1 in 9 Indonesians owns cryptocurrency

According to a recent report from Hootsuite, about 11% of Indonesians own some kind of cryptocurrency. The same report says that about 7% of the world’s population owns at least some Bitcoin or some altcoins. This means that more than 546 million people worldwide own cryptocurrency. This number seems much higher than some other estimates.

11% of Indonesians hold cryptocurrencies due to currency devaluation

With a population of over 270 million, Indonesia is the fourth most populous country in the world, and the fact that 1 in 9 people own cryptocurrency is a testament to the rapidly increasing levels of adoption.

Indonesia is the sixth-largest country in terms of cryptocurrency adoption, behind the Philippines, Brazil, South Africa, Thailand, and Nigeria. The Philippines tops the list with 17% of the population adopting cryptocurrency.

As the Indonesian currency, the Indonesian Rupiah (IDR), depreciates day by day, more Indonesians prefer to hold cryptocurrencies. The IDR has fallen to its lowest level against the US dollar since 1998 and may soon hit a new record low. Since the beginning of the year, USD/IDR has surged by about 20%, which is a lot for a fiat currency trading pair. The main losses occurred during the COVID-19 pandemic.

The 11% figure is impressive considering that only about 64% of Indonesians have access to the internet via a device.

Is the data accurate?

The report also sparked discussion on Twitter, with some locals saying the figures were exaggerated and that it was unlikely that 11% of people in Indonesia owned cryptocurrencies.

The same report states that about 7% of the world’s population owns at least some Bitcoin or some altcoins. This means that more than 546 million people worldwide own cryptocurrencies. This number is much higher than other estimates. For example, Coinbase CEO Brian Armstrong believes that there should be about 50 million crypto users worldwide.

The latest chart published by Statista shows that as of the last quarter of 2019, there were nearly 45 million blockchain wallet users.

Furthermore, according to BitInfoCharts, there are more than 21 million Bitcoin wallets holding at least $1. All in all, Indonesia is indeed a leader in cryptocurrency adoption.

Source: Bitcoinist

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