The Indonesian government is considering the use of Bitcoin as part of its national financial reserves. This topic was discussed in a recent meeting with Bitcoin Indonesia and officials from the Vice President's office.
Government Plans for Bitcoin Utilization
During the meeting with Vice President Gibran Rakabuming Raka's team, prospects for using Bitcoin to bolster national reserves were discussed. Predictions suggest Bitcoin could reach $13–49 million by 2045. Bitcoin Indonesia indicated that government authorities showed interest in using Bitcoin mining to increase national reserves.
Economic Context and Benefits
Indonesia, with a population of over 286 million and a GDP of approximately $1.4 trillion, ranks fourth in population and sixteenth in economy size globally. The country possesses numerous renewable energy sources, such as geothermal and hydroelectric power that can be utilized for sustainable Bitcoin mining. Additionally, there is a focus on educating the populace about Bitcoin and blockchain technology.
Growing Crypto Market in Indonesia
Indonesia's crypto market is rapidly expanding, with over $40 billion in cryptocurrency transactions recorded in 2024. The number of users on licensed crypto platforms exceeds 20 million, surpassing stock market traders. Notably, crypto tax revenue has also seen significant growth, reaching approximately 620 billion rupiah (around $38 million) in 2024, marking a 181% increase from the previous year.
Thus, Indonesia is actively exploring the potential integration of Bitcoin into its financial system, which could positively impact economic stability and the growth of digital finance.
