Living Standards and Finance Education Drives Crypto Adoption Metric: Report
Nearly 50% of digital asset users view added financial liquidity as a major reason for investing in cryptocurrencies, a new survey shows.
A new study conducted by cryptocurrency exchange, Bitget unveiled the regional dynamics of cryptocurrency investments, its impact on gender, and other social factors.
The company surveyed 1,500 participants across 20 countries, among which nearly 50% expressed that their decision to invest in crypto was borne out of the need to improve their finances.
Per the survey, 46% of South Korean respondents viewed it as a means of improving living standards while 44% and 41% in Canada and Turkey have similar views.
The rise of cryptocurrencies, specifically altcoins marked a significant change in the way users view traditional finance. Although developers pushed the utilities of blockchain assets, the price volatility in the market led to early adopters moving in as an avenue to make money.
With time, this spread with the proliferation of altcoins creating a dilemma as traders were stuck in the desired results while others recorded sharp losses.
In other parts of the world, 36% of participants in Malaysia and Taiwan also held on to the notion of improved standards of living above other factors.
Gender distortions in investment drive
The survey highlights that female crypto investors have a major objective to improve their family’s general well-being than their male counterparts except for South Korea and Japan.
In South Korea, while 17% of males share this sentiment, only 12% of women said their investments were directed towards their family. Meanwhile, 49% of female users in South Korea and 41% in Japan plan for their reward in a more personalized manner.
The need to finance education is among the top factors spurring investments in digital assets specifically in the United States and Turkey. About 27% of female respondents in both countries noted that they will direct any rewards on investment from profits, staking, etc. towards the educational needs of their children.
On the other end, South Korea and Japan record a few numbers at 5% and 4% respectively on this metric.
What drives the market?
According to the survey, Chinese participation indicated more investments with 18% pouring between $50,000 and $100,000 in virtual assets while 19% invested $100,000 to $500,000.
In South Korea, 46% of investments ranged between $1,000 to $10,000. Similar figures were also recorded among European investors.
The company explained that the research was conducted to know investment drives among regions as a way to track behavioral patterns in crypto users.
Last month, a ConsenSys report showed a growing number of crypto adoption across several jurisdictions with Nigeria leading in terms of crypto awareness despite previous local regulations.
🇳🇬 Nigeria Tops Global Crypto Data With 99% Awareness: ConsenSys Report— Cryptonews.com (@cryptonews) September 4, 2023
A recent survey shows Nigeria as the most crypto-savvy nation ahead of the United States and European countries.#CryptoNews #Nigeriahttps://t.co/XBByYzcWGJ