More than 60% of Indonesian youths invest in crypto: report

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As a seasoned investor hailing from the baby boomer generation, I must admit that the enthusiasm and savviness of the younger crypto investors in Indonesia, particularly Gen Z and Millennials, is truly inspiring. While my own foray into digital assets started with floppy disks and dial-up modems, these young guns are leveraging smartphones and social media to navigate the complex world of cryptocurrencies.

Information provided by Indonesian authorities indicates that over 60% of cryptocurrency investors in Indonesia are individuals aged between 18 and 30, which predominantly includes members of Generation Z and Millennials.

Based on an article from Indonesian news source Kompas.id, it appears that cryptocurrency is gaining traction among younger generations in Indonesia, particularly those falling within the Gen Z and Millennial age brackets.

According to Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti), it is projected that by September 2024, approximately a quarter (26.9%) of crypto investors will be aged between 18 and 24, while nearly one-third (35.1%) will fall within the age group of 25 to 30 years old.

The leader of Bappebti, Ir. Kasan, stated that young individuals maintain a strong interest in digital assets, viewing them as a viable replacement for conventional investments such as stocks and gold.

Though, he also highlights the importance of promoting financial literacy to younger generations, especially for those who have an interest in understanding crypto. He believes that young people need to stay updated on the latest technological and financials developments.

Kasan emphasized that it’s crucial for young people to grasp financial concepts like cryptocurrency, as this knowledge empowers them to make sound investment decisions and steer clear of potential financial pitfalls,” said the speaker.

Simultaneously, another study named “The Indonesia Millennial and Gen Z Report 2024” indicates that nearly four out of ten Millennials (38%) and over one-third of Gen Z (41%) in Indonesia regularly create a monthly spending plan.

Approximately one-third of Millennials and slightly less than that among Generation Z regularly put money away for saving and investing, indicating that taking charge of finances and investments is becoming increasingly important to these younger age groups.

As per recent figures from Bappebti, the cumulative worth of cryptocurrency transactions by September 2024 amounted to approximately 33.67 trillion Indonesian Rupiah, which is equivalent to about 2.13 billion US Dollars.

Despite a minor drop compared to August 2024, the total amount of cryptocurrency transactions recorded between January and September of this year surpasses the same time frame in 2023.

In the previous year, the overall worth of cryptocurrency transactions was approximately IDR 94.41 trillion or $5.99 billion USD. However, from January 2024 to September 2024, the total value of crypto transactions in Indonesia climbed up to IDR 426.69 trillion, which is equivalent to about $27.10 billion USD – a staggering increase of 351.97% compared to the previous year. This suggests that cryptocurrency as an investment option is gaining significant traction amongst Indonesians.

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2024-10-28 16:04