Bitcoin continues to gain mainstream traction all over the world. Even though the cryptocurrency is only used by a minority of the people on this planet, it makes headway in certain regions. Indonesia, for example, has seen quite an uptick in Bitcoin interest all of a sudden.
Indonesia Warms Up To Bitcoin and Cryptocurrency
According to a recent article by The Jakarta Post, Bitcoin Indonesia has 250,000 members. That is quite a significant number; as it goes to show there is a legitimate interest in cryptocurrency. Despite the government not recognizing Bitcoin as a currency, consumers and enterprises see a lot of merit in cryptocurrency.
Comparing these numbers to the end of 2015, Bitcoin Indonesia only had 80,000 members. This goes to show that, just like the Bitcoin price, interest in cryptocurrency in this country has increased by over 250%. A mere coincidence, of course, but still interesting to point out.
Bitcoin Indonesia business development manager Suasti Atmastuti Astaman feels this is a natural evolution of Bitcoin interest. Now that the cryptocurrency is gaining global trust, things are heading in the right direction. Countries are officially recognizing Bitcoin as a currency, giving the project more legitimacy.
Moreover, the value per Bitcoin relies on supply and demand in the market. Indonesia is a country very few people think of when talking about Bitcoin trading activities. That said, Bitcoin Indonesia has seen daily transaction volumes increase since 2015. Plus, the increased price has attracted a lot of new users and investors.
But there is still some concern over what the Indonesian government may do with Bitcoin in the future. For now, there is a lack of understanding the concept, and no further regulation is being considered. Additionally, there is no indication the country will “legitimize” Bitcoin either. That’s not necessarily a bad thing, though, as governments have no influence on Bitcoin, to begin with.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.