Cryptocurrency adoption in the Philippines has dropped since late last year, according to Finder.com’s latest Cryptocurrency Adoption Index.
16% of Filipino internet users aged 18+ currently own cryptocurrency, down from 22% late last year*.
Bitcoin (40%) is the most popular coin among Filipino crypto owners, followed by Ether (23%) and Dogecoin (18%).
Men in the Philippines are much more likely to own cryptocurrency: 61% of crypto holders are men and just 39% are women.
Cryptocurrency specialist at Finder, James Edwards, says he isn’t surprised adoption declined in the last six months given the considerable drop in the crypto market. “We saw huge drops in the price of Bitcoin at the start of May and June so it’s not surprising to see a drop in crypto adoption. In other markets like South Africa and the US we saw adoption hold steady or even increase slightly, which suggests that while some people have sold, others are holding for the long term or may have actually bought cryptocurrency for the first time at what they consider to be a discount.”
Edwards warns new investors that investing in cryptocurrency isn’t for the faint-hearted.
“Cryptocurrency is a hugely volatile industry and you should never invest money you can’t afford to lose. You should also pay attention to the cost of trading to make sure any gains aren’t negated by fees you need to pay as you buy and sell,” he said. “Remember that whenever you invest your capital is at risk – so never invest what you can’t afford to lose.”
Finder analyzed cryptocurrency exchanges taking into account a range of factors like fees, regulation, coins available, and deposit methods to name Kraken the best-rated global cryptocurrency exchange. They noted that Kraken had excellent scores for a comprehensive list of features, value for money, and 24/7 customer service, making it a great platform for anyone interested in buying cryptocurrency.
You can find the full report here.
*Finder’s methodology moved to a three-month rolling average in the latest report.
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