Number of Crypto Investors in Indonesia Reaches 20 Million as of June 2024
Number of Crypto Investors in Indonesia Reaches 20 Million as of June 2024
The Commodity Futures Trading Regulatory Agency (Bappebti) has revealed data showing a significant increase in the number of crypto investors in Indonesia, reaching 20.24 million investors by June 2024.
This growth aligns with a surge in crypto transaction values, which reached IDR 301.75 trillion from January to June 2024. This figure represents a year-on-year (YoY) increase of 354.17% compared to the same period in 2023, which only saw IDR 66.44 trillion.
Bitcoin Spot ETF as the Main Catalyst
The rise in crypto adoption in Indonesia has been influenced by the positive performance of Bitcoin spot ETFs in the United States, as noted by Robby, Chief Compliance Officer (CCO) of Reku and Chairman of ASPAKRINDO-ABI.
“For instance, on June 5, the Bitcoin spot ETF in the United States recorded the second-largest daily net inflow since its listing, attracting funds worth USD 886.75 million,” Robby stated in an official statement shared with Coinvestasi on Monday (July 29, 2024).
Robby explained that Bitcoin spot ETFs continued to show improvement in July. According to data from Farside Investors, Bitcoin spot ETFs recorded the highest inflow this month, reaching USD 485.9 million on July 22.
These positive inflows into Bitcoin ETFs not only indicate significant interest from
conservative investors in the US towards Bitcoin but also strengthen investor confidence in various countries, including Indonesia.
Crypto Regulations Also Play a Role in Building Investor Confidence
Domestically, Robby stated that local crypto regulations have also contributed to building public trust in crypto assets.
Indonesia's crypto regulations are considered comprehensive, with specific regulators overseeing crypto activities, such as the National Crypto Exchange and Bappebti, which play roles in protecting investor security. With these regulators, crypto investors in Indonesia can feel safer and more confident in their investments.
Recent blockages by the Ministry of Communication and Information Technology (Kominfo) of social media accounts belonging to unregulated global crypto exchanges also aim to protect crypto investors in Indonesia.
“This certainly further protects investors from investing in platforms not licensed by Bappebti and safeguards Indonesian exchanges that have made full efforts to comply with Indonesian regulations,” Robby explained.
Lastly, Robby mentioned that the increase in the number of investors in Indonesia is also driven by the active involvement of crypto and blockchain stakeholders in providing education and literacy.
This allows potential investors to gain insights and understanding directly from representatives of crypto assets or related projects, enabling them to invest more wisely.
Conclusion
The rapid increase in the number of crypto investors in Indonesia, surpassing 20 million by June 2024, reflects the growing acceptance and adoption of cryptocurrencies in the country. This surge is driven by significant transaction value growth and the positive performance of Bitcoin spot ETFs in the United States, which has bolstered investor confidence globally. Robust local regulations and proactive measures by authorities have further enhanced investor trust and safety. Additionally, ongoing education and literacy efforts by crypto and blockchain stakeholders have empowered potential investors with the knowledge to make informed investment decisions, contributing to the robust growth of the crypto market in Indonesia.
Read too : 8 Ethereum Spot ETFs to be Traded in the US
*Disclaimer:
This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.
