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

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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.

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