For an industry gradually developing, 2021 has certainly been an eventful year for cryptocurrency enthusiasts in particular, and financial blockchain advocates generally. Cryptocurrencies are digital assets whose transactions are enabled and authenticated through the use of blockchain technology, a distributed ledger system spread across numerous computers that manage and record transactions. In addition to its added security, this enables global peer-to-peer transactions to be made without the use of the intermediaries found in traditional financial systems. According to CoinMarketCap, the total cryptocurrency market capitalization reached a record high of $2.68 trillion on 21 October, up from $705.58 billion in late December last year.
The pandemic, with its role in the acceleration of the transition to digital transactions generally, has also contributed to the growth of the interest in cryptocurrencies globally, including here in Indonesia. Although cryptocurrencies are not permitted as a means of payment, the government has allowed it to be traded legally as a commodity since 2019, regulated by the Commodity Futures Trading Commission (Bappebti). As of July 2021, the total number of local cryptocurrency investors had surpassed 7 million, nearly doubling from 2020, and far exceeding the stock exchange's 2.6 million. Meanwhile, daily trading volume more than doubled to Rp2.3 trillion from Rp180 billion a year ago. Nonetheless, it appears as though the volatile price and high risk, and thus reward, associated with cryptocurrencies has also contributed to their popularity.
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BACK ON TRACK
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The wave of social commerce is enabling inclusive digital economies beyond urban areas.
Boys in the Bubble
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Gold Rallies on Inflation Fears
During September the price of gold rallied to $1,868 per ounce following the release of figures on US inflation by the Bureau of Labor Statistics which indicated that, as of September, CPI inflation had rocketed to 6.2%, above the 5.8% which economists had been predicting.
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The Daily Intake
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THE CROESUS OF CRYPTO
FTX COFOUNDER SAM BANKMAN-FRIED BUILT A $22.5 BILLION FORTUNE BEFORE HIS 30TH BIRTHDAY BY PROFITING OFF THE CRYPTOCURRENCY FRENZY—BUT HE’S NOT A TRUE BELIEVER. HE JUST WANTS HIS WEALTH TO SURVIVE LONG ENOUGH TO GIVE IT ALL AWAY.
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I Am Coconut … A Killer Nut? Not Even Close
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THE KRIS-ENING OF RAYA AND THE RUSSIAN RAID
When you think about society’s need for Asian female heroes who can influence Asian-American women of all ages to stand up for themselves and fight for justice in their communities, Raya and the Last Dragon could not have come at a better time.
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VOTING DAY around the World
When it comes to elections in the United States, it’s pretty certain that most people will be voting on a Tuesday. The custom of voting on a Tuesday in November was established when many Americans were farmers. By November, the growing and harvesting seasons were over making it easier for farmers to leave their work and go vote.
One Child Fund
Indonesia Children’s Home
TRAVEL TIPS: INDONESIA
Get the most out of your next dive trip
Two sailors with a thirst for voyaging