There was a high level of awareness of cryptocurrencies in Philippines (74%). 53% of Filipinos expressed interest in investing in cryptocurrencies in the future while 39% of Filipino cryptocurrencies 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 cryptocurrencies into a space where even traditional portfolio managers need to consider them. We are living in interesting times in cryptocurrencies.” 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.