Developing countries are more receptive and carry a much more positive sentiment towards cryptocurrency than richer, developed countries, according to new research from consumer insights provider Toluna, which surveyed 9,000 people across 17 countries in North America, Latin America, Europe, Middle East, and Africa (EMEA), and Asia-Pacific (APAC).
The survey found that developing countries were more receptive and carry a much more positive sentiment towards cryptocurrency than richer, developed countries. This is especially true in Asia-Pacific (APAC) and Latin America, with Vietnam, the Philippines, Thailand, and India most receptive to cryptocurrencies.
Those who live in developing APAC countries were most familiar with cryptocurrency and reported that they planned to set aside 22% of their investible assets for crypto. Some 46% of people in these countries were currently invested in crypto, followed by 39% in Latin America.
Age also plays a role in forming perceptions, with over half (53%) of Gen-Zs (aged 18-24) surveyed globally believing cryptocurrency will become an upward trend in the long term compared to 22% of Gen-Xs (aged 41-56) and 38% of boomers (aged 57-64) who think crypto will soon crash.
Additionally, 41% of millennials think crypto is more of an investment than a means of payment, and a third think now is a good time to buy crypto – a contrast to just 11% of boomers.
Some 41% of people in Vietnam, Indonesia, and Thailand said they had invested in cryptocurrency because of its potential for short-term growth, while one-third (33%) of those in Thailand and Malaysia said they had invested in cryptocurrency to diversify their overall investment portfolio.
According to Toluna, developed countries were more likely to view cryptocurrency as high-risk, including over half (51%) of respondents in APAC developed countries, 38% of respondents in EMEA, and 34% of those in North America.
Those surveyed in developing countries were much less likely to see cryptocurrency as a risky investment (25%) compared to those in developed countries (42%), and therefore place greater trust in the digital currency (32% vs. 14% of respondents in developed countries) and were much more likely to invest in cryptocurrency (41% in developing countries vs. 22% in developed countries).
The overall outlook for crypto investment was much stronger in developing countries, with 75% of investors expecting to increase their proportion allocated to investible assets for cryptocurrency investment vs. 57% in developed countries.