JAKARTA, RAKYAT NEWS – The Commodity Futures Trading Regulatory Agency (Bappebti) has set an ambitious target of Rp 600 trillion in cryptocurrency transactions for the year 2024.

This goal comes as the agency anticipates further growth in the Indonesian crypto market, with expectations for Bitcoin and other cryptocurrencies to reach new heights in the coming year.

Tirta Karma Senjaya, Head of Bappebti’s Bureau for the Development of Futures Trading, announced that the total value of cryptocurrency transactions reached Rp 475 trillion as of October 2024. This significant figure reflects the growing interest in digital assets among Indonesians, with the number of registered crypto users in the country now at 21.6 million.

Bappebti’s target for 2024 aligns with the broader vision set by the Financial Services Authority (OJK), which has set a more ambitious goal of reaching Rp 1,000 trillion in cryptocurrency transactions by 2028. With the continued rise in interest and investment, Indonesia is positioning itself as one of the key players in the global cryptocurrency market.

Bitcoin, the world’s most widely recognized cryptocurrency, reached its all-time high in 2021, pushing total crypto transactions in Indonesia to Rp 859.4 trillion. While prices have not yet surpassed the 2021 peak, Senjaya expressed hope that 2025 will bring a new all-time high, which would likely fuel another surge in transactions.

“Although the price of Bitcoin has not yet exceeded the 2021 level, the current market activity is still impressive. We hope that in 2025, Bitcoin will hit a new all-time high, which will drive even greater transaction volumes in the future,” Senjaya stated during the Indonesia Blockchain Week event in Jakarta on November 19.

The growing momentum in cryptocurrency trading has been supported by Bappebti’s efforts to introduce new financial products. One such product is the perpetual futures market, which allows traders to speculate on the price movements of cryptocurrencies and foreign currencies without owning the underlying assets. This innovation is expected to open new opportunities for traders and investors alike.

Senjaya is optimistic that the introduction of perpetual futures will significantly boost Indonesia’s crypto market. He believes that once these products gain wider adoption, they could increase trading volumes by three to four times compared to the current spot market, where assets are traded instantly.

“Even if perpetual futures reach only twice the volume of the spot market, that would already be a remarkable achievement,” Senjaya concluded, emphasizing the potential for exponential growth in Indonesia’s cryptocurrency market. (Uki Ruknuddin)