Filipinos lead in crypto ownership globally, keen on investing more in these ‘alternative forms of investments’

Filipinos are leading in terms of cryptocurrency ownership in the world and they are keen on pouring in more money in these digital assets that have become alternative forms of investments, according to a study commissioned by blockchain company Consensys.

Filipinos are leading globally in cryptocurrency ownership and are eager to allocate more funds to these digital assets, which serve as alternative investment avenues, according to a study commissioned by blockchain firm Consensys.

In its annual global opinion survey, conducted by data analytics group YouGov, it was disclosed that 52 percent of Filipinos have purchased cryptocurrencies, such as Bitcoin and Ethereum.

This ranks the Philippines second in terms of crypto adoption, following South Africa, where 65 percent of respondents reported owning digital assets.

The latest figure for the Philippines indicates an increase in crypto ownership from 45 percent in 2023.

Moreover, 59 percent of Filipinos surveyed stated that they will “definitely” or “probably” invest more in these volatile assets in the future.

The study, which surveyed over 18,000 individuals across 18 countries, highlighted that Filipinos’ high awareness of cryptocurrency corresponds with their desire to acquire more.

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In the Philippines, cryptocurrency adoption surged during the pandemic, largely due to play-to-earn games like Axie Infinity. At one point, Filipinos reportedly comprised 40 percent of the game's player base.

The survey revealed that cryptocurrency is primarily associated with the “future of money” and “an alternative to the traditional financial ecosystem.”

However, investors remain cautious about scams that could lead to financial losses.

Cybersecurity firm Kaspersky previously warned against cryptocurrency phishing attacks, which are launched through links embedded in emails or even mobile messages. These suspicious links aim to trick individuals into surrendering their personal information, including bank account details and addresses.

According to Kaspersky, these cyber attacks typically manifest as giveaway scams and fake wallet phishing pages.

The firm also encountered an attack where users received a PDF (portable document format) file via email, which stated that the recipients supposedly registered on a cryptocurrency cloud mining platform a long time ago and urgently needed to withdraw a substantial amount of crypts because their account was inactive.

Cybersecurity experts advise the public to disregard such phishing emails to protect themselves from falling victim to these scams.