by HARIZAH KAMEL / pic by TMR FILE
MALAYSIA is among the top 20 countries most interested in cryptocurrency, according to a recent study by Invezz.com.
The financial news portal revealed that Malaysia is placed 13th with an average of 106,800 online searches about cryptocurrency each year.
Cryptocurrency refers to digital currencies such as bitcoin, litecoin and ethereum.
Despite being launched in 2008, cryptocurrency has become of significant global interest over the last few years, seeing a 203% Google trends increase over the last year alone.
Since its launch, cryptocurrency has been surrounded by a lot of scepticism, arguably demonstrated by 696,000 Google searches occurring globally each month.
Based on Invezz.com data, the US is the country most interested in cryptocurrency, with an astonishing 2.6 million online searches regarding cryptocurrency each year, the equivalent of 7,003 online searches per day.
Ranking second is India with 804,000 annual online searches about cryptocurrency, followed by the UK with an average of 648,000 online searches. Although India is placed second, it is still 69% lower than the US.
The data showed, however, that Malaysia is still behind other countries from South-East Asia that exhibit interest in cryptocurrency.
Indonesia (324,000), Canada (300,000), Vietnam (276,000) and Australia (273,000) are among the other countries in the world where there are over 200,000 annual online searches about cryptocurrency, respectively ranking fourth, fifth, sixth and seventh. Nigeria (192,000), the Philippines (144,000) and Thailand (132,000) round up the top 10.
At the other end in 20th place is Singapore, seeing an average of 61,200 online searches relating to cryptocurrency each year.
Through analysing search volumes, experts at Invezz.com were also able to rank the world’s most googled concerns surrounding cryptocurrency namely on whether it is safe, a good investment and legal.
On why the value of cryptocurrency would drop, an expert at Invezz.com said it is due to many reasons, news, usability, adoption and demand.
“The price of any publicly traded asset is decided by the buyers and sellers reaching an agreement on its fair valuation. Cryptocurrency markets are notoriously volatile, just like any new market before it has time to mature.
“While the technology is clearly here to stay, nobody can say for certain what the long-term future of cryptocurrencies will be, and it’s that uncertainty which leads to a very reactive market prone to sharp swings,” said the expert.
Addressing the ongoing scepticism about cryptocurrency, the expert said it poses a threat to traditional finance.
“The only real remedy for people’s scepticism will be time. Bitcoin was launched in 2008, but it is only in the last year or so that governments, large institutions and companies have started to take it seriously as both a solution and investment class.
“While it’s been a long time coming, this is a positive step for cryptocurrency and bodes well for its acceptance by society as a whole,” the expert added.
Read our previous report here