Cryptocurrency Investments Aiming to Improve Life Quality, Reveals Bitget Survey
Summary:
A Bitget survey reports that nearly half of global cryptocurrency users invest in digital assets to enhance their living standards. Many women in the U.S. and Turkey are investing in digital currencies for their children's education. Despite a ban on crypto trading in China, Chinese users exhibit the most activity, with substantial amounts being invested. While crypto adoption rates have increased globally, interest has diminished in certain places due to tougher regulations and falling market values.
Nearly half of cryptocurrency users globally use these digital investments as a strategy to improve their everyday life, based on a recent survey conducted by Bitget, a cryptocurrency exchange. Published on 5th October, results indicate that participants from South Korea, Canada, and Turkey (at 46%, 44% and 41% respectively) view investment in digital assets as their primary means to enhance their living conditions. Meanwhile, about 36% of investors from Malaysia and Taiwan stress the significance of such investments to improve their family's standard of living.
Of the women investing in cryptocurrencies in the U.S. and Turkey, about 27% revealed that they are using these digital investments to finance their children's studies, contrasting with only 5% in South Korea and Japan. When examining actual investment levels, Chinese users are the most active, with 18% dedicating between $50,000 and $100,000, and another 19% investing anywhere from $100,000 to $500,000 in digital investments. Despite a domestic ban on cryptocurrency transactions, Chinese citizens can still legally possess them and bypass the prohibition using VPNs. This ban does not affect Chinese citizens living overseas.
The Bitget study took place between May and August, involved more than 1,500 participants from 20 countries including nations within the E.U., China, Japan, South Korea, Turkey, and North America.
Despite the rising adoption rate, certain regions worldwide have experienced a halt in cryptocurrency interest, owing to heightened regulatory constraints and declining market values. For instance, between 2021 and 2022, there was a three-point dip in adult digital asset ownership in Canada, as reported by Cointelegraph on August 4. The Bank of Canada noted a drop in both Bitcoin and other cryptocurrency holdings in its survey findings.
Conversely, crypto awareness is near universal in Nigeria, with 99% of respondents in a recent survey acknowledging it, and 90% expressing intentions to invest within the year.
Published At
10/5/2023 5:00:00 PM
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