Crypto Ownership in PH Drops from 50% to 19% - Survey

Half of the Filipino population has owned cryptocurrency at some point, but only 19% currently possess any.
Among those surveyed, 28% had previously bought crypto but no longer own any, while 19% still hold cryptocurrency, indicating a total of 47% with past experience of owning crypto.
Bitcoin is the most commonly owned cryptocurrency among Filipinos, with 71% of respondents saying they own it, followed by Ethereum, BNB, and Dogecoin.

The “Global Survey on Crypto and Web3” by blockchain firm ConsenSys and international online research data and analytics technology group YouGov revealed that at some point half of the population in the Philippines have owned a cryptocurrency. However, to date, only 19% possess any crypto.

Read the BitPinas articles on the ConsenSys and YouGov research:

Crypto Ownership in PH

In a survey examining Filipinos’ cryptocurrency purchasing history, 28% of respondents revealed they had bought crypto coins and tokens at some point but no longer possess any. On the other hand, 19% stated that they currently hold cryptocurrency, resulting in a total of 47% of respondents confirming their past experience of owning crypto.

The survey also inquired about the motivations of the crypto owners behind purchasing cryptocurrency. For 21% of respondents, curiosity and the desire to educate themselves through experimentation played a significant role in their decision. Another 12% expressed a desire to contribute to building a more inclusive financial ecosystem by engaging with cryptocurrencies. Additionally, 12% cited the intention to trade crypto for short-term returns as a motivating factor.

“The majority of respondents (58%) express the intent to invest in the next 12 months, with 39% indicating a probability and 19% confirming definite plans,” the results revealed–10% of the respondents stated that they “definitely” will not invest.

Cryptocurrencies Bought by Filipinos

According to Consensys, the top cryptocurrency bought by Filipinos is Bitcoin (BTC) with 71% of the respondents saying they owned it. It was followed by Ethereum (ETH) with 41%, BNB (35%), and meme coin Dogecoin purchased by 19% of the surveyed.

The cryptocurrencies Tether, USDC, UST, Shiba, Cardano, Solana, Polkadot, DAI, and ENS are also among the most purchased.

Currently, Filipinos can buy and store cryptocurrencies in various local and international exchanges. Homegrown firms Coins.ph and Philippine Digital Asset Exchange (PDAX) took the 3rd and 4th spots in the BitPinas recent article about the the most popular cryptocurrency exchange in the Philippines from February 4 to April 30, 2023, according to Google trends, which tracks search interest.

Currently, Coins.ph has over 18 million users and offers more than 40 tokens, including the meme coins Pepe and Floki. PDAX on the other hand supports 37 cryptocurrencies–these are also accessible in GCash in-app trading platform Gcrypto.

Read BitPinas Bitcoin Series:

Other Survey Findings

The Consensys inquiry shared that 65% of Filipinos have expressed curiosity about investing in cryptocurrencies.

The research also revealed that Filipinos’ fear of scams is the main barrier preventing them from entering the crypto space; followed by market volatility and a lack of knowledge on where to start.

According to the survey, 51% of Filipinos emphasize the importance of implementing strong regulations for cryptocurrencies as a means to safeguard traditional financial markets and ensure investor protection.

This article is published on BitPinas: Crypto Ownership in PH Drops from 50% to 19% – Survey

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.