23.4% of Filipino internet users own crypto, third highest worldwide – report

POPULAR POST

Coins.ph Marks 10th Anniversary with 10% Rewards on USDC

To celebrate Coins.ph’s 10th year as the Philippines' leading crypto platform, the exchange is giving users 10% rewards on USDC this February under its...

No NFT, No Entry – How Stanible got into...

Editor's Note: This is an op-ed from Stanible founder Harry Santos on the trials and tribulations of onboarding the general public and making them...

Empowering the Future: Web3PH Hosts Gathering for Tech Leaders

 In a groundbreaking initiative to propel the nation into the digital forefront, Web3PH, in collaboration with the Department of Information and Communications Technology (DICT)...

Superteam Philippines Accelerates Web3 Journey with Grand Launch Event

Superteam, the distributed talent layer of the Solana Ecosystem, officially launches its operations in the Philippines with a dynamic event at the Marquis Events...

Filipino gamers can win exciting rewards from Aura and...

Filipino gamers are offered fun and unique opportunities as Singapore-based Web3 gaming platform Aura has partnered with Web3 game The Red Village. Aura, the exclusive...

Web3 focused Metasports.GG holds industry screening for ‘GG The...

GG The Movie revolves around Seth, an aspiring professional esports player, who navigates the Philippine stigma and challenges in trying to achieve that goal.

About one in every five Filipino internet users aged 16 to 64 own some form of cryptocurrency, according to the Digital 2023 report of online media monitoring company Meltwater and creative ad agency We Are Social.

The report, which cited data from a global survey conducted by London-based market research company GWI on the third quarter of 2022, found that 23.4 percent of Filipino internet users own some form of crypto.

The Philippines was the third highest globally, after Turkey with 27.1 percent and Argentina with 23.5 percent.

Ranking fourth is Thailand with 21.9 percent, followed by Brazil with 20.6 percent, Indonesia with 20.1 percent, United Arab Emirates with 19.6 percent and South Africa with 19 percent.

Rounding up the top 10 are Vietnam with 18.5 percent and The Netherlands with 17.6 percent of internet users owning cryptocurrency.

The global average, according to the report, is 11.9 percent.

Screenshot from the Digital 2023 report shows countries with the highest percentage of internet users who own some form of crypto.

The report did not indicate the amount of cryptocurrency owned by Filipino internet users.

Spending, however, appears to be low as the Philippines was not included in the list of countries with the highest average annual spend per retail trader of cryptocurrencies.

Switzerland topped the list with an average of $960.7 spent per retail trader in 2022, followed by Ireland with $890.3, Norway with $758.1 and United States with $667.7. The global average was $135.

The data on spending came from the Digital Market Outlook conducted by Statistica.

The Digital 2023 report said the values include averages across all kinds of cryptocurrencies.

“Average purchase values amongst professional cryptocurrency traders may be considerably higher than the retail averages,” it added.

Screenshot from the Digital 2023 report shows countries with the highest average annual spend per retail trader who bought any form of crypto.

Subscribe to our newsletter

Its easy to be smart about crypto, allow us to send you weekly updates on digital assets, crypto, NFTs and fintech.

WANT TO KNOW MORE?