Why Filipinos Invest in Cryptocurrency | BitPinas

• In a recent post by BitPinas, the #CryptoPH Community was able to explain its side of why it thinks it is better to invest in cryptocurrencies than traditional financial instruments like stocks, cash, bonds, or even forex. 
• Collectively, more people from the community emphasized experiencing financial freedom, as crypto, being decentralized in nature, is more accessible to all. 
• On the other hand, citing the market’s volatility, other commenters see crypto investing as a way to earn more and gain yield faster.

In a recent post by BitPinas, the #CryptoPH Community was able to explain its side of why it thinks it is better to invest in cryptocurrencies than traditional financial instruments like stocks, cash, bonds, or even forex. 

Collectively, more people from the community emphasized experiencing financial freedom, as crypto, being decentralized in nature, is more accessible to all. 

“Freedom, decentralized, and I can carry all of my money anywhere with hard wallet, no need for a bank,” a commenter, Nhaz Maroto, said. 

Another answer from a commenter named Hanlis Ortiz insisted, “Easy access, I own and hodl with my cold wallet, and it is the future.”

“Very Liquid and Borderless, I can easily relocate to new Zealand in case China fires actual canon instead of water canon,” another commenter, Aenric Berlian, jokingly shared. 

Meanwhile, for commenter Phi Ripped, crypto is not just borderless, but for all ages also: “Ease of access, no discrimination on your state (whether you’re student, magtataho, executive, etc. As long as your know how to. G!), you’re in control over your assets, etc.”

“Easier to buy and access, no need a lot of requirements,” a commenter, Jefferson Rule, validated. 

On the other hand, citing the market’s volatility, other commenters see crypto investing as a way to earn more and gain yield faster. 

“Mabilis kumita ng malaking pera, pero syempre, (ito rin ay) risky. (M)abilis lng din mauubos (ang investment mo), pag wala kang risk management,” commenter Niño Angustia explained. 

This is further supported by Noel Rich Quinto Innovation, who emphasized that “The 100x profit is what makes us drive more crazy.”

“Sa stocks, bumabagsak, pero nahirapan bumangon. Sa crypto, bumabagsak, pero mabilis umakyat,” commenter Georgy Batungbakod verified. 

Meanwhile, a commenter, Joseph Nobleza Dñs, reminded his fellow crypto enthusiasts with care, saying the investing in crypto is “High risk, high reward, but also it depends on a project. That’s why always DYOR.” 

There are also commenters who took the question with humor and answered, “Because pain demands to be felt. That is why I invest in Crypto, to experience the pain of loss,” – Jason Dane Cutamora.

While for Ismael Jerusalem, the CEO of Ownly, one of the most known crypto project in the country, said: “Kasi cool ‘to. Yes, kulto hahaha.”

Crypto Adoption in PH

In July, the results from “Global Survey on Crypto and Web3” showed that 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.

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%, are the most purchased ones in the country. 

Meanwhile, speaking about the most popular cryptocurrencies in the country, CoinGecko revealed that the top 10 most viewed cryptocurrencies on its website viewed by its users from the Philippines in 2022 were Wemix Token, Luna 2.0 XRP, Luna Classic, Ether, Catecoin, AXS, BombCrypto, Vigorous, and SLP. 

A separate report also showed that while 96% of Filipinos are aware of cryptocurrencies, 65% have expressed curiosity about investing in them. The two reports just showed that blockchain games may be one of the main reasons that have influenced Filipinos to be interested in crypto. 

However, another study shared that for Filipinos, fear of scams is the highest barrier to entry when it comes to the crypto ecosystem. Results discussed that 53% of the Filipinos surveyed stated that their fear of scams was their main reason for not venturing.

This led to 51% of Filipinos believing that it is crucial to implement robust regulations for cryptocurrencies to safeguard traditional financial markets and protect investors, Concensys emphasized. 

This article is published on BitPinas: Why Filipinos Invest in Crypto

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.

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• Source: https://bitpinas.com/feature/why-filipinos-invest-in-cryptocurrency/