7 Million Pinoy Hodlers: Philippines in Top 8 for Crypto Ownership
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- The Philippines is the eighth country with the most cryptocurrency owners globally, with 6,986,919 Filipinos owning crypto, according to Coin Journal.
- Coin Journal also ranked the Philippines as the 16th most successful cryptocurrency country in the world, with 46 financial services startups focusing on blockchain technology and 34 crypto companies, realizing an estimated gain of $989.86 million in the crypto industry.
- The study found that the Philippines has a lower number of companies and startups focusing on the blockchain and crypto industry compared to other countries, but the country was found to be the most interested in the metaverse in a recent study by Coin Kickoff.
With 6,986,919 Filipino crypto owners, the Philippines is the eighth country with the most crypto owners around the globe, according to the online publication Coin Journal.
“As cryptocurrency adoption is growing around the world, we felt it necessary to look at global crypto ownership rates by country. Our top countries are based on cryptocurrency data showing the number of crypto owners by country, and the percentage of the population involved in crypto from 2021,” Coin Journal said in its report.
Still, data published by local virtual asset service providers (VASP) could mean that the number could be higher.
- Coins.ph said it has 16 million users
- Maya, which received its VASP license in 2021 has 50 million registered users.
Aside from crypto ownership, the online publication also ranked the country as the 16th most successful crypto country in the world.
According to the data, the Philippines has 46 financial services startups focusing on blockchain technology and 34 crypto companies. The country’s estimated realized gain through the crypto industry was said to be $989.86 million, which is about ₱53.95 billion. These are the reasons why Coin Journal has given the Philippines a crypto country score of 5.61 points out of 10.
“The cryptocurrency industry is constantly changing and adapting to new technologies, and so analyzing crypto success by country is difficult, due to the technology’s decentralized nature. However, we can take good estimates of each country’s contribution to cryptocurrency success by looking at multiple factors, which include; the number of cryptocurrency owners by country, investment companies, crypto startups, and the estimated average gains from crypto per country,” the study explained.
However, the data also revealed that the number of companies and startups that are focusing on the blockchain and crypto industry in the country is still fewer compared to other countries, given that the Philippines was found to be the most interested in the metaverse in the recent study made by crypto-focused site Coin Kickoff. (Read more: Philippines Ranks First in Countries Most Interested in the Metaverse)
“With billion-dollar companies having easy access to trading applications, the modernisation of fintech has allowed the biggest companies in the world to become even more powerful. The huge rise in media attention has made crypto trading more attractive and accessible for investors from all corners of the world to get involved in financial technology,” Coin Journal concluded.
This article is published on BitPinas: 7 Million Pinoy Hodlers: Philippines in Top 8 for Crypto Ownership
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.