Finance Minister's Son Discusses Cryptocurrency and Financial Literacy

declining cryptocurrencies, buying at low prices in the hope of making large profits later. He believes this strategy has the potential to lead to significant losses. "You can buy in installments on Bitcoin and other major cryptocurrencies like ETH and BNB. But 50 percent of your assets must be in Bitcoin," he advised.

Regarding the currently falling prices of Bitcoin and other cryptocurrencies, Yudo cautioned against panic. "For my friends, don't panic sell, it's at the bottom now. We're scooping up BTC and ETH or major altcoins, making sure the bulk is in BTC. For smaller memecoins, let's wait a bit longer," explained Yudo, who now lives in East Seattle, United States.

When asked about memecoins, Yudo reminded people to look for memecoins with a solid community and sideways price movements. "Look for ones with small market caps that can pump up 1,000 percent. Don't invest too much, just $1 is enough," Yudo advised again.

He also touched on the methods of corruptors or money launderers in the crypto world. According to him, this is impossible with Bitcoin, Ethereum, Binance, or other major cryptocurrencies because they are so open. Yudo admitted to having discussed this issue with Minister Purbaya regarding corruptors' funds.

"If you're laundering money, use a crypto mixer; it's more covert. Thousands of wallets have been detected. They must be closed immediately because they hinder the crypto itself. Using Bitcoin is the most foolish thing, because it's so naked. Maybe use a privacy coin. It's not listed on an exchange," he explained.

Yudo also discussed the strategy of trading together. He agreed, although he had to consider the risks, noting that each person's mental resilience and financial situation are different. "A minimum tolerance of minus 10 percent. When the market starts to rise above 10 percent, withdraw immediately."

Regarding the Indonesian government's plan to provide assets in the form of crypto, Yudo believes there must be gradual economic recovery. Once growth is good, at 8 percent per year, then we can consider investing in crypto as foreign exchange reserves.

"In a few years, we'll have more money, and then we can invest in Bitcoin. Three or four years down the line, it's an option. Bitcoin is a hedge against risk."

The risk of holding foreign exchange reserves in dollars is very high at the moment because not all countries currently use US dollars, while the US is constantly printing dollars for both financial and political reasons. "Bitcoin and gold reserves are better than holding cash dollars. One day, they could be reduced to toilet paper if countries like China and Russia exert pressure," explained Yudo.

Yudo, a member of the Crypto Academy, said the community's modules are easy to learn and many of the analyses are correct. "There are mistakes, and that's normal. It's impossible to have 100% accurate analysis. You can go to a shaman, but the shaman is also poor," Yudo said with another laugh.

Elsewhere, Yudo mentioned that economics and politics are inextricably linked, so traders must be sensitive to political changes. "Like yesterday, when everyone was taxed. In the end, people took to the streets to protest. If the economy is stable, investors will easily come in and there will be economic growth," Yudo concluded.[]