Celebrities in Indonesia are helping users to grow the demand for crypto assets.
Over the last year, crypto investments in Indonesia have enjoyed considerable growth. About 4% of the jurisdiction’s population has invested in cryptos. Indonesia’s Commodities Futures Trading Regulatory Authority indicates that in 2021 alone, the crypto-related transactions surpassed USD 34 billion.
The rapid growth is largely based on the changing mindset towards cryptos, especially in the media. Celebrities and influencers are at the heart of promoting this popularity.
Crypto Adoption among Celebrities in Indonesia
In Indonesia, influencers and celebrities have become an important component in the crypto investment industry. Many are brand ambassadors of crypto projects or exchanges targeting to grow the trading volume.
Individuals, such as Joe Taslim, one of the top actors, have had a huge impact on the adoption of crypto. Other celebrities helping to address this include actresses and models, such as Shandy Aulia and Jessica Iskander.
When the names of celebrities supporting I-Coin, which was created by a public figure, were released, the token went viral, with many buying it for fear of missing out (FOMO). Indra Kenz, an influencer in India, also created his own token, botXcoin (BOTX).
Celebrities in Non-Fungible Tokens
BOXT was developed as an Ethereum project aimed at decentralizing social trading. After its launch, more influencers started paying attention, talking about blockchain and cryptos in their platforms.
Celebrities and influencers also started developing their own NFT projects. Syahrini, one of the well-known Indonesian Singers and a socialite, created an NFT collection and sold them on the Binance marketplace.
Another NFT project was by Brandon Salim, one of the top chefs in the country. He worked with Jejouw, a leading influencer in Indonesia, to promote Karafuru, an NFT project that went global.
What is the Government Response?
As celebrities hype cryptos and NFTs, the government is in the race to pass regulations to protect investors. The country’s Commodity Futures Trading Regulatory Agency (BAPPEBTI) is warning celebrities to ensure their projects are approved before heading out to promote them. The agency indicates that only 229 cryptos are legal in Indonesia.
BAPPEBTI indicates that as far as celebrities legalize their cryptos, it remains neutral. This indicates that the government wants the best for crypto creators and investors.
The trend of influencers and celebrities joining to promote crypto projects is growing the crypto landscape bigger. The growth has been exponential, hitting over 100% since 2020. It has also attracted support from large organizations and the retail market.
Sinar Mas, a major business conglomerate, supported the launch of NanoByte (NBT), which is developed with Tokocrypto exchange as part of its partner.
However, these projects might cause a domino effect from financial institutions, making them also invest in blockchain. New regulations will also be needed to support the growth.