Volume 07 Issue 09 September 2024
1Rionaldi Alamsyah Kuoki, 2Dadan Rahadian, 3Astrie Krisnawati
1Postgraduate Student at School of Economic and Business, (Distance Learning) Master in Management, Faculty of Economic
and Business, Telkom University, West Java, Indonesia
2Lecturer at School of Economic and Business, (Distance Learning) Master in Management, Faculty of Economic and Business,
Telkom University, West Java, Indonesia
3Lecturer at School of Economic and Business, (Distance Learning) Master in Management, Faculty of Economic and Business,
Telkom University, West Java, Indonesia
DOI : https://doi.org/10.47191/ijsshr/v7-i09-55Google Scholar Download Pdf
ABSTRACT
Nowadays Cryptocurrency world is entering “Crypto Winter.” Crypto winter is a period of prolonged low prices pursuant to significant declines. Crypto Winter makes business development of Cryptocurrency companies enter VUCA (volatility, uncertainty, complexity, and ambiguity) where the impact is several Cryptocurrency companies in the world have gone bankrupt. Examples are FTX, Luna, Voyager Digital, Three Arrows Capital (3AC), etc. The bankruptcy of it should be prevented if it has the right strategy in making future company policies. For this reason, it is necessary to identify a business model so that it is more directed in running its business. This research seeks to identify business model of Cryptocurrency companies and identify the aspects that are the strengths of Cryptocurrency companies in Indonesia. The author uses qualitative method with case study in company PT Indonesia Digital Exchange and PT Luno Indonesia. The author will provide interview questions to company representatives to find out the business model of Cryptocurrency companies. From the research results, it is found that a cryptocurrency company business model using business model canvas consisting of nine key elements to map a business such as Key Partnership, Cost Structure, Key Resources, Key Activities, Customer Segment, Value Proposition, Customer Relationship, Revenue Streams, and Channels. The aspects of the business model that are the strength of this cryptocurrency company lie in Customer Relationship, Customer Segment, and Value Proposition. This research provides insights to map business and valuable information in the context of internal company improvement, also offering a foundation for future research.
KEYWORDS:Business Model; Business Model Canvas; Cryptocurrency Company; Crypto; Cryptocurrency Industry.
REFERENCES1) Alam, S.R.N. and Triono, S.P.H., 2023. Perancangan Model Bisnis Menggunakan Business Model Canvas (Studi pada UMKM Boss Talasik). Journal of Management and Bussines (JOMB), 5(2), pp.1239-1249. https://doi.org/10.31539/jomb.v5i2.6355
2) Amit, R., & Zott, C. (2012). Creating value through business model innovation. MIT Sloan management review.
3) Badan Pengawas Perdagangan Berjangka Komoditi. 2022. Calon Pedagang Fisik Aset Kripto. Jakarta: Bappebti.
4) Carter, M., & Carter, C. (2019). The creative business model canvas as a tool for entrepreneurship education. In ICERI2019 Proceedings (pp. 3540-3544). IATED. https://doi.org/10.21125/iceri.2019.0911
5) Chesbrough, H. (2007), "Business model innovation: it's not just about technology anymore", Strategy & Leadership, Vol. 35 No. 6, pp. 12-17. https://doi.org/10.1108/10878570710833714
6) Chohan, U. W. (2022). Crypto winters. UNSW Business School Research Paper Forthcoming. https://doi.org/10.2139/ssrn.4142885
7) Fakieh, B., AL-Malaise AL-Ghamdi, A. S., & Ragab, M. (2022). The Effect of Utilizing Business Model Canvas on the Satisfaction of Operating Electronic Business. Complexity, 2022 (1), 1649160. https://doi.org/10.1155/2022/1649160
8) Ferreira, A. J. C. (2015). A Study of Business Models for Interfileiras: An Account of the Current Situation and Suggestion of an Alternative Model Using Osterwalder’s Business Model Canvas (Doctoral dissertation, ISCTE-Instituto Universitario de Lisboa (Portugal)).
9) Kasali, R. (2017). Tomorrow is Today. Jakarta: Gramedia.
10) Krisnawan, K.A., Pradana, B.I. and SE, M., (2018). Analisis Business Model Canvas pada Atabali dengan Menggunakan Pendekatan Kerangka Kerja Empat Langkah Blue Ocean Strategy. Jurnal Ilmiah Mahasiswa FEB, 7(1).
11) Lyman, Cornelia. (2022). Apa itu Crypto Winter dan Akankah Terjadi Lagi? Ini Pendapat Para Ahli!. https://pintu.co.id/blog/apa-itu-crypto-winter ., diakses Tanggal 27 Januari 2024
12) Miles, Matthew B., dan Huberman, A. Michael. (2014). Analisis Data Kualitatif: Buku Sumber Tentang Metode-metode Baru. Jakarta: UI-Press
13) Muadzan, Teuku Ghalib., dan Nugroho, Bernardus Yuliarto. 2021. Analisis Optimasi Model Bisnis Perusahaan Fintech Berbasise quity Crowdfunding Menggunakan Business Model Canvas. Jurnal Ilmiah Indonesia. https://doi.org/10.36418/syntax-literate.v6i6.2919
14) Muhamad, N. C. dan Triono, S.P.H., 2023. Business Model Innovation with a Business Model Canvas Approach at Martabak MM. International Journal of Social Science and Religion (IJSSR), pp.149-162. https://doi.org/10.53639/ijssr.v4i1.159
15) Osterwalder, A., dan Y. Pigneur. (2012). Business model Generation. Jakarta: PT. Elex Media Komputindo.
16) Roy, D., Anand, P., & Chandra, S. (2023). FTX collapse: The chronicle and the implications. Vinimaya, 43, 45-51.
17) Setiawan, Ahmad Agung dan Ghina, Astri. (2024). Validasi Model Bisnis Di Bidang Startup Edutech Crypto Studikasus: Coinfolks. e-Proceeding of Management: Vol.11, No.1, 494
18) Steffen, B., Braun von Reinersdorff, A., & Rasche, C. (2023). IT-Based Decision Support for Holistic Healthcare Management in Times of VUCA, Disorder, and Disruption. Applied Sciences, 13(10), 6008. https://doi.org/10.3390/app13106008