Report Reveals: Almost Half of Cryptocurrency Enthusiasts Invest with the Aim of Enhancing Living Standards

A recent survey conducted by crypto exchange Bitget has shed light on the motivations driving cryptocurrency investments, revealing that almost half of crypto users are leveraging digital assets to enhance their living standards.

The survey, published on October 5, disclosed that significant percentages of respondents from various countries had prioritized improving their living standards through cryptocurrency investments. In specific regions, such as South Korea, Canada, and Turkey, 46%, 44%, and 41% of participants, respectively, expressed their primary financial goal as elevating their everyday quality of life. Additionally, in Malaysia and Taiwan, approximately 36% of respondents valued enhancing their family’s well-being above other aspirations.

Interestingly, the survey highlighted varying priorities among female crypto investors. In the United States and Turkey, 27% of female participants cited funding their children’s education as a key reason for investing in digital assets. This sentiment sharply contrasted with the responses from South Korea and Japan, where only 5% shared similar aspirations.

The survey also provided insights into investment amounts and engagement levels. Chinese participants demonstrated a high degree of involvement, with 18% investing between $50,000 and $100,000, and an additional 19% allocating between $100,000 and $500,000. Notably, even though China has prohibited crypto trading, Chinese nationals continue to hold cryptocurrencies and navigate the ban through VPNs, with the restriction not applying to Chinese citizens residing abroad.

The survey, conducted from May to August, encompassed more than 1,500 participants from 20 countries across the European Union, China, Japan, South Korea, Turkey, the United States, and Canada.

Despite the overall growth of the crypto market, the survey also highlighted regional disparities. In certain parts of the world, cryptocurrency interest has waned due to stringent regulations and market fluctuations. For instance, a Bank of Canada survey in August revealed a 3% drop in crypto ownership among Canadian adults from 2021 to 2022. This decline was attributed to both regulatory constraints and decreased interest in alternative cryptocurrencies, with investors largely maintaining their focus on Bitcoin.

Conversely, the survey underscored the vibrant crypto landscape in Nigeria, where 99% of respondents demonstrated awareness of digital assets. Moreover, an impressive 90% of participants expressed intentions to invest in cryptocurrencies within the next year, reflecting the country’s growing enthusiasm for the digital financial sphere.

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