Indonesia has the highest ownership of digital assets, including cryptocurrencies, in the world, as many investors in the country see these assets as protection against potential future inflation, according to a study published by U.S.-based crypto platform Gemini on April 4. . Gemini almost questioned 30,000 people from 20 countries to see which population had entered the digital asset space. According to the results, Indonesia joins Brazil as the leader, with 41% of respondents from these countries admitting to holding cryptocurrencies or other digital assets. also,…
Indonesia has the highest ownership of digital assets, including cryptocurrencies, in the world, as many investors in the country see these assets as protection against potential future inflation, according to a study published April 4 by U.S.-based crypto platform Gemini.
Gemini surveyed nearly 30,000 people in 20 countries to find out who has jumped into the digital asset space. According to the results, Indonesia joins Brazil as the leader, with 41% of respondents from these countries admitting to holding cryptocurrencies or other digital assets.
Additionally, the study found that 61% of Indonesian respondents agreed that cryptocurrencies are the future of money, compared to 23% in developed countries such as the United States, France and Germany.
Only high earners surveyed
However, Gemini admits that its study “doesn’t fully represent” Indonesia’s overall population, as it only looked at those with annual incomes above $14,000, which represents only high-income earners in Indonesia, a country whose per capita income was about $4,350 last year.
However, Gemini said the report still provides a better understanding of current adoption and crypto trends in Indonesia and the wider Asia Pacific region.
The trend in Indonesia is strong. Transactions involving popular cryptocurrencies such as bitcoin and ether have grown from a combined value of 60 trillion rupees ($4.2 billion) in 2020 to 859 trillion rupees ($59.9 billion) in 2021, according to the country’s trade ministry ), an increase of more than 14 times.
More cryptocurrencies than securities traders
According to Deputy Trade Minister Jerry Sambuaga, more than 11 million Indonesians will buy and sell cryptocurrencies in 2021. By comparison, the total number of portfolio investors in securities and stocks last year was just 7.35 million, according to Indonesia’s central securities depository.
Even so, 11 million crypto investors represent only around 4% of Indonesia’s total population, suggesting there is still plenty of room for growth.In fact, Islamic clerics Announce Cryptocurrency as a “holy place” — banned — doesn’t seem to have changed much in the overall development of Muslim-majority Indonesia as the world’s leading cryptocurrency nation.
