Trading on Emotions: A Quantitative Research on the Intersection of Bandwagon Effects, Social Media, and Bitcoin Investment Psychology in Young Adults in Indonesia

Dzakwan Arkan Maulana Vendra, I Wayan Nuka Lantara, M.Si., Ph.D.

2025 | Skripsi | MANAJEMEN

Trading on Emotions: The Relationship Between Bandwagon Effects on Social Media and the Psychology of Bitcoin Investment Among Young Adults melihat dampak volatilitas pasar Bitcoin (2021–2025) terhadap investor di Indonesia yang berusia 17–25 tahun dari sudut pandang psikologis dan perilaku. Studi ini berfokus pada bandwagon effect, dalam konteks bagaimana herd behavior (yakni, perilaku ikut-ikutan yang dipicu oleh platform media sosial seperti TikTok, Instagram, dan Twitter) memengaruhi perkembangan emosi dan perilaku dalam berinvestasi. Penelitian ini bertujuan menjawab pertanyaan: "Bagaimana paparan media sosial memengaruhi kepercayaan terhadap influencer dan perilaku ikut-ikutan (herd behavior) di kalangan investor Bitcoin muda di Indonesia?" Studi ini menggunakan desk research serta data primer yang dikumpulkan melalui survei berbasis Qualtrics untuk meneliti pengaruh FOMO (fear of missing out), bullish euphoria, dan bearish mania terhadap pengambilan keputusan. Pada akhirnya, penelitian ini akan mengevaluasi apakah paparan terhadap fluktuasi pasar yang ekstrem dapat membentuk ketahanan emosional (emotional resilience) atau justru menciptakan tekanan psikologis (psychological stress). Hal ini akan dicapai melalui sintesis dari literature review, analisis pasar, serta data langsung dari survei. Penelitian ini menjadi jembatan dalam diskusi mengenai behavioral finance, dengan implikasi praktis untuk edukasi investor, pemahaman regulasi, dan kesehatan mental bagi kelompok muda di Indonesia yang terlibat dalam lingkungan digital global.

Trading on Emotions: The Relationship Between Bandwagon Effects on Social Media and the Psychology of Bitcoin Investment Among Young Adults looks at the effects of Bitcoin's market volatility (2021-2025) on investors in Indonesia aged 17-25 from a psychological and behavioral impact. The study is oriented around the bandwagon effect, in regard to how herd behavior (i.e. driven by social media platforms like TikTok, Instagram, Twitter) is responsible for emotional development, and trading behavior. This Research Serves the premise of answering the question “ How does social media exposure influence trust in influencers and subsequent herd behavior among young Indonesian Bitcoin investors?” The study utilizes desk research as well as the primary data collected from the Qualtrics-based survey to study via the influences of FOMO (fear of missing out), bullish euphoria, and bearish mania on decision making. It will ultimately evaluate whether being exposed to extreme market fluctuation creates emotional resilience and psychological stress. This will be achieved by synthesizing a literature review, a market analysis, and from first-hand survey exposure. This will bridge the discussion on behavioral finance, with practical implications for educating investors, understanding regulations, and mental health for Indonesia's youth-based cohort engaged in a global, digital environment.

Kata Kunci : Bitcoin Trading, FOMO, Trust in Crypto Influencer, Social Media Influence, Indonesian Youth.