Despite calls for heightened regulation and even bans, cryptocurrencies continue to record a surge in valuation and popularity across the world. A report “Digital 2022: Global Overview” by Datareportal, states that the number of people who own cryptocurrencies has increased by more than a third +37.8% since the same period last year. More than one in 10 working-age internet users now own some form of cryptocurrency. This figure has increased to more than two in 10 in Thailand!
The report highlights that cryptocurrencies are popular in developing economies, particularly in countries where conventional currencies are more prone to fluctuations in exchange rates. Using Turkey as an example, it pointed out that Lira lost more than half of its value against the US dollar over the past year. From November 30, 2021, to December 30, 2021, the Turkish Lira slumped as much as 27%.
There is a spike in crypto adoption in Nigeria and the Philippines too, both countries having about 19.4% users. The US is in the 14th spot with 12.7% users. About 55% of crypto holders in the US want their salaries in digital assets because of greater financial flexibility. However, the report states that men make up much of the crypto pie. Crypto ownership is more contracted in individuals aged between 25-34 years, with males making up 15.5% while the females just stand at 9.5%. Overall, crypto users fall in the age group of 16-44 years.
The report says cryptos are shifting to the mainstream because of the institutional entry into the space. Moreover, the mindset of making quick money is a critical motivator for holding cryptocurrency; this is backed by reports and data highlighting bitcoin as a top-performing investment. With cryptocurrencies being a young asset class, it’s bound to attract the younger generation.