Indonesia's Crypto Transactions Soar 352% in 2024, Reaching $29.63 Billion
Jakarta. The value of cryptocurrency transactions in Indonesia reached Rp 475.13 trillion ($29.63 billion) by October 2024, a 352.89 percent year-on-year increase, according to a report from the Financial Services Authority (OJK).
Hasan Fawzi, Head of OJK’s Financial Technology, Digital Financial Assets, and Crypto Assets Oversight, said that by October 2024, the number of crypto investors in Indonesia had reached 21.63 million, up from 21.27 million in September.
“During the same period (October 2024), the transaction value of crypto assets saw a 43.87 percent increase, totaling Rp 48.44 trillion,” he said at a press conference following the OJK Commissioner’s Board Meeting in Jakarta on Saturday.
The significant surge in crypto transactions in 2024 can largely be attributed to global dynamics, particularly the election of Donald Trump as the new US President. According to Hasan, Trump’s victory fueled bullish sentiment among crypto investors. His stance is perceived as more supportive of digital currency development compared to Democratic Party candidate Kamala Harris.
Regarding Bitcoin (BTC), the largest cryptocurrency, Fawzi sees significant potential for it to reach new heights, especially in light of the US Consumer Price Index (CPI) data for November 2024, which showed a 2.7 percent increase, up from 2.6 percent in October.
In the past 24 hours, the crypto market strengthened, with Bitcoin gaining traction following positive signals from MicroStrategy, which is set to join the Nasdaq index. As of Saturday morning, global crypto market capitalization had risen by 1.93 percent, reaching $3.66 trillion. Bitcoin surged by 2.66 percent in the last 24 hours, with its price reaching $101,944 per coin.
MicroStrategy, a Bitcoin-focused company that has seen explosive growth this year, will become the first company dedicated to Bitcoin to join the Nasdaq, opening the door to billions of dollars in passive investment flows. Following Nasdaq’s official announcement on Friday, December 13, 2024, Bitcoin's price briefly surpassed $102,000.
Indodax CEO Oscar Darmawan commented that the CPI data, which met expectations, has positively impacted the market, including crypto assets. “If economic data continues to support and global monetary policies remain conducive, Bitcoin could set a new all-time high,” he said in a statement on Saturday.
Additionally, Oscar pointed out that optimism surrounding looser interest rate policies from the Federal Reserve could serve as a positive catalyst for Bitcoin and other crypto assets in the future.
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