Bitcoin is one of the most popular topics among Malaysian right now. We thought it’s a good idea to curate some of the Bitcoin statistics in Malaysia right now. Oh! we also included some of the trends and facts!
In worldwide, Cryptocurrency has been making news headlines of late thanks to the soaring prices of Bitcoin. To date, Bitcoin is valued at $16,000, (RM61000).
With one unit now worth US$16,000 (RM61,000), Bitcoin is the latest investment craze among Malaysians who are convinced that the digital cryptocurrency is definitely going up in the future.
Bitcoin in Malaysia Today: Trends, Statistics and Facts
In today’s Bitcoin blog, we are going to cover the current Bitcoin statistics in Malaysia. We did the research and studies online. Here are some of the interesting facts about it. Let’s grab a coffee and have a look.
Recommended: Buy Bitcoin in Malaysia Guide
1. Bitcoin Search on Google is Breaking Out
According to Google Trends, Malaysian’s interest in Bitcoin is growing rapidly and it reaches a new height to 1oo points. As you can see from the chart above, it was only 8 points on Dec 11 to Dec 17, 2016. It was $774 for 1 BTC.
On the other hands, investors who purchased 1BTC (bitcoin) worth RM1,000 in 2015 had already increased their investments by 230% in December 2017.
The searches among Malaysian skyrocketed to 100 points on Dec 26 onwards. As a result, we can conclude that people in Malaysia have started to explore Bitcoin and the number is growing every day.
2. What are the top 5 regions in Malaysia which searched Bitcoin?
Next, let’s dive into the top 5 regions which are particularly interested in Bitcoin lately. With the references to Google Trends, the top 5 regions are Penang (100), Selangor (93), Labuan Federal Territory (84), Sabah (81) and Putrajaya (72).
What do these numbers tell you?
If you own a business that sells mining machine, a digital marketer who sells or promote cryptocurrency wallet or any other business related to Bitcoin, you should target your potential customers in these regions.
3. 100k – 1M Searches on Bitcoin in Malaysia
The next interesting Bitcoin statistic in Malaysia is there is estimated 100k – 1m Bitcoin-related searches in Malaysia monthly. The result is from Google Keyword Planner. From this result, we can assume that investors in Malaysia are increasingly turning to digital currencies as these have become popular investment opportunities.
4. Reasons why Malaysian investor buy Bitcoin
Based on a survey conducted by Luno, The main reason Malaysian invest in Bitcoin is solely for investment (44.7%). Many of the bitcoin investors are those who have traditionally put money in equity, property, currency, gold and unit trusts to expand their wealth on digital currencies. Next, it followed by speed, affordability and convenience (16.3 %), and trading/speculation (15.1 %).
5. 97.4% Malaysian think that Bitcoin will still be the most popular cryptocurrency
97.4% Malaysian think that Bitcoin will still be the most popular cryptocurrency.
47.4 percent of Malaysian cryptocurrency investors have bought bitcoins and other “altcoins,” against 52.6 percent who have only bought bitcoins. Based on the survey, Ethereum is the top winner with 56.4 percent of altcoin investors having bought the asset. Litecoin (7.4%), Ripple (6.5%) and Dogecoin (6.55%) also rank among the most sought-after coins.
6. Bitcoin is not recognized as legal tender in Malaysia, said Bank Negara Malaysia at 2014
A statement by Bank Negara back in January 2014 said that bitcoin is not recognised as legal tender in Malaysia. Cited from the statement, “The Bitcoin is not recognised as legal tender in Malaysia. The Central Bank does not regulate the operations of Bitcoin. The public is therefore advised to be cautious of the risks associated with the usage of such digital currency.”
7. Bank Negara to announce if Cryptocurrency to be banned by 31 Dec 2017
Those investing in cryptocurrency will know by the end of the year if it would be a legal investment scheme in Malaysia, TheStar reported.
8. Guidelines will be issued on Malaysia’s approach towards investing in it
If Malaysia to recognize digital currencies, the guidelines will be issued by Bank Negara on Malaysia’s approach towards investing in it. Some of the highlighted guidelines are as follow:
- Terms of registering the investors
- Data collection
- Ensuring that whatever they do will be transparent
Bank Negara governor Tan Sri Muhammad Ibrahim said at the 9th International Conference on Financial Crime and Terrorism Financing (ICFCT) in Oct 2017.
Tell Us Your Opinions About Bitcoin in Malaysia
In sum, we curated 8 interesting Bitcoin statistics, trends and facts in Malaysia. Feel free to share with us your thoughts about Bitcoin in the comment section. Stay connected with us because we will share more insights about cryptocurrency in Malaysia.