEN. This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License. (CC BY-NC-ND 4.0)


Citation Information: TEM Journal. Volume 12, Issue 1, Pages 482-493, ISSN 2217-8309, DOI: 10.18421/TEM121-58, February 2023.


Received: : 24 October 2022.

Revised:   06 Februray 2023.
Accepted:  09 February 2023.
Published: 27 February 2023.




The presence of cryptocurrencies as means of trading and investing has presented new opportunities to make profits. Unfortunately, investment bias becomes a phenomenon that accompanies investing behavior for many people which actually results in losses and regrets. This study uses a narrative review method to identify cognitive, affective, and contextual factors that correlate with investment biases in cryptocurrency. The results of the review indicate that a number of factors - i.e. self-affirmation, anticipation of postdecision dissonance, fear of missing out (FoMO), overconfidence, perception of the investment process and regulation - play a pivotal role in explaining investment biases in cryptocurrency.


Keywords –investment, bias, digital money, cryptocurrency, psychological factor, disruption.



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