Survey reveals motivations behind crypto investments
A recent survey conducted by crypto exchange Bitget has shed light on the motivations behind crypto investments. The study, which featured over 1,500 participants from 20 countries, revealed that approximately 50% of crypto users are investing in digital assets to improve their everyday living standards.
Improving living standards as a financial goal
According to the survey, respondents from South Korea, Canada, and Turkey ranked improving their living standards as their top financial goal when investing in digital assets, with percentages of 46%, 44%, and 41% respectively. Meanwhile, 36% of respondents from Malaysia and Taiwan stated that enhancing their family's quality of life was more important to them than other aspirations.
Investing in their children's education
Interestingly, the survey also highlighted differences among female investors from various regions. In the US and Turkey, 27% of female crypto investors said they invested in digital assets to fund their children's education, while the figure was significantly lower at just 5% in South Korea and Japan.
China leads in investment amounts
When it comes to the amount of money invested in cryptocurrencies, participants from China showed the highest level of engagement. The survey found that 18% of Chinese users allocated sums between $50,000 and $100,000, and an additional 19% invested between $100,000 and $500,000 in crypto assets. It is worth noting that although China has banned crypto trading, Chinese nationals can still own cryptocurrencies and circumvent the ban using VPNs. The ban also does not apply to Chinese nationals residing overseas.
Crypto interest stagnates in some regions
While the adoption of cryptocurrencies continues to grow, interest in these digital assets has stagnated in certain areas due to tightening regulations and falling prices. In Canada, for example, crypto ownership among adults fell by three percentage points between 2021 and 2022, according to a survey by the Bank of Canada. The survey noted that investors did not shift away from Bitcoin towards other cryptoassets, resulting in decreased ownership of altcoins.
Rising interest in crypto in Nigeria
On the other hand, a recent survey found that 99% of Nigerians reported awareness of digital assets, with 90% of respondents stating their intention to invest in crypto within the next year. This suggests a growing interest and positive sentiment towards cryptocurrencies in Nigeria.
Overall, the survey provides valuable insights into the motivations of crypto investors and the impact of regulations and market conditions on crypto adoption.
