The number of cryptocurrency trading accounts grew 27.6% month-on-month, vastly outpacing a 2.9% monthly increase in new stock trading accounts, as investors seek assets with higher returns to offset low deposit account interest rates, Kasikorn Research Center said.
There are currently a total of 1,379,373 cryptocurrency trading accounts in the Thai market, less than half the number of stock market accounts, but with an explosive monthly growth rate.
Kasikorn Research recently conducted a survey to explore the investment behaviour of high-income private company employees living in Bangkok and its vicinity.
According to the survey, 69.4% of the respondents reportedly know about cryptocurrencies and 52% of them were interested in investing in them, reflecting the growing popularity of such trading.
However, cryptocurrency trading can still be considered exclusive as most of the active traders are people in urban areas with high incomes and savings.
Moreover, 42% of respondents that haven’t invested in cryptocurrencies have also expressed interest in investing in digital currencies next year, suggesting there may be a surge of cryptocurrency traders in the near future.