Cryptocurrency Adoption and trends in Philippines in 2021
It is estimated that over 4.3 million people, 4.0% of Philippines’ total population, currently own cryptocurrency.
Bitcoin peer-to-peer trading activity in Philippines reached record highs in 2020, with volumes exceeding $1 million USD and consistently holding above $500,000 USD since early May.
According to new report in 2021, The Philippines is one of the world’s fastest adopters of cryptocurrency. It is shown that The Philippines has the third-highest uptake of crypto globally.
There was a high level of awareness of crypto in Philippines (74%). 53% of Filipinos expressed interest in investing in cryptocurrencies in the future while 39% of Filipino crypto owners said that they would use these assets as a means of payment for online purchases.
Nichel Gaba, CEO and founder of Philippine Assets and Digital Exchange, said, “Between December 2020 and today, something happened to put bitcoin and crypto into a space where even traditional portfolio managers need to consider them. We are living in interesting times in crypto.” Companies like his has seen up to a 70-fold increase in transactions and a 15-fold customer increase in less than a year.
Cryptocurrency ownership is extremely prevalent in the Philippines. Rather than using the market for speculation, the segment of the Filipino population that has turned to cryptocurrencies largely comprises people living in urban regions, wealthy professionals and people who use the blockchain to send money. While remittances represent 10% of GDP in the nation, roughly three-quarters of the population are without a bank account. Blockchain technologies and cryptocurrencies have helped to fill this gap, with the average remittance fees for cryptocurrency exchanges hovering at 30-50 basis points.