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Friday Nov 15, 2024
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As cryptocurrencies move to the mainstream, more people are embracing different assets for various purposes, including investment. Currently, some countries are ranking significantly higher in the share of citizens owning digital assets.
According to data acquired by Finbold, about 10.2% of the global population using the internet owns some form of cryptocurrency (as per a survey carried out in Q3, 2021 and published on 26 January 2022).
Thailand accounts for the highest share at 20.1%, followed by Nigeria at 19.4%, a similar percentage to Philippine users. South Africa ranks fourth at 19.4%, followed by Turkey at 18.6% in the fifth spot.
Other countries in the top 10 category that recorded a significant share of crypto owners include Argentina (18.5%), Indonesia (16.4%), Brazil (16.1%), Singapore (15.6%), South Korea (13.4%), and Malaysia (13.2%).
United States users ranked in the 14th spot with a share of 12.7%, while Russia ranked last at 2% among the surveyed countries.
Elsewhere, the ownership is more contracted among individuals aged between 25-34 years, with males accounting for 15.5% while the female share stands at 9.5%. Internet users aged 16-24 years saw males account for 13.3%, while female owners stood at 6.4%.
In general, most crypto ownership is centred among individuals aged between 16-44 years.
Cryptocurrencies becoming part of daily life
The ownership figures follow an increase in cryptocurrency penetration, with different assets being utilised for various roles. According to the research report: “The increased adoption has resulted in cryptocurrencies becoming part of people’s daily lives, replacing some of the roles played by the traditional monetary systems. For instance, the cryptocurrency sector offers services like lending and emerging as alternatives to conventional finance aspects like paying salaries.”
The report also highlights the significance of cryptocurrencies among developing countries. The report notes: “Elsewhere, top cryptocurrency holders are based in developing countries that have experienced economic turmoil in recent years, a situation that was complicated by the coronavirus pandemic. The sector is emerging as an alternative to the unbanked population in these countries and a hedge against rising inflation amid local currency devaluations.”
Moving into the future, the crypto ownership figures could be impacted either negatively or positively based on factors like the regulations in different jurisdictions.
