11% of Indonesians Own Crypto According to Hootsuite Digital Innovations Report

A recent report on crypto ownership in Indonesia has revealed that around 11% of the country’s population own some form of digital asset. This summary done by Hootsuite obtained data analytic insights from GlobalWebIndex.

According to the stats, Indonesia which has a population of 270 million is the sixth country in crypto uptake as of press date. This basically means that close to 30 million people within this Southeast Asian island own cryptocurrencies. The only five countries ahead of Indonesia in crypto adoption are; Nigeria, Thailand, Philippines, South Africa and Brazil.

Source; Hootsuite

It is quite notable that developing economies are integrating digital currencies faster than their developed counterparts. Numbers in Asia, South America and Africa seem to be rallying as innovators move to capitalize on a majority of the unbanked population in these regions.

In addition, volatile economies like Venezuela find crypto valuable as it is more conservative compared to their native currency. Based on this, it appears that some Indonesians are also hedging against a devaluation of the IDR by holding digital assets. The past month has been particularly rough for the IDR; it lost close to 20% against the USD given Asia’s first experience of the Coronavirus repercussions.

Disputes on this Data

Since its release, the report by Hootsuite has been a topic of discussion on social media platforms. While some crypto stakeholders agreed with it, others have disputed its factuality noting that the numbers are exaggerated. One twitter user shared that they may have included 2017 stats hence the large deviation;

“Indonesian here. The numbers are pretty misleading i think, as they might take 2017 bull run into account for calculating the 11%. In actual, there are so many fake accounts who signed up to the largest crypto exchange back to 2017, just to receive an airdrop. # sud be below 0.5%.”

This report also highlighted that approximately 7% of the world’s population own Bitcoin or another digital currency. Given this estimate, over 500 million people have engaged the crypto market directly or indirectly and acquired a cryptocurrency.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Edwin Munyui
Edwin Munyui
Edwin is a FinTech enthusiast with a particular interest in blockchain technology and cryptocurrencies. He has worked as an author in the blockchain space since 2017 and enjoys creating content that both crypto veterans and newbies can understand. His simple writing style and financial market knowledge have made him a reputable fundamental and technical analyst with the ability to handle any topic around blockchain and crypto over the years.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,482FansLike
2,795FollowersFollow
4,262FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

UNI Shorts Get REKT As it Goes Into Price Discovery While Uniswap TVL Hits a Record $2 Billion

It has been only three days since Uniswap launched its governance token UNI. The free $1,200 crypto stimulus saw 32k accounts selling their 400 UNI...

Bitcoin Must Outperform Altcoins To Kick Off A Long-Term Bull Market

For the past four days now, bitcoin has been hovering around $11,000. Trading in the green, the digital asset today went as high as...

Crypto Derivatives Exchange, Delta, Debuts Call and Put Options to be Settled in Tether (USDT)

Delta Exchange has begun the Call and Put options that will be settled via the USDT stablecoin, making a debut as the first crypto...

Bitfinex Gets 90 More Days to Provide Tether Related Documents to The NYAG

Cryptocurrency exchange Bitfinex has been granted additional time to provide documents in a case filed last year by New York Attorney General (NYAG) Letitia...

VeChain Joins China Animal Health and Food Safety Alliance (CAFA)

VeChain has joined the China Animal Health and Food Safety Alliance (CAFA) as one of its council members and will be providing them technical...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today