After experiencing high popularity over the past decade and setting several trading records, digital currencies or cryptocurrencies have shown a declining trend. This is especially evident in the last three years, according to records from the Commodity Futures Trading Supervisory Agency or Bappebti.

According to Tirta Karma Senjaya, the head of the Bureau of Market Development and Development at Bappebti, there are several factors influencing this decline in transaction figures. One of them is the sluggish economic conditions due to the pandemic, leading many investors to shift their investments away from cryptocurrencies.

Tirta explained during his presence at Ideafest on September 30, 2023, that the decrease in crypto transactions is quite significant. Bappebti recorded transactions in 2021 reaching IDR 859 trillion, while in August 2023, it was only IDR 86 trillion.

Nevertheless, Tirta remains optimistic about the development of the crypto market in the coming years. He believes that Indonesia needs to establish a dedicated committee to oversee crypto assets in order to assess these assets and the readiness of Indonesian investors. Tirta also added that establishing a crypto exchange in Indonesia would be a significant challenge, especially in the current bearish market conditions.

Globally, the value of cryptocurrency transactions has also experienced a decline, particularly after the case involving FTX CEO Sam Bankman-Fried. Previously, when the value of the cryptocurrency LUNA fell, the global crypto market also went through a negative trend for some time.

What is your opinion on this topic? Share your opinion with us. Don't forget to follow Digivestasi's Instagram, TikTok, and Youtube accounts to stay updated with the latest information about economics, finance, digital technology, and digital asset investment.