The cryptocurrency sector has seen considerable growth over time, marked by substantial increases in value and widespread acceptance. What was originally linked mostly to illicit online activities has evolved into an industry increasingly adopted by people globally. This shift highlights that for a significant number of individuals, cryptocurrency investments have moved beyond mere speculation.
A recent survey, conducted by Bitget, a cryptocurrency exchange, and released on October 5, 2023, offers valuable insights into how digital assets are now playing a crucial role in improving people’s quality of life. These assets are helping users worldwide achieve diverse financial goals.
Roughly half of digital asset’s users, equivalent to approximately 50%, are channeling their investments towards the improvement of their day-to-day living conditions. The survey’s results reveal that in nations like South Korea, Canada, and Turkey, 46%, 44%, and 41% of respondents, respectively, have identified this as their primary financial objective when participating in digital asset investments. Additionally, the survey indicates that around 36% of respondents from Malaysia and Taiwan prioritize enhancing their family’s overall quality of life over other financial goals. This preference was notably higher compared to other aspirations.
The comprehensive survey gathered data between May and August and involved the participation of over 1,500 individuals representing 20 countries across Europe, China, Japan, South Korea, Turkey, the United States, and Canada. Importantly, the survey also shed light on varied motivations among female crypto investors in different countries.
For example, in the United States and Turkey, approximately 27% of female digital asset investors are primarily driven by the desire to fund their children’s education. In contrast, this particular goal was less common in South Korea and Japan, with only 5% of female investors expressing the same aspiration.
Chinese Crypto Adoption: A Status Update
Regarding Chinese participation, the survey provided insights into the level of involvement among cryptocurrency users in China. Despite the ban on cryptocurrency trading within the nation, the survey results indicate that Chinese citizens remain actively engaged in the crypto market. A substantial 18% of survey respondents from China reported making investments ranging from $50,000 to $100,000. Furthermore, an additional 19% had allocated investments in the range of $100,000 to $500,000.
It’s important to highlight that Chinese individuals can still possess cryptocurrencies and work around the trading ban by using Virtual Private Networks (VPNs). Additionally, the ban does not apply to Chinese nationals residing outside of China.
Cryptocurrency’s Influence on Global Living Standards
The year 2022 will go down in history as one of the most challenging periods for the cryptocurrency industry. It witnessed a significant downturn, notably with Bitcoin experiencing a decline of more than 60% in its value. Furthermore, the overall market suffered losses of slightly over $2 trillion throughout the year. Additionally, this turbulent period witnessed the downfall of several cryptocurrency companies, with FTX being the most disruptive among them.
As Sam Bankman-Fried, the key figure behind FTX, faces a jury that will determine his future, there are indications that confidence in the cryptocurrency market is slowly being rebuilt. Moreover, in the midst of these developments, Bitcoin (BTC) was observed making progress toward a potential resurgence. Currently, at the time of writing, BTC is trading at $27,587.30, inching closer to the $28,000 mark.