Mapping Public Interest in Cryptocurrency in Indonesia (2021–2024): Analyzing Geographical Disparities and Temporal Trends
DOI:
https://doi.org/10.70211/bafr.v1i1.170Keywords:
Cryptocurrency, Geographical Distribution, Temporal Trends, Financial Literacy, Emerging MarketsAbstract
This study investigates public interest in cryptocurrency in Indonesia, focusing on related queries, geographical distribution, and temporal trends. Utilizing a quantitative descriptive approach with secondary data from Google Trends (January 2021–December 2024), the findings reveal that cryptocurrency is predominantly perceived as a trading tool, with terms like trading and crypto dominating search queries. Geographical analysis highlights significant regional disparities, with Bali demonstrating the highest interest due to its global connectivity and digitally literate population, while Nusa Tenggara Timur reflects challenges such as limited infrastructure and financial literacy. Temporal trends show fluctuations aligned with global market events and regulatory developments, stabilizing in 2023–2024 as public perceptions matured. These results emphasize the need for public education to broaden understanding beyond speculative trading and for inclusive strategies to address regional and educational gaps. This study contributes to the literature by offering a novel framework integrating geographical and temporal analyses, providing actionable insights for policymakers and stakeholders to foster equitable and sustainable cryptocurrency adoption in emerging markets.
Downloads
References
M. Al Guindy, "Cryptocurrency price volatility and investor attention," Int. Rev. Econ. Financ., vol. 76, pp. 556–570, Nov. 2021. https://doi.org/10.1016/j.iref.2021.06.007
S. Jalal and A. S. Che Abdullah, "Challenges of Collecting Zakat on Digital Assets," J. Muamalat Islam. Financ. Res., vol. 21, no. 1, pp. 32–48, 2024. https://doi.org/10.33102/jmifr.545
Daramola, "Financial Risk Management in the Era of Cryptocurrencies and Digital Assets," ICONIC Res. Eng. J., vol. 8, no. 3, pp. 320–331, 2024.
D. Feinstein and K. Werbach, "The Impact of Cryptocurrency Regulation on Trading Markets," J. Financ. Regul., vol. 7, no. 1, pp. 48–99, May 2021. https://doi.org/10.1093/jfr/fjab003
M. Gunawan and A. H. Anggono, "Cryptocurrency Safe Haven Property against Indonesian Stock Market During COVID-19," J. Econ. Bus. Account. Ventur., vol. 24, no. 1, pp. 121–138, Jul. 2021. https://doi.org/10.14414/jebav.v24i1.2661
P. Yudha, R. A. Rahadi, and A. Noveria, "Bitcoin Adoption Strategy as a Company Asset in Indonesia," J. Econ. Bus., vol. 7, no. 3, Sep. 2024. https://doi.org/10.31014/aior.1992.07.03.592
W. Wardoyo, C. Nuryakin, and S. Hambali, "Bitcoin in Indonesia: Hedging or Investment Instrument?," J. Ekon. Indones., vol. 9, no. 3, pp. 209–232, 2020. https://doi.org/10.52813/jei.v9i3.62
Chokor and E. Alfieri, "Long and short-term impacts of regulation in the cryptocurrency market," Q. Rev. Econ. Financ., vol. 81, pp. 157–173, Aug. 2021. https://doi.org/10.1016/j.qref.2021.05.005
M. El Hajj and I. Farran, "The Cryptocurrencies in Emerging Markets: Enhancing Financial Inclusion and Economic Empowerment," J. Risk Financ. Manag., vol. 17, no. 10, p. 467, Oct. 2024. https://doi.org/10.3390/jrfm17100467
F. Allen, X. Gu, and J. Jagtiani, "Fintech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China," J. Int. Money Financ., vol. 124, p. 102625, Jun. 2022. https://doi.org/10.1016/j.jimonfin.2022.102625
H. El Chaarani, Z. EL Abiad, S. El Nemar, and G. Sakka, "Factors affecting the adoption of cryptocurrencies for financial transactions," EuroMed J. Bus., vol. 19, no. 1, pp. 46–61, Mar. 2024. https://doi.org/10.1108/EMJB-04-2023-0121
S. Wasiuzzaman and A. M. S. L. Pg Hj Ahmad, "Perception towards government advisory, perceived risk and willingness to invest in cryptocurrency," J. Econ. Bus., p. 106208, Aug. 2024. https://doi.org/10.1016/j.jeconbus.2024.106208
R. White, Y. Marinakis, N. Islam, and S. Walsh, "Is Bitcoin a currency, a technology-based product, or something else?," Technol. Forecast. Soc. Change, vol. 151, p. 119877, Feb. 2020. https://doi.org/10.1016/j.techfore.2019.119877
K. M. Anwarul Islam and M. Saifuddin Khan, "The role of financial literacy, digital literacy, and financial self-efficacy in FinTech adoption," Invest. Manag. Financ. Innov., vol. 21, no. 2, pp. 370–380, Jun. 2024. https://doi.org/10.21511/imfi.21(2).2024.30
R. Kusumawardhani, N. K. Ningrum, and R. Rinofah, "Investigating Digital Financial Literacy and its Impact on SMEs' Performance: Evidence From Indonesia," Int. J. Prof. Bus. Rev., vol. 8, no. 12, p. e04097, Dec. 2023. https://doi.org/10.26668/businessreview/2023.v8i12.4097
L. T. M. Nguyen and P. T. Nguyen, "Determinants of cryptocurrency and decentralized finance adoption - A configurational exploration," Technol. Forecast. Soc. Change, vol. 201, p. 123244, Apr. 2024. https://doi.org/10.1016/j.techfore.2024.123244
P. Zhang, K. Xu, and J. Qi, "The impact of regulation on cryptocurrency market volatility in the context of the COVID-19 pandemic - evidence from China," Econ. Anal. Policy, vol. 80, pp. 222–246, Dec. 2023. https://doi.org/10.1016/j.eap.2023.08.015
M. Murugappan, R. Nair, and S. Krishnan, "Global Market Perceptions of Cryptocurrency and the Use of Cryptocurrency by Consumers: A Pilot Study," J. Theor. Appl. Electron. Commer. Res., vol. 18, no. 4, pp. 1955–1970, Oct. 2023. https://doi.org/10.3390/jtaer18040098
E. Saiedi, A. Broström, and F. Ruiz, "Global drivers of cryptocurrency infrastructure adoption," Small Bus. Econ., vol. 57, no. 1, pp. 353–406, Jun. 2021. https://doi.org/10.1007/s11187-019-00309-8
N. Adel, "The impact of digital literacy and technology adoption on financial inclusion in Africa, Asia, and Latin America," Heliyon, vol. 10, no. 24, p. e40951, Dec. 2024. https://doi.org/10.1016/j.heliyon.2024.e40951
G. Vlahavas and A. Vakali, "Dynamics between Bitcoin Market Trends and Social Media Activity," FinTech, vol. 3, no. 3, pp. 349–378, Jul. 2024. https://doi.org/10.3390/fintech3030020
E. Tan, S. Mahula, and J. Crompvoets, "Blockchain governance in the public sector: A conceptual framework for public management," Gov. Inf. Q., vol. 39, no. 1, p. 101625, Jan. 2022. https://doi.org/10.1016/j.giq.2021.101625
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Wawan Gunawan, Debashish Sharma

This work is licensed under a Creative Commons Attribution 4.0 International License.