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The Organization for Economic Cooperation and Development released a report on the experiences of crypto holders in Southeast Asia

The Organization for Economic Co-operation and Development (OECD) has published a 62-page report on the behaviors, attitudes, and experiences of crypto holders in Southeast Asia.

Demographics of crypto holders in Southeast Asia

Across the three countries, holding is the largest among those 25-54 years old, albeit with country-specific variants. There is a tiny gender difference in the percentage of cryptocurrency holdings in all three countries (29% of women and 31% of men hold them). However, women are more likely than men to hold those assets in Vietnam (38% of women in the sample are holders of cryptocurrencies, compared to 32% of men) and vice versa, men, have more likely than women to hold them in Malaysia (26% vs. 20%).

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Source: OECD

The survey found several findings related to the records of people in Malaysia, Vietnam, and the Philippines who own cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

Based on a sample of 3,006 online participants, the study found that 34% of Millennials, from 25 to 34 years old, own cryptocurrencies. The age group represents the highest ownership of cryptocurrency assets in three Asian countries. Besides, 82% of cryptocurrency holders have a bachelor’s degree or higher. This is especially true for the Philippines and Vietnam, where at least 88% of the participants are highly educated.

When it comes to gender, there doesn’t seem to be a statistically significant difference in cryptocurrency ownership between men and women.

On average, holding increased with age up to 54, from 9% of 18-24-year-olds to 20% of 45-54-year-olds. However, this masks differences by countries, withholding the highest among 25-34-year-olds in Malaysia, for example. There was no noticeable gender gap on average, but variations are observed by state. In particular, 26% of women but only 20% of men in Viet Nam said they had succeeded in ICOs.

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Source: OECD

The level of understanding and holding of cryptocurrencies

Cryptocurrency owners’ future intentions in three countries revealed that 53% had wanted to hold their cryptocurrencies instead of selling, exchanging, or spending. Three in ten contributions (30%) would like to keep ICOs in the future. In particular, there was an appetite for investing in cryptocurrencies in the future among the valuable in Vietnam, where 59% would like to hold them in the future, compared with 46% in Malaysia.

the-organization-for-economic-cooperation-and-development-released-a-report-on-the-experiences-of-crypto-holders-in-southeast-asia

Source: OECD

Regarding the level of understanding of cryptocurrencies, more than 80% are not fully aware of their digital assets. According to the survey, only 17% of the respondents answered that they understood the cryptocurrency very well. Vietnam has the highest number of respondents who know very well their digital investment at 23%. A majority of survey respondents (80%) said they were aware of cryptocurrencies in all three countries. In particular, there was a high level of awareness (84%) of cryptocurrencies in Malaysia (84%), 10% points higher than in the Philippines.

Source: OECD

Respondents reported a lower level of awareness of ICOs than cryptocurrencies. Just under half (46%) of the survey respondents said they were aware of ICOs, on average, across all three countries. Additional analysis shows that, of those who had heard of cryptocurrencies, just over half had also heard of ICOs. There was a more significant range in awareness of ICOs than cryptocurrencies across countries, from 38% in the Philippines to 59% in Vietnam.

the-organization-for-economic-cooperation-and-development-released-a-report-on-the-experiences-of-crypto-holders-in-southeast-asia2

Source: OECD

The survey also found that the main driver among cryptocurrency enthusiasts: the desire to make money quickly. The majority of respondents who bought cryptocurrencies joined in for a quick profit, with 41% of participants in all three countries confirming that they had purchased cryptocurrencies to make money quickly. This finding contradicts the results that show 53% prefer to hold their digital assets. Only 32% said they had purchased cryptocurrency to pay or buy online.

the-organization-for-economic-cooperation-and-development-released-a-report-on-the-experiences-of-crypto-holders-in-southeast-asia5

Source: OECD

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