According to a report by AAX crypto exchange and Forrester Consulting, 51% of Bitcoin owners in Southeast Asia used it to save money and preserve their wealth.

See related article: Crypto trading volumes dip to 18-month low amid bear market

Fast facts

  • Some 47% of Bitcoin users in Southeast Asia sought a profit while 44% used it as a hedge to offset losses or gains in other investments.
  • About 63% also claimed that Bitcoin has utility beyond investment returns — other major rationales for using the cryptocurrency being lower fees and transaction costs, pseudonymity, and the users wanting to explore an innovative financial device. 
  • The report says Southeast Asian consumers have turned to Bitcoin due to macroeconomic situations such as the Indian rupee’s record low last month, coupled with discontent with the cost and security of existing financial services.
  • AAX-Forrester surveyed 150 Southeast Asian consumers that used Bitcoin beyond investment purposes in the last 12 months.
  • Bitcoin, which fell to around US$18,000 last month, has recovered to trade at US$22,092.98 in late morning trading in Asia, according to CoinGecko.

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