Bitcoin: The buzzword of the finance and tech world in the last decade.
You’ve probably heard of it by now. You’ve probably read about it. You’ve probably bought a few satoshis and have sold (or held) them in the midst of the current bearish market sentiment around the world.
Well, if you’re based in the Philippines, that probability is almost certain: You own Bitcoin or some form of cryptocurrency.
According to a Q4 2021 broad global survey by GWI—an audience targeting company known for its market research data—the Philippines ranks second when it comes to “ownership of cryptocurrency.”
The Southeast Asian country reported 22.7 percent crypto owners among internet users aged 16 to 64. Only Turkey is ahead of the Philippines, registering 23.8 percent crypto users.
Rounding up the top 10 countries are as follows: Argentina (20.4 percent), Thailand (20.3), South Africa (19.5), Nigeria (18.5), Singapore (17.9), Indonesia (17.4), Brazil (16) and the United States (14.2).
Taking into consideration that Turkey leapfrogged the rankings due to its currency, the Turkish lira, plummeting at an all-time low in late 2021 (in effect, people in Turkey presumably rushed to convert their money to cryptocurrency), then one could deduce that the Philippines is at the very least, is a crypto-savvy country that could very well sit on top of the standings.
Considering all internet users, males aged 25 to 34 years old were the most exposed in crypto (15.5 percent). Females aged 25 to 34 accounted for 10.4 percent of total crypto owners.
The pandemic has provided the world a peek into the use-case of “digital money” as a safer and more efficient means of transacting payments, among others. Still, financial experts consider the world of crypto in its current state like the Wild West—with people seeking or waiting for regulatory clarity in their respective countries.
It is interesting what comes up next, with more than one of five Filipinos hoping for the best.
May 24, 2022
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