About 11% of all Indonesians own some form of cryptocurrency, according to a recent Hootsuite report, which cited GlobalWebIndex.
With more than 270 million people, Indonesia is the fourth most populous country in the world, and the fact that 1 in 9 citizens own cryptocurrencies demonstrates a rapidly expanding level of adoption.
Indonesia is the sixth country by crypto adoption, behind only the Philippines, Brazil, South Africa, Thailand and Nigeria. The Philippines tops the list with 17% of the population owning any cryptocurrency.
More Indonesians prefer to hold cryptocurrencies as the national currency, the Indonesian rupiah (IDR), is gradually devaluing. It fell against the US dollar to the lowest level since 1998 and may update the record low soon. Since the beginning of the year, the USD / IDR has increased by approximately 20%, which is really a lot for a fiduciary pair. Most of the losses have been suffered this month amid the COVID-19 pandemic.
The 11% figure is impressive considering that only 64% of Indonesians have Internet access from any device.
Are the mentioned data accurate?
The report was discussed on Twitter, although not everyone agreed with the figures. Some locals said that 11% of Indonesians are highly unlikely to own cryptocurrencies, as the number is overstated.
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%
– Douglas Tan (@ DouglasTan30) March 23, 2020
The same report says that about 7% of the world's population owns at least some bitcoin or some of the alternative currencies. This means that more than 546 million people worldwide own cryptocurrencies. That figure is much higher than other estimates. For example, Coinbase CEO Brian Armstrong believes that there should be around 50 million cryptocurrency users worldwide.
A recent chart released by Statista shows that there were almost 45 million blockchain wallet users as of the last quarter of 2019.
Additionally, there are over 21 million Bitcoin wallets with at least $ 1, according to BitInfoCharts data.
Overall, it's true that Indonesia is at the forefront of cryptocurrency adoption.