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Hong Kong Retail Investors More Interested in Crypto Than Ever Before, Reveals SFC Survey

Cryptocurrency interest among Hong Kong’s retail investors has seen a marked uptick this year, as highlighted by a recent study carried out by the Investor and Financial Education Council (IFEC). The IFEC operates under the umbrella of the Securities and Futures Commission (SFC), which is the primary securities regulator in Hong Kong.

Conducted over June and July 2023, this survey collected feedback from 1,000 respondents ranging in age from 18 to 69. The findings clearly depict a substantial increase in enthusiasm and interest towards crypto from retail investors in the region.

Eight Percent of Retail Investors Invested in Crypto in 2023

The survey revealed that in 2023, a notable eight percent of Hong Kong’s retail investors ventured into crypto asset investments, marking a substantial rise from just one percent in 2019.

Of those surveyed, every participant who invested in virtual assets confirmed holdings in cryptocurrencies. A lesser segment, six percent, engaged with non-fungible tokens (NFTs), and a mere two percent explored investments in stablecoins.

The IFEC’s report points to an upward trajectory for future investments. An impressive 11 percent of those surveyed indicated plans to delve into virtual assets or associated products in the upcoming year.

This data insinuates that the burgeoning interest in virtual assets isn’t just a passing phase but could further intensify over the next year.

It’s noteworthy to mention that the period during which this survey was conducted overlapped with the unfolding of the massive $200 million JPEX scandal.

Retail Investors Are In It For Short Term

The study reveals an intriguing pattern among Hong Kong’s retail crypto investors. A significant 75 percent highlighted the allure of short-term gains as a driving factor behind their investments.

Similarly, 74 percent view virtual assets as a sustained investment trend. In contrast, 73 percent voiced a fear of missing out on trending investment avenues. These findings underscore a potential demand for improved investor knowledge and consciousness within the region.

Hong Kong’s growing inclination towards virtual assets is in line with the larger global trajectory, which sees a rising number of retail investors venturing into cryptocurrencies. Attracted by the prospects of swift returns and the steadily increasing legitimacy of virtual assets as a valid investment category, this trend is set to shape the future of the financial landscape.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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