SELF-EFFICACY AND PERCEIVED RISK IN GEN-Z ACCEPTANCE OF CRYPTO INVESTMENT APPLICATION PLATFORM USING TECHNOLOGY ACCEPTANCE MODEL

Abstract

The announcement of Bitcoin halving in 2024 to 2025 have caused Bitcoin price to increase, on the other hand, Indodax as one of the crypto transaction application platforms in Indonesia was hacked by the Lazarus group from South Korea, in September 2024 Indodax stated that the balance of user account assets would not change. This shows that crypto as high-risk investment element. Despite the high risk nature, BAPPEBTI as CoFTRA in Indonesia noted an increase in crypto transactions during 2024 up to 360.3% in August 2024. This data is very interesting because there was a high surge in transactions even though crypto is a high-risk investment element. This research study this phenomenon by examines various factors that influence Gen-Z's acceptance of crypto investment applications using the Technology Acceptance Model (TAM) by adding two variables, self-efficacy and perceived risk. This study used a questionnaire with 100 respondents aged 21 to 30 years, data processing using SEM-PLS. The results showed that all variables in TAM, self-efficacy and perceived risk have significant effect to intention and crypto applications usage. The results of the study show that perceived ease of use is the strongest variable, users who find it easy to operate crypto applications platform will consider it as useful app. Self-efficacy variable is the fourth strongest variable, while perceived risk is the weakest variable. Based on these results, it can be concluded that Gen-Z prioritizes ease of operation in using crypto applications platform, the Gen-Z also considers themselves quite skilled in operating technology because they are more familiar with the use of technology, especially with smartphones. Gen-Z are aware of the risks in investing through crypto applications, but this is not the main consideration for them in using the application, they believe that the application is safe, some of their reasons are the government has regulated it through BAPPEBTI, application service providers have also guaranteed the security of related users, last but not least is the initial cost to enter crypto investment is relatively small so they don't need to worry about losing too much.