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 Oct. 5, 46%, 44% and 41% of respondents in South Korea, Canada and Turkey, respectively, said improving their living standards is their most significant 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 United States and Turkey said they invested in digital assets to fund their children’s education, compared with 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 between $50,000 and $100,000, and an additional 19% investing between $100,000 and $500,000. While China has banned crypto trading, Chinese nationals can still own cryptocurrencies and circumvent the ban via VPNs. The ban also does 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 European Union, China, Japan, South Korea, Turkey 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 Aug. 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.

In other corners of the world, 99% of Nigerians reported awareness of digital assets in a recent survey, with 90% of respondents saying that they plan to invest in crypto within the next year.