Most see investment as the greatest benefit of the digital currency, rather than utility
More interest in cryptocurrencies can be expected in Thailand, following news that the nation will be relaxing tax rules for crypto trading until end-2023 to boost the industry. Currently, almost three-quarters (73%) of Thai people are aware of cryptocurrency – half (47%) of whom own them too. Latest research from YouGov RealTime Omnibus sheds insight into what residents think about the digital currency, which cryptocurrencies are most popular, and motivations for purchase.
Awareness of cryptocurrencies is fairly high across all age groups, but comparatively lesser among Baby Boomers (63%). Among those who are aware of cryptocurrency, almost half (49%) own them too. Millennials in particular are most likely to say that they own cryptocurrencies (55%), while Baby Boomers are least likely to, with seven in ten saying they do not own any (69%).
When it comes to the types of currency that people in Thailand are purchasing, Ethereum and Bitcoin come up top, with more than half of those who own cryptocurrency owning either of these coins (53% for Ethereum; 52% for Bitcoin). Newer cryptocurrency like Ethereum is more popular amongst younger age groups, with ownership being highest amongst Millennials (58%). Meanwhile, Bitcoin is more popular for those of older age groups, and highest among Gen Xers (71%). Dogecoin (36%), Litecoin (31%) and Binance Coin (26%) are the three next most owned cryptocurrencies among people in Thailand.
As for motivations for purchase, investment value is the top benefit in the minds of Thai cryptocurrency holders, with more than four-fifths (86%) of them citing that as a benefit. The second-most cited benefit is using cryptocurrency as cash to purchase products (54%), followed by the convenience of transferring money (48%). Gen Xers in particular are more likely to enjoy the convenience of transferring money through digital currencies (54%) than Thai people of other age groups.
As can be expected – since majority hold cryptocurrency for investment value – four in ten people who own cryptocurrency say they will never use them to pay for any form of goods or services. A similar proportion of cryptocurrency owners say they would spend on games and in-game purchases (41%), which is also unsurprising given the rising popularity of blockchain game finance (or Game-Fi) projects in the region. Just over a quarter say they will spend their digital currency on food and drink (28%), while fever than one-fifth will spend on real estate (19%), movie tickets (15%) and donations (14%).
YouGov RealTime Omnibus provides quick survey results from nationally representative or targeted audiences in multiple markets. This study was conducted online on from 13 to 17 January 2022, with a nationally representative sample of 2,066 Thai adults (aged 18+ years), using a questionnaire designed by YouGov.