The emergence and growth of the cryptocurrencies market have garnered tremendous global interest and attention in recent times. Nevertheless, the degree of cognizance among the Filipino populace regarding this innovative digital currency is an area that requires further exploration. To this end, the Capstone-Intel Corporation undertook a research investigation to obtain empirical data on the extent of awareness and comprehension of cryptocurrencies within the country.
Aligned with this objective, a nationwide survey was conducted by Capstone-Intel from May 1 to May 10, 2023. The study findings indicate that 1,204 participants are aware about the concept of cryptocurrency. Of this group, 42% had made investments in this emerging asset class.
Of the total sample, 49.58% were male and 50.4% were female. Educational attainment was also assessed, with 58% of participants having completed a college degree, 20% being current college undergraduates, 12% having completed high school, 5% being graduates of technical-vocational programs, 3% having earned a post-graduate degree, and 2% having only completed high school.
The data shows Region X and NCR take up the biggest pool of respondents, at 17% each. Region III and CALABARZON also contribute 10% each. The other 7% come from Region V, and Region XI and Region XII make up another 5%, respectively. Region I, Region VIII, and Region IX both contribute 4% to the total pool. Region II and BARMM also provide 3% each, while MIMAROPA, Region XIII, and CAR each contribute the last 2% to complete the respondent count.
Investment in cryptocurrencies
From the data, respondents were asked if they have invested in cryptocurrencies, and 42% of them showed that they have invested in cryptocurrencies, 57% answered no, and 2% expressed uncertainty.
The investment of these respondents ranges from less than P1,000 to above P10,000.
When asked about their reasons for investing in cryptocurrencies, the respondents provided a range of motivations. The most commonly cited reason was the potential for high returns on investment, with 51% of all respondents highlighting this as a primary factor.
“This finding suggests that a considerable number of individuals are seeking to grow their wealth through investment vehicles. It is noteworthy that one of the primary motivations for investment was the perceived possibility of achieving substantial returns on investment. This desire for high returns can be linked to the current low-interest-rate environment, which has made traditional savings accounts and bonds less attractive to investors,” said Ella Kristina Domingo-Coronel, Research and Publications Director of Capstone-Intel.
Almost half of the respondents aged 35–44 (49%), 45-54 (47%), and 25-34 (45%) have invested in cryptocurrency. 65% of those aged 18 to 24 years old and 74% of those aged 65 to 75 have not invested. Between males and females, only 35% of females have invested in cryptocurrency, and 48% among males.
Among the participants who have allocated funds towards cryptocurrency, a predominant 80% have invested in Bitcoin. The subsequent ranking includes Ethereum at 41%, XRP at 24%, and Binance USD at 22%.
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To know more about the data, please click here.
Capstone-Intel is a high-impact research company that uses innovative research technologies, tools, and methods to convert data and information into breakthrough insights and actionable intelligence outputs. It is committed to helping its clients solve problems, find solutions, grow markets and constituencies, build reputations, navigate risks, manage crises, and be the country’s leading private research and intelligence agency.
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