Every Ninth Indonesian Owns Cryptocurrency: New Hootsuite Report
More recently, Hootsuite published a report according to which 11% of Indonesian citizens own cryptocurrency. We suggest considering this statement in more detail.
Fiat money has been depreciated, cryptocurrency is increasing
Indonesia may well claim the status of one of the countries with the highest level of popularity of cryptocurrency. This is evidenced by recent indicators. The country’s population is more than 270 million people, with every 9 Indonesians using digital assets.
Behind the crypto adoption rate, the country is in 6th place in the world. The owners of a particular cryptocurrency are 17% of the population.
The growing popularity of digital assets in this region is associated with a difficult macroeconomic situation. The national currency, the Indonesian rupee (IDR), has long been at the bottom. The IDR rate hit a record low and rolled back to its 1998 level. Analysts believe that this is not the end, the national currency of Indonesia will fall further, despite a slight increase at the beginning of 2020. The spread of Coronavirus also played a negative role in the collapse of the Indonesian rupee.
It is worth considering that in Indonesia, only 64% of citizens are Internet users. Thus, this 11 % become even more significant in the context of this indicator.
True or fiction?
A report on the growth of crypto adoption in India was presented by Hootsuite on Twitter. But these data immediately triggered a surge of violent reaction and rebuttal judgments. Local analysts believe that the information that 11% of Indonesians own digital assets is not true. These indicators are lower.
“These figures are exaggerated. Many of the largest crypto exchanges have many fake accounts that were created back in 2017 when a peak in digital currency was expected. ”
Also in the presented report, other data have raised serious doubts among experts. The report indicates that about 7% of the world’s population owns a particular cryptocurrency. It turns out that 546 million people worldwide use digital assets. These data are very different from the conclusions of other experts. In particular, according to estimates by Coinbase CEO Brian Armstrong, the number of cryptocurrency owners around the world is approximately 50 million people.
According to Statista, around 45 million people use cryptocurrency in the world. BitInfoCharts estimates that over 21 million people now own cryptocurrencies.
Although the data is exaggerated in the report or not, it is not worth denying the fact that cryptocurrency is in demand in Indonesia.