An Integrative Behavioral–Regulatory Model of Bitcoin Investment Intention in Indonesia

This research aims to examine and provide an overview of Bitcoin users in Indonesia by employing both descriptive and verification approaches. The study focuses on the issue of Bitcoin adoption in Southeast Asia, particularly in Indonesia, where public awareness and understanding of Bitcoin remain relatively limited. This study contributes to the literature by extending the Theory of Planned Behavior (TPB) through the integration of digital financial literacy and regulatory transformation factors in an emerging Islamic financial context. The findings provide a behavioral–regulatory framework that can guide policymakers in enhancing crypto asset governance and investor education in developing economies. A quantitative method was applied, and the data were analyzed using Smart PLS. The research population consisted of Bitcoin users residing in Indonesia, aged between 18 and 40 years, with a minimum educational background of high school. The findings indicate that the attitude variable significantly influences intention, whereas subjective norms show no substantial effect. Furthermore, perceived behavioral control emerges as the most powerful and significant factor shaping intention. These results suggest that individuals’ intention to use Bitcoin is primarily driven by their ability and willingness to manage digital wallets and make independent decisions regarding the use of Bitcoin. The utilization of internet-based technology in the economic sector has brought considerable benefits to society, particularly in trade and investment. At present, Bitcoin is not officially recognized as a means of payment or cryptocurrency in Indonesia but is regarded as a digital asset with economic value for its users. As a digital asset, Bitcoin can only be accessed and utilized through electronic platforms, functioning both as a medium for remittance and as a commodity for investment activities.