Sentiment analysis on cryptocurrency in a Muslim-majority country: Evidence from Indonesian social media
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Author(s)Nur Rizqi FebriandikaLink to ORCID Index: https://orcid.org/0000-0001-9063-6990
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Annisa Nur FaizahLink to ORCID Index: https://orcid.org/0009-0006-5767-1317
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Helmi ImaduddinLink to ORCID Index: https://orcid.org/0000-0001-5461-4874
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DOIhttp://dx.doi.org/10.21511/imfi.23(2).2026.20
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Article InfoVolume 23 2026, Issue #2, pp. 264-275
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3 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
Type of the article: Research Article
Abstract
The rapid growth of cryptocurrency has generated significant debate in Muslim-majority societies, where financial transactions are expected to conform to Islamic legal principles. In Indonesia, the Indonesian Ulema Council (MUI) issued a fatwa in 2021 declaring the use of cryptocurrency as a means of exchange unlawful (haram) on the grounds that it contains elements of excessive uncertainty and harm. Despite this religious prohibition, the government continues to permit cryptocurrency trading as a regulated commodity, creating a complex normative environment that shapes public discourse. This study analyzes the sentiment of Indonesian Muslims toward cryptocurrency by applying Natural Language Processing (NLP) techniques to a corpus of 1,065 Indonesian-language tweets collected from the X (formerly Twitter) platform over six months (October 2024–March 2025). The IndoBERT-base-p1 model, a state-of-the-art transformer-based language model pre-trained on Indonesian text, was employed for three-class sentiment classification (positive, neutral, negative). The results indicate that neutral sentiment is dominant, accounting for 80.8% of the corpus (861 tweets), while positive sentiment represents 12.9% (137 tweets) and negative sentiment 6.4% (67 tweets). The predominance of neutral sentiment suggests that the majority of Indonesian Muslim social media users maintain a cautious and observational stance, shaped by ongoing scholarly debate, limited digital financial literacy, and regulatory ambiguity. The study contributes to the literature by providing the first application of a deep learning NLP model to the analysis of Indonesian Muslim discourse on cryptocurrency, integrating perspectives from Islamic finance and computational linguistics.
Acknowledgment
The substantial financial support for this study is sponsored by the Ministry of Religious Affairs (MoRA) and the Indonesia Endowment Fund for Education (LPDP) of the Ministry of Finance of the Republic of Indonesia.
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JEL Classification (Paper profile tab)G23, G28, O14, O32, O33
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References49
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Tables1
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Figures3
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- Figure 1. Research data processing workflow
- Figure 2. Illustration of the BERT fine-tuning procedure
- Figure 3. Confusion matrix for the IndoBERT model on the test set
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- Table 1. Classification performance metrics of the IndoBERT-base-p1 model
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Perceived health risk, online retail ethics, and consumer behavior within online shopping during the COVID-19 pandemic
Yuniarti Fihartini ,
Arief Helmi ,
Meydia Hassan ,
Yevis Marty Oesman
doi: http://dx.doi.org/10.21511/im.17(3).2021.02
Innovative Marketing Volume 17, 2021 Issue #3 pp. 17-29 Views: 6512 Downloads: 2234 TO CITE АНОТАЦІЯThe risk of virus contracting during the COVID-19 pandemic has changed consumer preference for online shopping to meet their daily needs than shopping in brick-and-mortar stores. Online shopping presents a different environment, atmosphere, and experience. The possibility of ethical violations is higher during online than face-to-face transactions. Therefore, this study was conducted to investigate the influence of perceived health risk and customer perception of online retail ethics on consumer online shopping behavior during the COVID-19 pandemic, involving seven variables, namely perceived health risk, security, privacy, non-deception, reliability fulfillment, service recovery, and online shopping behavior. The data were collected through an online survey by employing the purposive sampling technique to a consumer who has shopped online during the COVID-19 pandemic in Indonesia. 315 valid responses were obtained and analyzed through quantitative method using SEM-Amos. The results showed that perceived health risk and four variables of online retail ethics including security, privacy, reliability fulfillment, and service recovery affected online shopping behavior. Meanwhile, non-deception was found to have an insignificant effect. The coefficient value proved perceived health risk to be more dominant in influencing online shopping behavior than the variables of online retail ethics. Thus, consumers pay more concern for their health during online shopping. However, positive consumer perceptions of the behavior of online retail websites in providing services also can encourage consumers to shop online during this pandemic.
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Fair market value of bitcoin: halving effect
Artur Meynkhard
doi: http://dx.doi.org/10.21511/imfi.16(4).2019.07
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Human resource management in promoting innovation and organizational performance
I Gede Riana ,
Gede Suparna ,
I Gusti Made Suwandana ,
Sebastian Kot 
,
Ismi Rajiani
doi: http://dx.doi.org/10.21511/ppm.18(1).2020.10
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