Luno has published results of a survey conducted from its Malaysian userbase. The findings yield fascinating insights into the development and psychology of the Malaysian cryptocurrency community.
Also Read: Malaysia Bitcoin Trading Volumes Rise as Capital Controls Tighten
Approximately 60% of Survey Respondents Described Their Engagement With Cryptocurrency as Being Financially Motivated
A recent survey conducted by Luno provides a fascinating insight into the development, motivations, investment style, and trading psychology of the Malaysian bitcoin community.
Approximately 60% of survey respondents described their engagement with cryptocurrency as being financially motivated. 15% described their bitcoin activities as conducting trading/speculation, whereas nearly 45% of users describe such as a long-term investment. The remaining 40% of survey respondents cited practical use-values like financial autonomy and fast, fluid payments as their principal use of bitcoin – a common finding among nations with an authoritative governing style.
The survey illustrated tentative uptake of alternative cryptocurrency adoption on the part of Malaysian bitcoin users. 52.6% of respondents have solely purchased bitcoin, with 47.4% reporting that they have purchased cryptocurrencies other than bitcoin.
Nearly 20% Percent of Survey Respondents Said That They Do Not Trust Bitcoin as an Investment Tool
The most popular altcoin in Malaysia is Ethereum, with 56.4% of survey respondents stating that they have purchased ETH tokens. The second most popular altcoin market among Malaysia is Litecoin, with 7.4% of survey respondents reporting having purchased LTC tokens. This apparent hesitation on the part of the Malaysian cryptocurrency community to enter alternative cryptocurrency markets may signify that the more technical applications of newer altcoin projects are not as suited to the needs of the Malaysian economy.
Nearly 20% percent of survey respondents said that they do not trust bitcoin as an investment tool, and a further 31.4% percent of respondents said that they were yet to form an opinion. With just under half of respondents saying that they trust bitcoin, yet 60% of respondents being financially involved with bitcoin, it is clear that Malaysia’s bitcoin community is still underdeveloped, and likely heavily comprised of people casually experimenting with the technology.
For the Malaysian cryptocurrency community, much of the attraction to bitcoin may simply be the poor performance of their national currency. Many Malaysians are likely simply looking for an alternative store of value to the Malaysian ringgit – which recently has seen 18 years lows when valued against the US dollar.
Do you think that Malaysia’s presence in the cryptocurrency industries will grow? Share your thoughts below!
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