Editorial: Filipinos’ cryptocurrency ownership

·2 min read

The Philippines globally ranked second in ownership of cryptocurrency, with 22.7 percent crypto owners among internet users aged 16 to 64, according to the 2021 fourth quarter report from an audience targeting company.

Turkey bested the developing Southeast Asian country as it had registered 23.8 percent crypto users.

Based on the broad global survey by GWI, the Philippines and Turkey (which is currently in the storm of an economic crisis, with the Turkish lira plummeting in value) have more crypto owners than Argentina (20.4 percent), Thailand (20.3), South Africa (19.5), Nigeria (18.5), Singapore (17.9), Indonesia (17.4), Brazil (16) and the United States (14.2).

Bitcoin is the pioneer cryptocurrency and the most popular. Ethereum comes in second.

The current crypto market is in a bearish state due to multiple factors. In the past 30 days, Bitcoin has lost over 27 percent of its value while Ethereum lost over 35 percent.

The massive wipeout of value could send novice crypto investors to panic that would prompt them to sell their digital tokens. This action has a ripple effect: it will further drag down the cryptocurrency market worldwide.

Cryptocurrency, despite its volatility, has attracted investors (Tesla and SpaceX founder Elon Musk included) because no one has to go through banks. An investor only needs an internet connection to buy and sell crypto, and the transactions are anonymous and happen in seconds.

It is astounding that the Philippines ranked second in owning Bitcoin and other cryptocurrencies. Filipinos, however, must be reminded of the risks that come along with investing in the volatile market.

Before investing in Bitcoin, Ethereum or other forms of cryptocurrency, one must study the volatile nature of digital currency. And here is one piece of good advice from crypto experts: Never take out a loan or withdraw all life savings just to buy crypto. Doing so tantamounts to throwing one’s life away to doom and gloom.

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