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.
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.