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Crypto Kian Booming, Pahami Isu Fundamental Ini - Jeth Soetoyo (CEO Pintu) | Endgame #59

Gita Wirjawan・38 minutes read

Money has evolved over time from stones to gold-backed currency to non-gold-backed money based on perceived value, with Jeth Soetoyo discussing cryptocurrency and the importance of education in the crypto world. The increasing popularity of cryptocurrency is tied to concerns about inflation and the US Federal Reserve's quantitative easing, leading to a search for higher-return opportunities, driving interest in crypto, while highlighting the importance of regulatory frameworks and the potential for blockchain in increasing financial inclusion.

Insights

  • The evolution of money from stones to gold-backed currencies to value-based money showcases the changing perceptions of currency and its intrinsic value over time.
  • Jeth Soetoyo's journey into the blockchain industry, starting from his childhood experiences to his educational background and career choices, demonstrates how personal experiences and educational paths can shape one's professional trajectory and interests.

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Recent questions

  • What is the evolution of money?

    Money evolved from stones to gold-backed to value-based.

  • How did Jeth Soetoyo get into blockchain?

    Jeth's interest in blockchain sparked during his MBA.

  • Why is cryptocurrency gaining popularity?

    Concerns about inflation and need for stable alternatives.

  • What is the role of regulatory frameworks in crypto?

    Regulatory frameworks ensure transparency and vigilance.

  • How does blockchain impact financial inclusion?

    Blockchain increases financial inclusion and access to capital.

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Summary

00:00

Evolution of Money and Cryptocurrency Education

  • Money evolved from stones to gold-backed money to money without gold backing, based on perceived value.
  • Jeth Soetoyo, founder of "Pintu," discusses cryptocurrency with Gita Wirjawan.
  • Jeth's childhood involved frequent school changes due to parental experimentation.
  • Jeth studied Civil Engineering at Bucknell University before delving into Management Consulting.
  • Jeth's interest in blockchain sparked during his MBA at Harvard in 2017.
  • Jeth's experimentation with blockchain technology began after reading about it in Wired magazine.
  • Jeth's career in blockchain led him to work at Consensus, incubating various blockchain companies.
  • The increasing popularity of cryptocurrency is attributed to concerns about inflation and the need for new, more stable alternatives.
  • The US Federal Reserve's quantitative easing has led to a search for higher-return opportunities, driving interest in crypto.
  • Jeth's platform, "Pintu," focuses on educating the public about blockchain technology and the economic system in the crypto world to dispel skepticism and promote understanding.

20:39

Traditional finance embraces crypto, regulatory challenges persist.

  • Traditional financial companies are catching up with the trend of offering crypto products, as seen in JPMorgan and Goldman Sachs.
  • The importance of regulatory frameworks in different countries is highlighted for transparency and vigilance in offering crypto products.
  • The divergence between private sectors moving exponentially and regulatory frameworks moving linearly is noted.
  • Advocacy and education are seen as key in managing the challenges and changes in the financial industry.
  • The potential of Ethereum as a platform for various applications is explained, contrasting it with Bitcoin as digital gold.
  • The existence of various blockchain platforms beyond Bitcoin and Ethereum, like Solana and Terra LUNA, is mentioned.
  • The trade-off between security, transaction speed, and decentralization in blockchain systems is discussed.
  • The impact of macroeconomic policies on the crypto market, including interest rates and innovation cycles, is considered.
  • The role of blockchain in increasing financial inclusion and access to capital, particularly in Indonesia, is emphasized.
  • The global nature of blockchain technology allows for easier access to capital funds from the global community for projects and companies.

41:28

Challenges and Opportunities for Indonesian Companies

  • Local companies in Indonesia face tough competition and must adhere to local regulations.
  • Global competition poses a challenge for Indonesian companies due to easier market entry for foreign companies with larger capital.
  • To compete effectively, Indonesian companies must adopt global standards for product development.
  • Indonesia's money supply to GDP ratio is below 50%, while neighboring countries exceed 100%, impacting entrepreneurial opportunities.
  • Capital flow limitations in Indonesia increase vulnerability to external capital, necessitating a balance for sustainable growth.
  • The need for professional management of capital and accountability to support entrepreneurship in Indonesia is emphasized.
  • The importance of balancing capital sources from within the country and abroad for sustainable development is highlighted.
  • The shift towards renewable energy in the blockchain industry is noted, with a move from proof of work to proof of stake systems.
  • Bitcoin's continued popularity may lead to a decrease in transaction frequency, akin to gold transactions.
  • The accelerating changes in climate, technology, and globalization present challenges and opportunities for Indonesia's future growth and development.

01:03:04

Blockchain's Diverse Impact and Future Trends

  • Tokenization is evident in various contexts beyond finance, including social, cultural, political, and geopolitical applications.
  • Blockchain technology serves as an immutable and open ledger, with potential for positive impact in government agencies, such as recording votes in public elections.
  • Blockchain is utilized to address issues like overlapping land ownership data, emphasizing the need for verification of physical data to prevent manipulation.
  • The fastest blockchain use cases are financial, followed by trends like NFTs and digital art, reflecting a shift in value perception towards digital assets.
  • The debate between decentralized and centralized systems, including in politics and capital markets, highlights the importance of democratization and tolerance of diverse ideas.
  • While the ease of profit in stock and crypto markets is noted, emphasis is placed on the importance of real work for sustainable income, with a potential shift towards interest in non-digital sectors like agritech.
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