The Value Of Crypto Asset Transactions In Indonesia Increases By 353.94 Percent In 2024

Illustration. (Photo: Unsplash)

JAKARTA - Quoted from CoFTRA, crypto asset trading in Indonesia continues to show a positive trend from January to July 2024. It is recorded that the total transaction value of crypto assets reached IDR 344.09 trillion, this made an increase of 353.94 percent compared to the same period last year.

This growth reflects the increasing interest and participation of the public in the crypto market in Indonesia. In line with the increase in transactions, the number of crypto investors also increased, reaching 20.59 million in July 2024. This shows the widespread adoption of cryptocurrencies among the Indonesian people.

"We see a very positive trend in crypto trading in Indonesia, with transaction growth and the increasing number of investors proving that crypto is increasingly accepted in the community," said INDODAX CEO Oscar Darmawan, in a written statement, Friday, August 30.

Seeing this trend, Oscar also believes that the growth of the crypto market in Indonesia can open up more opportunities for innovation in the digital financial sector in the future.

"The increase in crypto adoption opens up great opportunities for the development of new financial products that are more adaptive and relevant to the needs of digital communities. Innovations such as blockchain-based payments, smart contracts, have the potential to change the way we make transactions, investments, and asset management as a whole," said Oscar.

On the other hand, despite the months-long increase in transactions and crypto investors, the market price of Bitcoin is now experiencing a correction, as seen in the decline in Bitcoin prices this afternoon, Friday, August 30, 2024, which was observed to fall to around $59,000.

"This is part of the market dynamics that must be faced. This price fluctuation proves the importance of a cautious and informed approach in investing. Current Bitcoin price corrections should not be seen as a negative indication, but as part of a larger market cycle," he added.

It is also important for investors not to be affected by short-term price movements and to stay focused on long-term investment strategies.

"Especially in managing risk better and taking advantage of existing opportunities," explained Oscar.

According to Oscar, investing in crypto is not only about buying and selling assets, but also about understanding the underlying technology.

"We continue to strive to provide in-depth insight into blockchain technology and how it can be applied in various industrial sectors," he continued.

Oscar added, it is important to remember that the crypto market is very dynamic and often experiences rapid changes.

"We see price corrections as an opportunity for investors to adjust their trading plans and portfolios. We continue to be committed to providing education and support to our community so that they can make better investment decisions," he said.

Oscar Darmawan stated, Dollar-Cost Averaging (DCA) is a very relevant investment strategy in volatile crypto markets. By implementing DCA, investors can reduce risks associated with short-term price fluctuations and avoid investment decisions affected by emotions.

"This strategy allows investors to buy crypto assets regularly in fixed amounts," he said.

INDODAX also continues to be committed to increasing public understanding of crypto investment and blockchain technology through INDODAX Academy.

"Through this platform, We offer a variety of training, webinars, and educational materials to help individuals understand the potential and risk of investing in crypto better," he concluded.