The ongoing pandemic affected many areas of our lives. Yet, it failed to destroy people’s fascination with cryptocurrencies. Tech savvy investors/traders, especially, refuse to let go of something that they consider highly valuable. To start invest in crypto you just need to open a free trading account on Crypto Trader.
Ownership of Digital Currencies
The enhancement in popularity is good news for the arena of cryptocurrencies and other digital assets. It gives hope that the ownership of cryptos will increase. For now, the percentage of ownership is not very heartening. A mere 10% or so of the global populace, can boast of owning cryptocurrencies. This evidence became known via a survey (January 26, 2022) by Finbold. Finbold is a company that provides all the latest about the world of finance.
The survey also discovered that the Thais are the biggest stakeholders of cryptocurrencies. Nigerians and Filipinos are next in line. The North Americans are not too high in the ownership rankings.
The owners are generally aged between 16 and 44 years. However, most of the crowd lies between 25 and 35 years. Males are keener to experiment with digital currencies than females are.
There is a psychology behind this attraction for owning digital currencies.
They are Integral to the Owner’s Identity
People just love following a trend! Cryptos are trending! In fact, some people feel akin to radicals, going against a traditional-thinking crowd. They are part of a global culture, and they intend to stay that way!
Then again, crypto enthusiasts have come up with their own jargon too. An example is ‘whale’. A Bitcoin whale is someone, who owns a large quantity of Bitcoins. FUD refers to fear, uncertainty, and doubt. People, who belong to the ‘outside Bitcoin’ group, experience it. They feel that Bitcoin will crash any moment. Owners of digital assets advice people keen to invest in cryptocurrencies, not to give in to FUD.
Volatility is Exciting
Experimenting with the stock market can seem rather staid and boring. Keeping track of prices may also seem tedious. After all, the stock market remains steady for great lengths of time.
In contrast, the cryptocurrency marketplaces resound with rises and crashes, risks, and excitement! Prices keep fluctuating, in alignment with supply and demand. In fact, volatility persists throughout any given day. Therefore, adventurous people are keen to gamble with cryptocurrencies.
The modern mindset is very attuned to social media and video games. It is used to fast-paced lifestyles and instant gratification. Therefore, investing in, and hoarding cryptocurrencies, is a risky gamble that it is more than willing to take.
Social Media is a Good Advertiser
Numerous people desire to emulate celebrities, famous people, and successful millionaires/billionaires. If they can invest in digital currencies, so can we!
Social networking websites, such as Instagram, Facebook, Twitter, Reddit, etc., exploit these feelings to the maximum. They highlight the popularity of cryptocurrencies among the rich and the famous. Naturally, fans feel thrilled to be sharing the same financial space with them.
They are Savings for the Future
Amid an ongoing pandemic, people are battling financial insecurities. In such a scenario, having a savings account of cryptocurrencies offers hope. Other avenues of making money seem to be inaccessible, or closed. Therefore, people, especially the Millennials, feel that investing in cryptocurrencies is a risk worth taking.
Investors/traders are aware of the pros and cons, and volatility. Regardless, they prefer to try it. They hope that somewhere along the way, they will manage to save for the future.
In short, the world is littered with hopefuls! They always prefer to look at the upsides, rather than at the downsides. Therefore, they strive to exploit the current moment. They refuse to worry about the future. Furthermore, this is a digital era. Therefore, the advent of a technology that could prove life-changing, is thrilling!
Crypto ownership is Greater in Developing Countries
Several nations are going through devaluations of their respective local currencies. They are also experiencing inflation and economic crises. Finally, financial matters are bound in governmental regulations and restrictions. Therefore, the populations in these nations, are viewing cryptocurrencies as a worthy alternative.
There are no boundaries to trading/investing/exchanging of cryptocurrencies. Everything takes place in a virtual world. Securing savings or remitting money, is easy. It helps that the authorities cannot interfere much in this decentralized world.