The cryptocurrency industry, although it has been around for quite some time, has only gained much ground in recent years. The industry has beemed so much that it is almost irresistible to anyone who cares to know or hears about it. Last year, Bitcoin hit a high price of $68,000, increasing the market cap.
In very recent times, about two weeks ago, the crypto market has run into some issues that have brought about devaluation. The volatile nature of the market has led to investors losing huge amounts of money. Most of the time, this is because of bad risk management and not knowing enough about the trade itself.
In an interview, the Chief Executive Officer of crypto edutech platform Bitskwela, Jiro Reyes, told BusinessWorld that he knows some people who have lost money in the trade and that he believes that the tragedy of lost money is due to improper understanding and risk management in investing in the crypto space.
Philippine’s Cryptocurrency Adoption Rate
As reported by the Organisation for Economic Cooperation and Development (OECD), 74% of Filipinos have a measure of awareness about cryptocurrency. Despite this high level of awareness, 83% of the population do not understand the concept.
Responding to the report of this research, Reyes said that he finds the report absurd. According to him, the Philippines is rated number 15 among countries that are adopting cryptocurrency. This is in addition to the high rate of adoption of NFT in the country.
In an online survey carried out by Australian information service provider Finder, about one third of internet users claim to own the tokens. In response to that, Mr. Reyes said, “That is a good thing, right?” But if you pair it with the lack of education and crypto-literacy in the Philippines, you come up with a population that is investing in an asset class they do not understand. “
He also mentioned that the company is rendering assistance to traders. The company aims to help people navigate the crypto ecosystem better as against the get-rich-quickly mindset most individuals have towards crypto.