Unlocking Potential: Exploring a Nearly 300 Million Market and 200GW of Untapped Renewable Energy
Why Indonesia can be considered the new next hub for digital innovation, economic growth and Web 3.0 adoption.
During a fireside chat titled “The Indonesia Bitcoin Mining Campaign,” Governor Ridwan Kamil of West Java Province in Indonesia and Samson Mow, CEO of JAN3 and a prominent global advocate for Bitcoin, discussed the potential benefits of Bitcoin adoption in the country. They revealed that the Indonesian government is actively researching ways to leverage Bitcoin for the welfare of its people.
Governor Kamil highlighted the unique conditions in Indonesia that make it a promising player in the Bitcoin mining industry. He emphasized the abundant geothermal potential, ranking second globally, along with over 800 rivers suitable for hydropower. He expressed his belief that Bitcoin’s ability to convert energy into value could be transformative for Indonesia.
Furthermore, Governor Kamil shared that the country is steadily progressing toward cryptocurrency adoption, boasting over 12 million cryptocurrency investors, with 70% of them invested in Bitcoin. He stated that this number continues to grow by half a million each year.
The Governor also touched upon the potential of Bitcoin to provide financial technology solutions to the unbanked population in his country. He stated that Bitcoin could address the banking needs of approximately 40% of Indonesians who currently lack access to banking services.
Another topic of discussion was the recent introduction of an Omnibus bill, allowing 100% foreign investment in renewable energy projects exceeding 1 MW. This bill has the potential to attract increased investment and attention to the region. Governor Kamil encouraged investment in Indonesia, envisioning a substantial reserve of renewable energy dedicated to Bitcoin mining operations.
Samson Mow highlighted the opportunity Indonesia has, emphasizing that countries that adopt Bitcoin meaningfully will gain a significant advantage. Governor Kamil expressed interest in understanding the functioning of Bitcoin bonds, as implemented in El Salvador. Mow explained that these bonds could finance the development of new energy infrastructure, suggesting that Indonesia could also introduce a similar “volcano bond.”
Overall, the conversation revealed Governor Kamil’s cautious optimism regarding Bitcoin’s potential to revolutionize Indonesia’s economy and improve the livelihood of its people. Given the country’s access to abundant renewable energy resources and a large unbanked population, it appears well-suited for Bitcoin adoption.
Governor Kamil concluded by stating that the younger generation in Indonesia is increasingly purchasing Bitcoin as a reserve asset and expressed his hope for Indonesia to become a Bitcoin-friendly nation in the future.
