Indonesia Enjoys The Highest Crypto Adoption Rate Worldwide: Study
Crypto assets ownership in Indonesia was among the highest globally as many investors in the country look at digital assets as a protection against future inflation, according to a study by crypto exchange Gemini published on Monday.
The study, titled "Global State of Crypto Report," found that 41 percent of Indonesians, aged between 18 and 75 years old with an income of more than $14,000 per year, own crypto assets. The country shared the top spots with Brazil among the 20 countries surveyed by Gemini.
"Many investors in the country may look to crypto as an inflation hedge," Feroze Medora, the interim managing director and director of trading at Gemini Asia Pacific, told the Jakarta Globe in an email over the weekend.
"It has been a long-held notion that bitcoin operates as a sort of 'digital gold.' Should the value of bitcoin, or any other chosen crypto, increase with time, this will protect the decreased purchasing power of a currency that results from the loss of its value," Medora said.
Furthermore, the study found that 61 percent of Indonesian respondents agree with the notion that crypto is the future of money. Compared to 23 percent in developed countries lithe the US, France, and Germany.
Cryptocurrencies like bitcoin, Ethereum, and Solana have gained traction in Indonesia in the past few years. The government decided to accommodate the currency's development as part of its larger strategy to transform the country's digital economy. While cryptos are illegal as a medium of exchange in Indonesia, the government allows them to be traded as commodities.
The number of crypto investors in Indonesia has doubled in the past year alone to more than 12 million people, according to data from Commodity Futures Trading Regulatory Agency (Bappepti). In comparison, Indonesia's number of stocks market investors was just north of 7 million. Read More...
