Social Media and Digital Literacy on Cryptocurrency  Trust: The Moderating Role of Financial Literacy

Clairine Cardin Tobing; Maria Asumpta Evi Marlina

doi:10.24843/EJA.2026.v36.i01.p18

Authors

Clairine Cardin Tobing School of Business and Management, Universitas Ciputra, Indonesia
Maria Asumpta Evi Marlina School of Business and Management, Universitas Ciputra, Indonesia

DOI:

https://doi.org/10.24843/EJA.2026.v36.i01.p18

Keywords:

Cryptocurrency, Kepercayaan Investasi, Media Sosial, Literasi Digital, Literasi Keuangan

Abstract

The development of digital assets has driven an increase in
interest among the younger generation to invest in
cryptocurrency, but their level of trust varies and is influenced by
the quality of information and digital literacy skills. This study
aims to analyze the influence of social media and digital literacy
on cryptocurrency investment trust, with financial literacy as a
moderating variable. Data was collected through a Google Form
questionnaire distributed to members of the Telegram group
“INDODAX– Indonesia Bitcoin & Crypto Exchange Official
Group” with a population of 46,302 members, and analyzed
using the Partial Least Squares–Structural Equation Modeling
(PLS-SEM) approach. The results show that social media does not
have a significant effect on investment confidence, while digital
literacy has a positive and significant effect. Financial literacy acts
as a moderating variable that weakens the influence of social
media but strengthens the influence of digital literacy on
cryptocurrency investment confidence. The implications of this

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