Indonesia Booming Crypto Market

Indonesia, the 4th most populated country in the world, is seeing a boom in the crypto market. This boom was fueled by the plunging stock market and the pandemic that have steered more Indonesians to hop into the crypto world. Can the worldwide adoption of Crypto overtake the stock market?

Source: https://www.google.com/amp/s/news.tokocrypto.com/

Indonesia an emerging market

Indonesia is a very rich country both in terms of Natural Resources and Manpower. It is predicted that Indonesia will be in the Top 5 largest economy by 2030, enjoying a steady 5% Growth in GDP until the Global Pandemic arrives. Indonesia is currently the largest affected with 1.72 million people affected upon writing.

The uncertainty caused by the pandemic causes a national boom for Cryptocurrency nationally. According to Bappebti, the organization which monitors and governs cryptocurrency in the country, as of February 2021, the number of Crypto Users registered is at 4.2 Million Users, not far off from the stock market which has 4.5 Million Users. With the Daily Transaction Volumes, rising 10 fold from the figure of 600 to 800 Billion Rupiah in 2019.

According to Badan Pusat Statistik, the population of Indonesia is heavily dominated with Gen Z and Millenials and the stock market which was plummeting during throughout the year 2020 reaching its lowest at March at 3,989, there a sense of feeling among Indonesians to transition to the Crypto Market.

Based on a report shared by Hootsuite citing GlobalWebIndex, 11% of all Indonesians own some kind of cryptocurrency. This places Indonesia at 6th in the world behind Nigeria, Thailand, Brazil, South Africa and the Philippines. With internet adoption of 64% and cryptocurreny penetration of 11%, Indonesia could eventually become a powerhouse of the crypto space.

Indonesia Crypto exchange and the future.

Within Indonesia, the future certainly looks bright for Cryptocurrency, with President Joko Widodo encouraging Indonesia the changes that is going to happen in Industry 4.0 by familiarizing themselves with Artificial Intelligence, Internet, Blockchain and of course Cryptocurrency.

This is further supported by plans to build a Digital Futures Exchange (DFX)

that will be aiming to provide security and safety for its Investors. More than 229 Crypto assets are available to be traded in Indonesia. According to Bappebti, as of February 2021, the market segmentation is heavily dominated by bitcoins with 60.93%, joined by Ethereum and Tether at 13.89% and 2.15% respectively.

We in Nagaya Technologies certainly believe that Indonesia has a huge potential to become a global leader both in Economic and Cryptocurrency Space and that is why we created the world’s first hybrid Cryptocurrency.

Interested to know more about Nagaya Technologies, you can find out more at www.nagaya.io

Or you can talk to us at t.me/nagayaofficial

Source: https://blockchain.news/