Analysis of Potential and Risks Investing in Financial Instruments and Digital Cryptocurrency Assets during the Covid-19 Pandemic

Debi Eka Putri, Rico Nur Ilham, Mangasi Sinurat, Lilinesia Lilinesia, Maulana Majied Sumatrani Saragih


Cryptocurrency or virtual currency is a form of investment that has developed since 2010. Today, there are more than 2,000 types of crypto currencies worldwide. Cryptocurrency research in Indonesia is still focused on the legal status and legal status of cryptocurrency investments. This quantitative descriptive study aims to describe the returns and risks of investing in crypto currencies. Descriptive analysis by calculating risk measures and using the heteroscedastic model GARCH (1,1) was carried out on the return data of 15 crypto currencies that had the greatest value. Information was obtained that investing in most crypto currencies resulted in higher returns than investing in foreign currencies or the stock market. On the other hand, Crypto currencies have a higher risk of loss and volatility clustering or heteroscedasticity. Further research is needed to uncover the characteristics of Crypto currency returns and their performance in the form of a portfolio.


Risk and Return; Financial Investment; Digital Asset; Cryptocurrency

Full Text:



Carrick, J. (2016) ‘Bitcoin as a complement to emerging market currencies. Emerging Markets Finance and Trade’, 52(10), pp. 2321–2334. doi: 10.1080/1540496X.2016.1193002.

Folkinshteyn, D., Lennon, M. M. and Reilly, T. (2015) ‘The Bitcoin mirage: an oasis offinancial remittance. Journal ofStrategic and International Studies’, 10(2), pp. 118–124.

Hileman, G. and Rauchs, M. (2017) Global Cryptocurrency Benchmark Study. Cambridge Centre for Alternative Finance. Cambridgeshire.

Husain, T., & Sunardi, N. (2020). Firm's Value Prediction Based on Profitability Ratios and Dividend Policy. Finance & Economics Review, 2(2), 13-26.

Ilham, R. N. et al. (2019) ‘Comparative of the Supply Chain and Block Chains to Increase the Country Revenues via Virtual Tax Transactions and Replacing Future of Money’, International Journal of Supply Chain Management (IJSCM), 8(5), pp. 1066–1069.

Kadim, A., Sunardi, N & Husain, T. (2020). The modeling firm's value based on financial ratios, intellectual capital and dividend policy.Accounting, 6(5), 859-870

Lansky, E. P. and Paavilainen, H. M. (2010) Figs: The Genus Ficus. CRC Press.

Lesmana, R., Sunardi, N., & Kartono. The Effect of Financing and Online Marketing on MSMEs Income Increasing at Intermoda Modern Market BSD City Tangerang Selatan. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(7), 25-34

Moleong, L. J. (2007) Metode Penelitian Kuantitatif. Remaja Rosdakarya.

Nardi Sunardi Et Al (2020). Determinants of Debt Policy and Company’s Performance, International Journal of Economics and Business Administration Volume VIII Issue 4, 204-213

Plassaras, N. A. (2013) ‘Regulating digital currencies: bringing bitcoin within the reach of the IMF.Chicago Journal of International Law’, 14(1), pp. 377–407.

Rudy, R., Sunardi, N., & Kartono, K. (2020). Pengetahuan Keuangan dan Love Of Money pengaruhnya terhadap Pengelolaan Keuangan Pribadi dan dampaknya terhadap Kesejahteraan Masyarakat Desa Cihambulu, Kec. Pabuaran Kab. Subang. Jurnal SEKURITAS (Saham, Ekonomi, Keuangan dan Investasi), 4(1), 43-56

Saputra, J. et al. (2019) ‘Investigation of the Bitcoin Effects on the Country Revenues Via Virtual Tax Transactions for Purchasing Management’, International Journal of Supply Chain Management (IJSCM), 8(6).

Sugiyono (2014) Metode Penelitian Pendidikan Pendekatan Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.



  • There are currently no refbacks.

Copyright (c) 2021 Jurnal SEKURITAS (Saham, Ekonomi, Keuangan dan Investasi)

Indexed by:



Prodi Manajemen, Univesitas Pamulang 
Jl. Surya Kencana, No.1, Pamulang
Tangerang Selatan, Banten, 15417
Tlp/Fax: (021) 7412566
Hp: +62 878-8655-3215

Based on a work at

Flag Counter

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.