A recent survey conducted by global cryptocurrency exchange KuCoin revealed that approximately 10 percent of crypto investors in Pakistan prefer to receive or pay their salaries in virtual currency. The survey, titled “Into the cryptoverse: understanding Pakistani crypto investors 2023,” provides valuable insights into the growing adoption and interest in digital assets within the country.
The findings, reported by the local news network Dawn, highlight Pakistan’s potential as a significant cryptocurrency market. The country ranked sixth in the Global Crypto Adoption Index by Chainalysis in 2022. The survey captured the motivations driving Pakistani investors towards crypto, with future aspirations (69%), wealth accumulation (44%), convenience (49%), and protection against currency depreciation (33%) emerging as the key drivers.
Pakistani Crypto Adoption Surges
The survey also shed light on the various use cases for cryptocurrencies in Pakistan. Trading emerged as the most common use case, with 46% of respondents engaging in this activity. Following closely behind was HODLing, a practice involving the purchase and long-term holding of cryptocurrency, disregarding short-term price fluctuations (30%). Additionally, other popular use cases among Pakistani crypto investors are peer-to-peer money transfers (29%) and buying NFTs (22%).
KuCoin’s commentary on the survey results emphasized the potential for mainstream adoption of cryptocurrencies in Pakistan, given the diverse ways in which crypto assets are being utilized in the country. The survey, conducted by a third party on behalf of KuCoin, took place from May 5 to May 12 and involved 500 adult crypto investors. Demographically, the survey revealed that 66% of crypto investors in Pakistan are male. The largest age group of investors belongs to Generation Y (aged 26-39) at 47%, followed by Generation Z (aged 18-25) with a 35% share.
Moreover, 66% of Pakistani crypto investors have an annual household income of less than Rs 5 million or around $17,612. Interestingly, the survey indicated that 30% of new investors had entered the crypto market within the past three months. This suggests that a significant portion of crypto investors in Pakistan come from households with moderate to lower income levels, highlighting the accessibility and appeal of cryptocurrencies across diverse income groups.
As the crypto industry continues to evolve, these survey results provide valuable insights into Pakistani crypto investors’ preferences, behaviors, and motivations. With the growing adoption of digital assets and diverse use cases, it will be interesting to observe how the crypto landscape in Pakistan develops in the coming years.
