Nearly half of crypto users invest to boost living standards: Report
Approximately 50% of crypto users are investing in digital assets to improve their everyday living standards.
According to a new survey by crypto exchange Bitget published on October 5, 46%, 44%, and 41% of respondents in South Korea, Canada, and Turkey said improving their living standards is their greatest financial goal when investing in digital assets. Meanwhile, around 36% of respondents in Malaysia and Taiwan said enhancing their family's quality of life was more important than other aspirations.
Around 27% of female crypto investors in the U.S. and Turkey said they invested in digital assets to fund their children's education, compared to just 5% in South Korea and Japan. In terms of the amount invested, users from China showed the highest level of engagement, with 18% allocating sums between $50,000 and $100,000, and an additional 19% investing between $100,000 and $500,000 in crypto assets. While China has banned crypto trading, Chinese nationals can still own cryptocurrencies and circumvent the ban via VPNs. The ban also do not apply to Chinese nationals residing overseas.
The survey was conducted between May and August, featuring over 1,500 participants from 20 countries in the E.U., China, Japan, South Korea, Turkey, as well as the U.S. and Canada.
Despite continued adoption, interest in cryptocurrencies has stagnated in certain areas of the world due to tightening regulations and falling prices. On August 4, Cointelegraph reported that crypto ownership among Canadian adults fell by three percentage points between 2021 and 2022. "Investors did not appear to shift out of Bitcoin and into other cryptoassets, as we observe decreased ownership of altcoins," the Bank of Canada said in publishing its survey results.
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