Map of Indonesia: iStock

With over 270 million people, Indonesia is the fourth most populous country in the world, and the fact that 11% of citizens – one out of nine – own cryptocurrency demonstrates a rapidly expanding adoption level, according to a recent report by Hootsuite, which cited GlobalWebIndex.

More Indonesians prefer to hold crypto over their national currency, the Indonesian rupee (IDR), which is gradually devaluing. It has fallen against the US dollar to its lowest level since 1998. 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.

https://twitter.com/DouglasTan30/status/1242002385704112128?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1242002385704112128&ref_url=https%3A%2F%2Fbitcoinist.com%2F1-out-of-9-indonesians-own-cryptocurrency%2F

The same report says that about 7% of the world population owns bitcoin or 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 that there should be around 50 million crypto users worldwide.

A recent chart published by Statista shows that there were almost 45 million blockchain wallet users as of the last quarter of 2019.

Also, there are over 21 million Bitcoin wallets holding at least $1, according to BitInfoCharts data.

In any case, Indonesia is at the forefront of cryptocurrency adoption.

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now.