Despite repeated warnings from the central bank of Indonesia about the supposed risks of cryptocurrency trading, everyday people keep turning to bitcoin in this highly populated Asian country. In fact, soon there will be more traders on just one crypto platform than there are on the local stock exchanges established over a 100 years before it.
Bitcoin Is More Popular Than Stocks
The Indonesia Digital Asset Exchange (Indodax), founded in 2014 as Bitcoin.co.id, has 1,147,430 members already on board, according to its website. That is just a bit shy of the Indonesia Stock Exchange, which opened in 1912, with only about 1.18 million registered participants according to data from the Indonesia Central Securities Depository. In fact, as the Indodax is the biggest in the country, but not the only venue to trade cryptocurrency for rupiah, it is possible that there are already more bitcoin investors than stock traders in Indonesia.
The Indodax is expected to have 1.5 million members by the end of the year, according to Chief Executive Officer Oscar Darmawan. “We are seeing almost 3,000 new members signing up everyday…