Jakarta. According to data from the Commodity Futures Trading Regulatory Agency (Bappebti), the total number of cryptocurrency investors in Indonesia reached 18.25 million people as of November 2023. This marked an increase of a 1.05% rise compared to October 2023, when there were 18.06 million investors.

Meanwhile, the value of cryptocurrency transactions in Indonesia surged by 62.8% to Rp 17.09 trillion ($1.1 billion) in November 2023 compared to the previous month. The total accumulation reached Rp 121.99 trillion by November 2023.

"The upward trend in transactions is caused by many investors engaging in short-term trading while anticipating the Bitcoin halving in 2024," said Tirta Karma Senjaya, Head of Commodity Futures Trading at Bappebti, in a press statement on Thursday.

Bitcoin halving is an event that occurs approximately every four years as part of the Bitcoin protocol. It refers to the reduction in the reward that Bitcoin miners receive for validating and adding new blocks to the blockchain. 

The halving is programmed to take place every 210,000 blocks, or roughly every four years until the maximum supply of 21 million bitcoins is reached. The first Bitcoin halving occurred in 2012, and the most recent halving took place in May 2020. 

CEO of Tokocrypto, Yudhono Rawis, is optimistic about the prospects of the crypto industry in Indonesia. He said that the surge in transaction values at the end of 2023 is a positive signal indicating high public interest in crypto assets. 

"Despite challenges in the market, we remain optimistic that the crypto industry in Indonesia will continue to grow in 2024. We believe that Indonesia has the potential to become a major player in the crypto industry with support from various stakeholders and innovative regulatory strengthening," said Yudho.

Yudho added that the high level of digital literacy among the Indonesian population could be an opportunity for the crypto industry. "Regulations are becoming conducive to the development of the crypto industry. With such significant potential, the crypto industry in Indonesia is expected to continue rapid growth in the coming years," he explained.

Tokocrypto recorded a 40% increase in profitability in cryptocurrency trading transactions, averaging over $500 million during the fourth quarter of 2023. This reinforces the belief that the prospects of the crypto industry are likely to continue with strong momentum in 2024.

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