Cryptocurrency curiosity ramping up

Cryptocurrency curiosity ramping up

Greater interest in cryptocurrencies is expected in Thailand following news that the country is relaxing tax rules for cryptocurrency trading until the end of 2023 to boost the market.

Roughly three-quarters (73%) of Thais are aware of cryptocurrency, while almost half (47%) of those surveyed own them.

According to a recent study by YouGov RealTime Omnibus that explores public opinion about digital currencies, such as which cryptocurrencies are the most popular and the motivation for purchasing them, awareness of cryptocurrencies is fairly high across all age groups.

Among Baby Boomers, 63% said they are aware of cryptocurrencies. Of that group, almost half (49%) own them.

Some 55% of millennials said they own cryptocurrencies, while 69% of all Baby Boomers surveyed said they didn't own any.

When it comes to the type of cryptocurrency that people in Thailand are purchasing, Ethereum and Bitcoin came out on top, with over half owning either Ethereum (53%) or Bitcoin (52%).

Ethereum, a newer form of cryptocurrency, appears to be more popular among younger consumers, with ownership highest among millennials (58%).

Bitcoin fared better among older age groups, particularly Gen X (71%).

Dogecoin (36%), Litecoin (31%) and Binance Coin (26%) were No.3-5 in terms of ownership in Thailand.

As for the motivations behind purchasing cryptocurrency, investment value is the leading reason according to Thai owners of cryptocurrency, with more than four-fifths (86%) citing it.

Another reason was using cryptocurrency to purchase products (54%), followed by the convenience of transferring money (48%).

The Gen X cohort was the most likely to enjoy transferring money via digital currencies (54%), compared with other Thai age groups.

The majority of respondents hold cryptocurrency for investment value and 40% of cryptocurrency owners say they will never use it to pay for goods or services.

A similar proportion of cryptocurrency owners said they would spend it on games and in-game purchases (41%) as blockchain game finance projects increase in popularity in the region.

Just over a quarter said they would spend their digital currency on food and drink (28%), while fewer than a fifth would do so on real estate (19%), movie tickets (15%) and donations (14%).

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