Crypto Rising In The Archipelago: Filipinos’ Appetite For Bitcoin Grows – Tech Firm

In recent years, cryptocurrency has sparked an increasingly fervent fascination among Filipinos. The Philippines, a country well-known for its tech-savvy populace and robust remittance sector, has emerged as a hub for bitcoin adoption and innovation.

The potential of cryptocurrencies to transform established financial systems and give people more financial control has captured the attention of Filipinos from all walks of life.

A global blockchain startup called ConsenSys reported on Thursday that many Filipinos understand the concept of cryptocurrencies and possess an interest in investing in them. According to a research that the company published, 65% of Filipinos have expressed interest in investing in cryptocurrencies.

Philippines: Among Highest Awareness Of Crypto

YouGov, a multinational online research data organization, conducted a global poll on cryptocurrencies and web3. The survey included 15,000 people aged 18 to 65 from 15 nations, including the Philippines. The poll ran from April 26 through May 18, 2023.

Nicole Adarme, director of institutional marketing at Consensys, said:

“With the Philippines, we saw the survey show that we actually have some of the highest awareness of cryptocurrencies. Some 96% of respondents showed awareness of cryptocurrencies.” 

The number is higher than the 92% average for the world. According to the ConsenSys survey, 37% of respondents are positive about the potential of cryptocurrencies as the next generation of currency, while 31% see cryptocurrencies as the future of digital ownership.

Adarme added:

“Over 58 percent have expressed interest in investing over the next 12 months.”

With over half of respondents reporting having owned cryptocurrency at some time, the Philippines is also leading in terms of ownership. Some 52% consider going crypto as a way “to build a more inclusive financial ecosystem.”

According to other sources, individuals driving the increased interest in cryptocurrencies include computer enthusiasts, investors, and foreign Filipino workers looking for quicker, less expensive remittance solutions. This wave of curiosity has sparked investigation, education, and business prospects across the archipelago in the field of digital assets.

Filipinos’ Growing Appetite For Crypto

GCash and Maya, two of the biggest e-wallet firms in the Philippines, already offer digital currency functionality on their platforms. Additionally, the nation has established a thorough framework and set of rules for virtual asset service providers (VASPs), such as Coins.ph, Bloom, and others.

Meanwhile, data from the Banko Sentral ng Pilipinas (BSP), the central bank of the Philippines, reveals that in the first half of 2022, the number of cryptocurrency transactions increased by 362% year over year to reach about 20 million.

A report states that the total value of these trades was above P105 billion. Local demand for cryptocurrencies is increasing to the point where, according to a recent poll, 28% of people in the Philippines claim to be cryptocurrency owners, placing the country fifth globally in terms of ownership.

Featured image from Fintech News Philippines