Amid continued growth in cryptocurrency adoption around the world, countries such as Indonesia and Chile have seen a significant influx of public interest in cryptocurrencies such as Bitcoin (BTC), according to new data.
According to an October 15 report by Australian blockchain education startup Coinformant, Indonesia has led the world in crypto interest dynamics in 2021.
In the Coinformant report, Indonesia achieved the highest crypto interest score of 5.73 out of 10, beating other counties on a combination of four factors such as the number of Google searches, the number of published crypto articles, the increased level of participation and crypto ownership. Chile ranked second with a score of 5.26, followed by Argentina with a score of 4.79.
Citing data from engagement platform BuzzSumo, Coinformant calculated that Indonesia has seen a massive 1,772% increase in the number of people interacting with articles about cryptocurrency year-over-year (YOY). The number of crypto articles published in Indonesia increased 133%, while Finland saw the largest such increase of 725%.
Indonesia was also the second-highest ranked country in terms of the increase in cryptocurrency-related Google searches in the past 12 months, increasing more than 572%. Chile reportedly outperformed Indonesia on this metric with 707% more Google searches year-on-year.
Citing data from the cryptographic property of Chainalysis data, Coinformant's methodology also includes information on global crypto ownership. The report notes that Ukraine had the highest share of cryptocurrencies, with over 12% of the population owning cryptocurrencies.
Related: Report: Powered by DeFi, North America Crypto Volume Up 1,000% Year-Over-Year
Despite Indonesia winning the race in terms of overall surge in crypto interest, the United States has consistently been the largest country in terms of crypto share and other factors, a Coinformant spokesperson noted. "This report is about the countries with the largest increase in these measures this year and it is worth noting that when you look at volume alone, the US consistently ranks first," the representative said.
Despite putting a total ban on crypto payments In 2017, Indonesian authorities kept cryptocurrency trading legal. In August, Pintu, a major Indonesian cryptocurrency wallet and trading platform, raised $ 35 million from some of the biggest investors in the cryptocurrency and blockchain industry.
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