Crypto Investment: Phenomenology Study on Investor Behaviour

Devi Ferdina Anggraini, Mohammad Nizarul Alim

Abstract


In the world of crypto investment, fraud often occurs, one of which is due to people who do not understand the investment financial products that are followed. In the midst of the rise of crypto investment, sharia views on crypto investment still occur pros and cons between the views according to the Regional Board of Nahdlatul Ulama (PWNU) Jogja and the views according to the Majelis Tarjih and Tajdid of PP Muhammadiyah and Majelis Ulama Indonesia (MUI).  This study aims to determine the existence of crypto investor behavior in making investment decisions that affect the results of their decisions and also reveal the law of crypto investment in a shariah perspective on investor behavior.  The method used in this research is a qualitative research method with a phenomenological study approach. Data sources were obtained from interviews. The results showed that there was biased behavior in the application of Representativeness Heuristic and Anchoring & Adjusment Heuristic investor behavior. Whereas in the application of Availability Heuristic behavior, investors do not show biased behavior. From the application of behavior, the investment decision-making process can be identified starting from setting investment goals to evaluating investment performance. Judging from the investment mechanism, although crypto investment promises great benefits (maslahat), this investment can also bring great losses (mudharat).


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