Annual Growth of Indonesian Crypto Investors 10.1 Percent, Reaching 17.91 Million September 2023

The surge in Bitcoin prices reached more than 35,000 US dollars (photo: doc. pexels)

JAKARTA - The latest data from the Commodity Futures Trading Supervisory Agency (Bappebti) reveals that crypto investment in Indonesia continues to show significant growth.

As of September 2023, the number of crypto investors in the country reached 17.91 million people, an increase of 0.67% or around 12,000 people compared to the previous month, namely August 2023, which recorded a total of 17.79 million people.

However, what is more striking is the annual growth of crypto investment in Indonesia. In a period of one year, starting from September 2022 to September 2023, there was an addition of around 1.64 million crypto investors. This represents a growth of 10.1% from a total of 16.27 million people by  September 2022.

Although this growth appears positive, another interesting note is the slowdown in the growth of crypto investors in Indonesia during the period October 2022 to August 2023. Data shows that the growth of crypto investors in Indonesia during this period never exceeded 1%. This slowdown can be attributed to the global trend in the crypto market of uncertainty and decline.

"Growth in the number of crypto investors in Indonesia continues to increase, but investors are still looking for the right time to buy crypto," said Tirta Karma Senjaya, Head of the Bappebti Commodity Futures Trading Development and Development Bureau.

Apart from that, Bappebti also noted a decline in the value of crypto transactions in Indonesia in September 2023, reaching IDR 7.96 trillion, a decrease of 25.2% compared to the previous month, which recorded IDR 10.64 trillion. In fact, when compared to the previous year, there was a contraction of up to 54.7% from IDR 17.57 trillion in September 2022.

Yudhono Rawis, CEO of Tokocrypto, explained that global conditions, including economic and regulatory uncertainty, influenced the development of the crypto market throughout the world, including Indonesia. Despite the slowdown in growth, the crypto market in Indonesia still shows great potential.

Yudho hopes that the growth and trading transactions of crypto assets in October this year can exceed the achievements of previous months, especially by seeing the surge in Bitcoin prices which reached more than US $ 35,000 (Rp. 556.5 million) towards the end of October. This also marks Bitcoin's highest point in almost 18 months and shows increasingly strong interest in the crypto market globally.

"We are confident that the growth of investors and transactions will continue to increase. The increase in Bitcoin prices and increasingly strong interest in the crypto market in general are indications that these digital assets are increasingly accepted by society. We hope that this trend will continue and bring benefits to the entire ecosystem crypto," added Yudho, in a release received by VOI.