1 in 9 Indonesians Now Own Cryptocurrency, Report

About 11% of all Indonesians own some form of cryptocurrency, according to a recent report by Hootsuite, which cited GlobalWebIndex.

11% of Indonesians Own Cryptocurrency as Fiat Currency Devalues

With over 270 million people, Indonesia is the fourth most populous country in the world, and the fact that 1 out of 9 citizens own cryptocurrency demonstrates a rapidly expanding adoption level.

Indonesia is the sixth country by crypto adoption, only behind the Philippines, Brazil, South Africa, Thailand, and Nigeria. The Philippines leads the top with 17% of the population owning some cryptocurrency.

Indonesia is on the 6th place by crypto adoption.

More Indonesians prefer to hold crypto as the national currency, Indonesian rupee (IDR), is gradually devaluing. It fell against the US dollar to the lowest since 1998 and might update the record low soon. Since the start of the year, USD/IDR surged by about 20%, which is really a lot for a fiat pair. Most of the losses have been suffered this month amid the COVID-19 pandemic.

The 11% figure is impressive considering that only about 64% of Indonesians have access to the internet from any device.

Is Data Accurate?

The report was discussed on Twitter, though not everyone agreed with the figures. Some locals said that it is highly unlikely that 11% of Indonesians own cryptocurrency, as the number is exaggerated.

The same report says that about 7% of the world population owns at least some Bitcoin or some of the altcoins. This means that more than 546 millions of people around the world own cryptocurrency. That figure is way higher than other estimations. For example, Coinbase CEO Brian Armstrong believes

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