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- 1 Meanwhile, 17 percent of males in South Korea are focused on family finances..
- 2 Emerging use cases could drive the next wave of adoption.
Crypto is shedding a positive impact on the daily lives of citizens, a report published by crypto exchange Bitget reveals. It involves answers from more than 1,500 users across various countries including Korea, Turkey, China, and more. Digital assets are under regulatory scrutiny in several nations, however, none of them have come up with a proper framework yet.
Korea Comes Out as One of the Crypto-Friendly Countries
According to the Bitget report, almost half of the South Korean respondents aim to raise their living standards through crypto. Nearly 2 Million citizens of the country or 3.9 percent of its population will own cryptocurrency by 2022. Additionally, Korea is considered among the crypto-friendly countries.
Moreover, people in other Asian countries like Malaysia and Taiwan are feeding their families using crypto-generated income. A working paper published in June 2023 by Harvard Business School, a private research university based in Boston, notes that the United States also saw a rise in crypto activity in households.
About 49 percent of South Korean and 41 percent of Japanese female investors prioritize personal finances. Meanwhile, 17 percent of males in the former country are focused on family finances. For 27 percent of female crypto users in Turkey and the US, their children’s education remains on top.
China’s crackdown on cryptocurrency in 2021 caused a steep decline in the nation’s crypto activity. However, the Bitget crypto study highlights that the Chinese population’s engagement with the sector remains on top. It is noteworthy that the nation banned initial coin offerings (ICOs) in 2017.
A recent report by Chainalysis, a blockchain analysis company, indicates the East Asian crypto market is falling. It says that the Chinese crypto market appears to be picking up some pace again. According to the Bitget report, 18 percent of citizens are investing a sum between $50K to $100K while an additional 19 percent are pouring somewhere between $100K and $500K.
Another Chainalysis study dubbed Global Crypto Adoption Index shows Asian and African nations are leading the grassroots crypto adoption. Furthermore, lower-middle-income countries are driving adoption. During Q2 2022, adoption in all the mentioned income brackets highlighted by the report peaked.
Nigerians and Turkish Lead Crypto Ownership
Statista, a German data curator, puts Nigeria and Turkey on top in the context of crypto ownership in 2023. Both nations have come a long way since 2019 when major economies like the US, Australia, Brazil, and more have largely dominated the space. Surprisingly, only Brazil made it to the list.
Exploding Topics, a trend analytics company, says emerging use cases could drive the next wave of adoption. Additionally, it notes that the next bull market may reignite interest in cryptocurrencies among people. Something similar happened during the crypto market boom of 2021. Unfortunately, the sector has not witnessed such an event ever since.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
