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Journal : JEBD

Analisis Risiko dan Potensi Cryptocurrency sebagai Instrumen Investasi Digital di Indonesia Setiawan, Mohammad Adit; nurul lathifah
Jurnal Ekonomi dan Bisnis Digital Vol. 3 No. 2 (2025): Oktober - Desember
Publisher : CV. ITTC INDONESIA

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Abstract

This study analyzes the risk and potential of cryptocurrency as a digital investment instrument in Indonesia using daily data of Bitcoin (BTC), Ethereum (ETH), gold, and the Jakarta Composite Index (IHSG) from 2020 to 2024. A descriptive-quantitative approach was applied, combining literature review and secondary data analysis. Logarithmic returns, GARCH(1,1) volatility models, and Value at Risk (VaR) with Conditional VaR (CVaR) at 95% and 99% confidence levels were employed. The results show that BTC and ETH generated extraordinary annual returns above 170% in 2020 and over 110% in 2023, but also recorded negative returns in crisis years such as 2022 and 2024. GARCH estimations confirm volatility clustering, with Ethereum showing stronger persistence than Bitcoin. VaR analysis indicates potential daily losses up to −13.2% for ETH and −10.3% for BTC at the 1% worst case, compared to only −2% for gold and IHSG. Scatter risk–return plots place cryptocurrencies in the high risk–high return quadrant, while gold and IHSG remain low risk–low return. Literature findings highlight regulatory gaps, speculative behavior, and low financial literacy among Indonesian millennial and Gen Z investors. Overall, cryptocurrency may serve as an alternative for risk-tolerant investors, contingent upon stronger regulation, education, and risk management.
Pengaruh Produk Domestik Regional Bruto Terhadap Pertumbuhan Ekonomi, Dan Tingkat Kemiskinan Di provinsi Jawa Timur Periode 2019-2023 Afif, Muchamad; Nurul Lathifah
Jurnal Ekonomi dan Bisnis Digital Vol. 3 No. 2 (2025): Oktober - Desember
Publisher : CV. ITTC INDONESIA

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Abstract

Poverty remains a major problem in various regions in Indonesia, including East Java. Although economic growth in East Java has shown improvement in recent years, poverty remains a serious problem and requires further attention to improve the welfare of the people in the region. This raises the question of whether Gross Regional Domestic Product (GRDP) is truly capable of increasing economic growth while reducing poverty levels. The purpose of this study is to analyze the effect of GRDP on economic growth and poverty levels in East Java for the period 2019–2023. The method used is quantitative research with secondary data from the Central Statistics Agency (BPS) as well as simple linear regression analysis, t-test, and coefficient of determination (R²). The results show that GRDP has a positive but insignificant effect on economic growth, and a negative but insignificant effect on poverty levels. Thus, an increase in GRDP has not been able to provide a real impact on reducing poverty levels or accelerating economic growth without the support of other factors such as equitable development, infrastructure quality, and local government policies. Based on the results of this study, it is recommended that local governments should not only focus on increasing GRDP, but also pay attention to equitable development, improving infrastructure quality, and economic policies that pay more attention to the interests of the community, so that economic growth can reduce poverty in a sustainable manner.