Indodax CEO Oscar Darmawan predicts that the value of crypto asset transactions throughout 2024 will continue to increase and exceed the achievement in 2023, considering the massive development of crypto in Indonesia.
“The total crypto transactions in 2024 will likely be greater than in 2023. Currently, the total crypto transactions in Indonesia are already 33 percent from the previous year,” said Oscar as quoted by BetweenSaturday (9/3).
Based on data from the Commodity Futures Trading Supervisory Agency or Bappebti, the total value of crypto transactions throughout 2023 will reach IDR 149.25 trillion.
“Bappebti has also targeted total transactions this year to reach IDR 800 trillion like in 2021. It is possible that this might happen. Moreover, this year there will be a Bitcoin halving and altcoin seasons,” said Oscar.
Oscar also explained that there is a lot of potential that can be explored in Indonesia, especially that Indonesia will experience a surge in the demographic bonus in 2045.
The FOMO (fear of missing out) nature of Indonesian society can be a trigger to increase crypto transactions in Indonesia.
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According to Oscar, Indonesian people are basically brave enough to try new things and are afraid of being left behind by trends. Moreover, according to data from BPS, 69 percent of Indonesia’s population is in the age range of 15 to 64 years.
“Therefore, this halving can attract increased interest in crypto investment, in line with people’s dynamic behavior patterns and tend to follow technological developments,” said Oscar.
Not only is there an adequate population, Oscar also said that support from regulators has also greatly influenced the development and increase of crypto assets in Indonesia.
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Currently, he believes that regulators in Indonesia have opened themselves up to the crypto industry, thereby creating a healthy crypto ecosystem.
“Based on the official statement that I heard from DK OJK, Mr. Hasan Fawzi, OJK, as the institution that will regulate the Indonesian crypto industry will collaborate with authorities from various countries such as Singapore, Malaysia and Dubai (United Arab Emirates) to perfect the policy framework for regulating and supervising assets digital finance, including crypto assets,” said Oscar.
As of January 2024, the total number of crypto asset investors was 18.83 million people, an increase of 320 thousand investors compared to the previous month. Meanwhile, the total accumulated value of crypto asset transactions throughout 2024 was recorded at IDR 48.82 trillion. (Z-6)
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