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Data from Indonesian regulators reveal that more than 60% of crypto investors in Indonesia consist of Gen Zs and Millennials in the age range of 18 to 30 years old.
According to a report by local Indonesian media Kompas.id, cryptocurrency is becoming increasingly popular amongst young Indonesian, specifically those in the Gen Z and Millennial age groups.
Data from The Indonesian Commodity Futures Trading Regulatory Agency, known locally as Bappebti, reveal that by Sept. 2024, as much as 26.9% of crypto investors are aged 18 to 24 years old. Meanwhile, 35.1% of investors are in the ages between 25 to 30 years.
Head of Bappebti, Ir. Kasan, said that young people continue to show high enthusiasm for digital assets as an alternative to traditional financial assets like 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.
“Financial literacy, including an understanding of crypto, is very important so that the younger generation can choose the right investment and avoid unnecessary financial risks,” said Kasan.
Meanwhile, another survey titled “The Indonesia Millennial and Gen Z Report 2024” shows that 38% of Millennials and 41% of Gen Z in Indonesia make it a habit to prepare a monthly financial budget.
While 32% of Millennials and 26% of Gen Z are used to setting aside some of their income for savings and investment. This shows that financial management and investment are now a priority for the younger generation.
According to the latest data from Bappebti, the total value of crypto transactions as of Sept. 2024 reached IDR 33.67 trillion or equal to $2.13 billion USD.
Even though this number decreased slightly compared to Aug. 2024, the value of crypto transactions from January to September this year has exceeded the same period in 2023.
Last year, the total value of crypto transactions was IDR 94.41 trillion ($5.99 billion USD). Meanwhile, the total value of crypto transaction in Indonesia measured from Jan. 2024 until September 2024 amounts to IDR 426.69 trillion ($27.10 billion USD), increasing by 351.97% compared to last year. This shows that cryptocurrency as investment asset is becoming even more popular amongst Indonesians.