New report confirms 11% of Indonesians own Bitcoin or other cryptocurrency
A new report on how Indonesians use the internet, social media, e-commerce platforms, and mobile devices claims that 11% of the country's population owns Bitcoin or some form of cryptocurrency.
El report, compiled by Hootsuite, We Are Social, and Kepios, cites data from GlobalWebIndex. To report that 11% of people in Indonesia own some form of cryptocurrency, making it the sixth country for crypto adoption. According to the report, it lags behind the Philippines, Brazil, South Africa, Thailand and Nigeria. In the Philippines, 17% of the population owns some form of cryptocurrency. On social media, users have pointed to the devaluation of the Indonesian currency as a potential cause for such a high adoption of cryptocurrencies.
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With Bitcoin in your pockets
According to Investing.com, the country's inflation rate reached 82% in 1998 and, although it has decreased significantly since then. In the last decades it has averaged 6,3%. The data from The report of Statista that do not yet include cryptocurrencies show that 50.8% of Indonesian millennials in the country also invest in gold. The precious metal has seen its price rise above 3% in the last 24 hours as the coronavirus pandemic affects the economy.
Responding to the report on social media, a user claiming to be from Indonesia revealed that he believes the figures regarding cryptocurrency ownership may have been exaggerated. As they may be counting the 2017 bull run that saw BTC hit a new high of close to $ 20.000. The user revealed that the country's top cryptocurrency exchange, presumably Indodax. Held a airdrop at the time users created fake accounts with him to earn a larger share of the funds that are given away.
It may be impossible to determine whether the figure is accurate or not. In the cryptocurrency space, a user is not tied to a cryptocurrency address. Since security experts even advised users to create a new address per transaction to maintain their anonymity. The data from Blockchain show that in total there are more than 600 million unique BTC addresses.
