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41% consumers invested in cryptocurrency for its short-term growth potential: Report

The development in cryptocurrency investing will have its challenges for the current financial year

Cryptocurrency is shaping into a growing need for decentralised finance
Cryptocurrency is shaping into a growing need for decentralised finance.

While 61% of the global consumers have heard about cryptocurrency, only 23% were familiar with it, according to a study conducted by Toluna. As per the report, 41% of the consumers invested for its short-term growth potential, only 40% invested for its long-term growth potential and 33% intended on diversifying their portfolio. It also showed that 75% of the investors expected emerging markets of Asia-Pacific (APAC) and Latin-America (LATAM) to enhance their cryptocurrency potential, while 57% of the consumers in developed markets. The study saw 9,000 people across 17 markets had made their feelings vocal about cryptocurrency, including its investment habits and future purchase desires.

Insights also showed millennial and GenZ generations being more attracted towards the cryptocurrency landscape compared to older consumers. According to the data from the study, 42% aged 18-24 invested in cryptocurrency of emerging markets compared to 38% in developed markets, 44% aged 25-34 invested in cryptocurrency of emerging markets compared to 37% in developed markets and 21% aged 57-64 planned to invest in the upcoming year while 18% planned to do so in the next couple of years. 

The buzz surrounding cryptocurrency is growing with time, and the understanding of real time consumer issues is expected to provide a better understanding regarding the future prospects of digital currency. This study also showed the ability of financial institutions to play a role in the world of digital currency. 

(With insights from the Toluna Corporate Report 2022) 

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