Asia continues to feature prominently when it comes to crypto adoption with Indonesia named as a global leader in adoption, according to a recent survey by New York-based exchange Gemini.
Indonesia led the world in crypto adoption with 41 percent of those surveyed in the country reporting ownership of the digital asset class, according to a recent survey by U.S. crypto exchange Gemini.
Brazil tied the Southeast Asian nation as the top crypto adoption leader, also with 41 percent.
Inflation Hedge
The survey attributes growing adoption in Asia in large part to the desire for a hedge against inflation, with 64 percent of those in India and Indonesia agreeing that cryptocurrencies have such a characteristic.
In fact, amongst those who do not currently own cryptocurrencies, respondents were five times more likely to plan for crypto purchases as an inflation hedge if they live in countries that have experienced currency devaluation against the U.S. dollar.
Continued Momentum
And proof that the crypto market is not driven only by existing users, Gemini’s survey found that nearly half of all global owners bought digital assets for the first time in 2021.
Developed economies are relatively behind in adoption with just 20 percent and 18 percent reporting crypto ownership in the U.S. and the U.K., respectively.
The survey was conducted between November 2021 and February 2022 with 30,000 respondents across 20 countries.
