Investor globally moves to cryptocurrencies to prioritize enhancing their living standards and overall quality of life, the recent Bitget's report unveiled. For instance, 46% of South Korean investors aim to improve their living conditions, while 36% of investors in Malaysia and Taiwan focus on boosting family income.
How People around the World Are Using Cryptocurrencies
Bitget, a popular crypto derivative and copy trading exchange, has released a new study that delves into crypto enthusiasts' financial goals and investment behaviors worldwide. Conducted between May and August 2023, the study surveyed over 1,500 participants from 20 countries, offering a comprehensive look at how geography and gender shape investment strategies in the crypto space.
The study showed that global crypto investors' primary financial objectives are to improve their living conditions and overall well-being.
To break it down further, individuals from South Korea, Canada, and Turkey were most keen on elevating their personal living standards, accounting for 46%, 44%, and 41% of responses in these countries, respectively. On the other hand, investors in Malaysia and Taiwan see crypto investments as a crucial tool for improving their family's financial standing, with 36% of responses from these regions focusing on this goal.
However, the issue of trust remains. According to a separate study, one-third of cryptocurrency users currently do not trust centralized exchanges that offer trading and storage of cryptocurrencies.
Sex in Crypto Matters
The report found that gender plays a significant role in shaping financial goals. In South Korea and Japan, more female investors concentrate on personal finances. Specifically, 49% of female investors in South Korea and 41% in Japan have this focus, compared to 17% and 30% of male investors in these countries.
In Turkey and the United States, about 27% of female investors use crypto investments to fund their children's education. This starkly contrasts South Korea and Japan, where the percentages are notably lower, standing at 5% and 4%, respectively.
Investment Amounts Differ across Countries
Chinese investors are particularly active, with 19% investing over $100,000 incryptocurrencies. On the other hand, in Europe, Turkey, and South Korea, approximately half of the investors allocate between $1,000 and $10,000 for their crypto investments. In addition, the rising number of European fintech companies is moving toward adopting cryptos and offering services in the digital asset industry.
An earlier report by Bitget from August showed that among cryptocurrency traders, the most profitable group is the youngest investors, representing Generation Z. According to the study, as many as 85% of them report income. Interestingly, investors under the age of 25 account for nearly half of all transactions in cryptocurrency copy trading.
The Bitget study not only reveals a variety of motives but also identifies common threads that reflect different stages of crypto adoption worldwide. The exchange plans to continue its research to understand better changing user behavior.
This article was written by Damian Chmiel at www.financemagnates.com.
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