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Indonesia now has more crypto investors than stock market investors
There are now more crypto investors in Indonesia than individual retail investors registered with the Indonesia Stock Exchange (IDX).
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Trade in crypto assets has grown significantly in Indonesia since the start of the year. (Shutterstock/File)
C
rypto assets have rapidly gained in popularity among Indonesians despite – or perhaps because of – the global economic slowdown.
According to the Trade Ministry, crypto investment transactions grew fivefold in five months to more than Rp 370 trillion (US$25.8 billion) in May.
Indonesia had around 6.5 million crypto investors in May, while the number of retail investors registered with the Indonesia Stock Exchange (IDX) stood at just 5.37 million.
“Some crypto assets have shown a positive performance amid the economic downturn due to the pandemic. Investors and traders will switch to more attractive ways to boost their gains, one of which is crypto assets. Therefore, we have seen exponential growth since the third quarter of 2020,” Rieka Handayani, head of PR at cryptocurrency exchange platform Tokocrypto, told The Jakarta Post on Wednesday.
Tokocrypto is backed by one of the leading global cryptocurrency exchanges, Binance.
She went on to say that Tokocrypto had more than 90,000 weekly active traders in the first quarter of the year, with a daily average trading volume of around US$40 million to $70 million.
Stephen DeMeulenaere, lead advisor at IDK Foundation, which issues IDK cryptocurrency tokens, explained that as more people in Indonesia got internet access, digital currencies would become increasingly mainstream.
