TNS survey: Bitcoin is still in demand in Indonesia, price volatility is a major concern

In a survey conducted by TNS, one of the largest market research agencies in the world, in June 2018 it was stated that 63% of the people in Indonesia already know what cryptocurrency, bitcoin, and the like are.

But the fact is that until now there are still very few people who are interested in investing in bitcoin. In Indonesia, bitcoin is regulated as a commodity, not as a means of payment or for buying and selling transactions.

According to Luno Indonesia Country Manager Kanta Nandana, there is still a perception among people that bitcoin is still very premium in price. This is one of the reasons why there are still very few people who invest in Bitcoin.

"Another reason is that few people know what the ideal platform to buy bitcoin is and the process that looks cumbersome and lengthy. Making bitcoin investment is still minimal for many people," said Kanta.

In a survey conducted to 1000 respondents, it was stated that millennials are the target market that Luno and other cryptocurrency marketplaces are currently targeting. This is based on their awareness and understanding of using smartphones and technology.

"The results of this research prove that cryptocurrencies have great potential for adoption in Indonesia, so Luno supports cryptocurrencies to become attractive investment tools and instruments to store and transfer funds easily and safely," said Kanta.

Guaranteed security and investment options

Overall, the number of respondents who support cryptocurrency This is considered to still increase if the price cryptocurrency become more stable, because price volatility is the main reason (42%) underlying Indonesian people's concern about cryptocurrency.

Meanwhile, the type of cryptocurrency that most Indonesians own is bitcoin and it is recorded that 83% of respondents already own this asset. Apart from Indonesia, bitcoin also dominates the market in other countries. Another popular type of crypto asset in Indonesia is Ethereum (36%).

Another thing that is highlighted in the survey is the concern of transaction security.

In Indonesia, cryptocurrency already set as tradable commodities in futures trading exchanges regulated by the Commodity Futures Trading Supervisory Agency (CoFTRA).