Bitcoin Adopters Could Soon Overtake Stock Traders in Indonesia

Indonesia’s largest exchange system for cryptocurrencies, including bitcoin may soon exceed the national stock market by absolute numbers of participants. A single cryptocurrency market in Indonesia may soon have more registered users than the country’s 106 year old stock market. In case the value of bitcoin along with the broader cryptocurrency market is in a rut, the Indonesians have missed the memo. Talking in Bloomberg, Indonesia Digital Asset Exchange chief executive Oscar Academy Award Darmawan claims the platform is on the right track to get 1.5 million KYC registered customers by the end of the 2018.

With tens of thousands of users registering daily, the crypto exchange now sees 1.14 million users after opening its doors in the year 2014. In contrast, the Indonesia Stock Exchange, the country’s national stock market, has a total of 1.18 million registered participants that trade stocks, futures, exchange traded funds and options of listed firms worth a combined $520 billion, Bloomberg adds. The present combined market cap of cryptocurrencies stands at $355 billion, down from an all time high of nearly $830 billion in early January this year. Bali based INDODAX, previously before a rebrand, provides fiat-to bitcoin purchases to domestic customers alongside crypto-to crypto trading wherein bitcoin could be exchanged for a handful of other supported parts, including Ethereum, Ripple, Litecoin, DASH, Stellar and much more.

The executive further disclosed that the market is currently facilitating a mean of 100 billion rupiah in trading volume daily, a figure he expects to double at the end of the year.

He added:

“We are seeing almost 3,000 new members signing up everyday. Most people are trading in bitcoins though transactions in ethereum has increased significantly of late.”

The insights are especially noteworthy in underlining a continuing tendency of heightening retail investors interest in cryptocurrencies. Indonesia, particularly, harbors a hostile environment toward cryptocurrencies due to authorities repeated crackdowns. Whilst the main bank, Bank Indonesia, hasn’t prohibited cryptocurrency exchanges within the nation, the institution’s governor has threatened legal action against bitcoin adopters with the cryptocurrency for obligations. Following the main bank has outlawed cryptocurrencies as a legal tender, there have been reports of government swooping in on institutions accepting the cryptocurrency in Bali. Still, Indonesians desire for cryptocurrency carries on to grow, regardless of the main bank urging all parties within the nation to refrain from purchasing, buying or trading cryptocurrencies in a latest January warning.