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Countries like Indonesia and Chile have seen a huge rise in public interest in cryptocurrencies like Bitcoin and Ethereum. This according to a report by Australian blockchain education startup Coinformant, showing Indonesia to lead the world as one of the world’s fastest growing crypto hotspots.
In the report, Coinformant considers a combination of four factors, including the number of Google searches, the number of published crypto articles, engagement level increases and crypto ownership. Based on these indicators, Indonesia scored the with 5.73 out of 10 with Chile ranking second with a score of 5.26 and Argentina coming in third with of 4.79 out of 10.
The report used data from engagement platform Buzzsomo and Chainalysis. Using data from the former, Indonesia reveals a massive 1,772% increase in the number of people engaging with articles about cryptocurrency year-over-year (YOY).
In terms of the increase in crypto-related Google searches over the past 12 months, Indonesia was the second-highest-ranking country with an increase over 572%. Chile topped this metric with a 707% annual Google search volume increase YOY.
The report notes that people of Ukraine hold the highest proportion of crypto, with over 12% of the population owning cryptocurrencies.
A study by Finder in August also had Indonesia in the top of emerging countries when it comes to crypto adoption. Notably, the complete top five in the list were Asian countries.