Exploring the Lived Experiences of Millennial Investors in Cryptocurrency Markets in Indonesia: Insights from Young Urban Professionals

Abstract

Financial markets are undergoing rapid transformation with the emergence of digital assets such as cryptocurrencies, reshaping how investors perceive and engage with risk. Within this evolving landscape, millennial investors have become a distinctive group whose participation reflects not only financial decisions but also cultural and identity-driven expressions. Despite increasing research on cryptocurrency volatility and market behavior, little is known about how these investors subjectively experience and interpret their engagement with digital assets, raising the question of what meanings underpin their financial practices. Here we show, through an interpretative phenomenological approach, that millennial investors construct investment as both an economic pursuit and a personal expression of identity, emotion, and social belonging. Data were collected from 18 participants through 18 in-depth semi-structured interviews, each lasting between 45 and 90 minutes, and analyzed using interpretative phenomenological analysis (IPA), allowing for the identification of themes that capture the essence of participants’ experiences. The findings reveal that investors navigate uncertainty through emotional resilience, reinterpret risk as part of generational identity, and rely heavily on peer communities for validation and learning. These insights demonstrate that investment decisions are shaped as much by meaning-making processes as by financial rationality. The study contributes to financial research by deepening our understanding of cryptocurrency investment as a lived experience, with implications for both theory and practice. It underscores the importance of incorporating subjective perspectives in future studies of financial behavior and investor protection. However, the study’s limitations include its small, demographically narrow sample and focus on a single national context, which may restrict the generalizability of findings. Future research could expand the participant base across different cultures and socioeconomic groups to enhance comparative insight.