Impact of psychological investment & macroeconomic factor mediating by investment decision making to investment performance: a case of cryptocurrency investment of millennials

Cryptocurrency is the current largest phenomenon in the world, including in Indonesia. Most of the investors or traders are millennials. The degree of investment performance is a measuring tool for cryptocurrency investment for millennials in Indonesia, who are infl uenced by psychological investment & macroeconomic factors mediated by cryptocurrency investment decision making.Based on this, research should be conducted about variables infl uencing investment performance and investor decision-making through hypotheses about psychological investment, macroeconomics, risk perception to investment decision-making, and investment performance towards millennial investors.The approach used to determine the relationship between these latent variables is the Structural Equation Modeling-Partial Least Square (SEM-PLS) method with the Bootstrap parameter estimation method using SEM Lisrel. The results showed that all indicators on independent variables were signifi cant; estimation results using bootstrap for hypothesis testing also concluded that psychological investment and risk perception variables aff ected cryptocurrency investment decision-making, while macroeconomics had no eff ect on investment decision-making. Both investment decision-making and risk perception had signifi cant eff ects on investment performance.