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Indonesia now has 17.91 million crypto investors: Bappebti

Jakarta Post - October 27, 2023

Jakarta – According to the Futures Exchange Supervisory Board (Bappebti), Indonesia had 17.91 million cryptocurrency investors as of September, marking a 0.67 percent increase from the previous month's figure of 17.79 million investors.

From September 2022 to September 2023, the number of crypto investors grew by some 1.64 million, a 10.1 percent increase, Bappebti said on Thursday.

But for a period within that timeframe, from October 2022 to August 2023, the growth rate of crypto investors in Indonesia never exceeded 1 percent. This slowdown was attributed to global trends in the crypto market, which experienced declines.

Additionally, Bappebti reported a 25.2 percent decrease in the value of cryptocurrency transactions in Indonesia in September 2023 compared to the previous month. This decrease was significant compared to September 2022, with a 54.7 percent contraction.

Tokocrypto CEO Yudhono Rawis highlighted the impact of global economic conditions and regulations on the crypto market in Indonesia. Over the past week, the trading volume on Tokocrypto increased by 10 to 20 percent.

He expressed optimism about the crypto market's growth in October, especially after Bitcoin recently surpassed Rp 557 million (US$35,000), marking the highest point for Bitcoin in nearly 18 months, double the price seen at the start of 2023.

The increased value of Bitcoin and interest in the cryptocurrency market suggest that digital assets are gaining more popular acceptance.

Some observers have speculated that a "Bitcoin halving" event in 2024, wherein new Bitcoin will be issued at half the rate, could push the asset's price up further.

Yudhono claimed the number of investors and the volume of transactions in cryptocurrency would keep increasing.

Source: https://www.thejakartapost.com/business/2023/10/27/indonesia-now-has-17-91-million-crypto-investors-bappebti.htm