KUALA LUMPUR – The rate of cryptocurrency adoption for Malaysian internet users for those ages 18 and older, has decreased to 15% as of date.
According to The Edge Markets, the figure had dipped from the 20% that was recorded late in 2021.
In a recent statement by Finder.com, the comparison platform revealed that its Cryptocurrency Adoption Index showed that men are far more likely to own their own cryptocurrency than women.
In terms of the cryptocurrency holders, more than half (63%) of them are men while women make up the remaining 37%.
The platform said that Bitcoin is still the most popular token among the Malaysian crypto owners, making up 35% of the figure. This was followed by Ethereum with 24%.
According to James Edwards, a cryptocurrency specialist at the platform, the decline in cryptocurrency adoption was not a surprise given that the crypto market had experienced a significant drop.
“We saw large declines in Bitcoin prices during the start of May and June this year. That’s why it was not surprising to see a decline in cryptocurrency adoption since the end of last year.
“For other markets like South Africa and the US, the rate of cryptocurrency adoption was steady or there was even a minor increase. This suggests that although some people may have sold their tokens, others are holding it for the long term or may have even purchased crypto for the first time at what they might have considered to be a discounted rate,” he explained.
Furthermore, Edwards had cautioned new investors, saying that cryptocurrency investing is not for the faint of heart.
He said that cryptocurrency is an extremely volatile industry and investors should never invest large amounts of money that they cannot afford to lose.
Apart from that, investors also must pay attention to the cost of trading to ensure that the gains aren’t offset by the fees from the trades when buying and selling the cryptocurrency.
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