Bappebti Suspects FOMO Factor in Rising Crypto Investments among Youth
Jakarta. Indonesia now has 16.55 million crypto asset investors as of Nov. 2022, and many of them are millennials, according to the Futures Exchange Supervisory Board or Bappebti.
Bappebti reported that 48 percent of the crypto asset investors in the country are between the age of 18 and 35 years old. However, Bappebti raises concerns that these millennials are only investing in crypto because of their fear of missing out (FOMO).
“Crypto assets are an extremely volatile investment. One day it can suddenly go up, but then will drop the next day, even harder than a roller coaster,” Bappebti acting head Didid Noordiatmoko said in Jakarta on Thursday.
“This is something that the public must take note of, especially since 48 percent of our crypto investors are aged between 18 and 35. We are afraid millennials or people around this age are only investing in crypto because they just want to jump on the bandwagon,” Didid said.
Bappebti has teamed up with the Indonesian Crypto Asset Traders Association (Aspakrindo) to boost crypto literacy, particularly among millennials. Both plan to make February a literacy month, during which, they will host crypto literacy activities across the archipelago.
Didid said he hoped the collaboration with Aspakrindo would also improve the quality of crypto assets in Indonesia.
“Hopefully, we will have local coins being traded here in Indonesia. To date, we only have 10 local coins available for trade, but we do hope there will be more in the future,” he added.
Crypto Exchange Plan
Bappebti is working alongside Aspakrindo to expedite the formation of a crypto exchange. This collaboration will enable Bappebti to gain information from exchangers or traders while paving the way for better governance for both teams. Aspakrindo can also give input for Bappebti as the regulator, and vice versa.
According to Didid, Indonesia’s crypto exchange is slated for 2023, although he still cannot reveal the exact date. The bourse will be under the Trade Ministry for the first two years. The government will then hand over the exchange to the Financial Services Authority (OJK).
Indonesia originally planned to set up the crypto bourse in 2022, but Bappebti decided to postpone the launch date so they could make additional preparations.
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