Ownership Rate 55%! The 'Real Motives' Behind Crypto Investors Buying Hardware Wallets

The deciding factor for purchasing a hardware wallet is 'security concerns' at 38.1% — A survey of 417 crypto investors by Clabo Inc.

Clabo Inc. (Headquarters: Minato-ku, Tokyo; Representative Director: Ikuma Ueno) conducted a survey on the 'ownership status and purchase motives of hardware wallets (HW)' targeting 417 individuals with experience in crypto asset investment.

The survey results showed that the overall hardware wallet ownership rate among investors reached 55.9%, and the most common motive for purchasers was a vague sense of risk, with 38.1% citing 'security concerns'.

Cross-analysis by attributes revealed a psychological threshold for an 'amount worth protecting,' where the ownership rate sharply increases to 74.5% when holdings reach 500,000 yen. Additionally, a significant generational gap was identified, with ownership rates at 78.5% among those under 30, compared to only 35.0% among those in their 50s.

This report details the high defensive awareness of the 'both types' group (71.3%) who use both short-term and long-term wallets, and the contradiction of the 'hodl group' (46.9%) who, despite needing cold storage, leave their assets on exchanges.

Check the full survey results

■ Survey Details

HW Purchase Reality — 38.1% of owners purchased due to 'security concerns'

The deciding factor for purchasing a hardware wallet is 'security concerns' at 38.1% — A survey of 417 crypto investors by Clabo Inc.

'Security concerns' at 38.1% — Vague anxiety is the biggest motive

When 417 investors who purchased a hardware wallet were asked about their deciding factor, the most common answer was 'I was worried about security' at 38.1%.

The fact that a 'vague sense of anxiety,' rather than a specific experience of damage, is the strongest driver of purchase behavior symbolically represents the psychology of crypto investors.

Anxieties about whether assets left on exchanges are truly safe, or whether the risks of hacking or bankruptcy could affect them, are concerns that anyone participating in the market has at some point.

The data shows that hardware wallets are chosen as the ultimate option to resolve these anxieties.

The simple motive of 'buying because of anxiety' might actually be the most sound reason for purchase.

Investors who sense risks in advance and act, rather than panicking after suffering damage, are more likely to protect their assets over the long term.

'I thought it was necessary after studying' 35.0% — Knowledge-driven purchasers

The second most common purchase motive was 'I thought it was necessary after studying' at 35.0%.

This group, who understood the necessity of hardware wallets through books, online articles, and community information gathering, accounts for one in three HW owners.

This group is characterized by making decisions based on technical understanding, rather than being swayed by anxiety or trends.

They actively choose the tools they need after understanding the principles of public and private key management and the difference between cold and hot wallets.

In crypto asset investment, this 'knowledge-driven' approach is the most reproducible defense strategy.

Investors who can not only absorb information but also implement it in their own environment are the ones with the qualities to survive long-term in the market.

'News of hacking damage' 33.6% — Purchases triggered by others' damage

The third-ranked motive, 'I saw news of hacking damage' at 33.6%, shows the reality that events in the industry directly impact individual investment behavior.

News of exchange hacks or wallet takeovers of prominent influencers is not seen as a distant event but is taken personally by investors.

Other top answers included 'I was recommended by people around me' at 28.8% and 'I started holding a large amount' at 25.9%.

Specific life events, such as personal networks or an increase in assets held, also serve as triggers for adopting HW in a certain number of cases.

Whether one can act immediately upon hearing news of damage is a critical turning point that significantly differentiates future asset defense capabilities.

Investors who keep putting off buying 'someday' and those who place an order immediately after seeing the news face fundamentally different risks, even in the same market.

500,000 yen as the watershed — 21.3% for under 10,000 yen vs. 74.5% for 500,000 yen or more

The deciding factor for purchasing a hardware wallet is 'security concerns' at 38.1% — A survey of 417 crypto investors by Clabo Inc.

Ownership rate of 21.3% for the under 10,000 yen group — Weak defense of small investors

Looking at HW ownership rates by asset amount held, the rate for the group with less than 10,000 yen was 21.3%, overwhelmingly lower compared to other holding brackets.

This means only one in five people in this group owns a hardware wallet, highlighting the extremely weak defense posture of small investors.

Economic rationality, such as 'it wouldn't hurt to lose a small amount' or 'buying an HW would cost more than the assets themselves,' is thought to be behind the decision not to purchase.

It is not surprising that some investors find it economically unviable to buy a device costing tens of thousands of yen for assets worth only a few thousand yen.

However, what is often overlooked is the perspective of 'whether the defense system will already be in place when assets increase in the future.'

Rather than rushing to buy an HW after assets have grown 10 or 100 times, incorporating it into one's strategy from when the amount is small is the correct long-term approach for an investor.

Peak at 74.5% for the 500,000 to 1 million yen group — The psychological threshold of an 'amount worth protecting'

The HW ownership rate peaks in the group holding between 500,000 and less than 1 million yen, recording a high level of 74.5%.

This figure is 3.5 times that of the group with less than 10,000 yen, indicating that an 'amount worth protecting' functions as a psychological threshold for investors.

The amount of 500,000 yen is a boundary for many individual investors where 'losing it would affect their livelihood,' and beyond this level, security awareness tends to increase sharply.

This also aligns with the point at which investors begin to seriously consider risks such as unauthorized exchange access or withdrawal suspensions.

Interestingly, the ownership rate slightly decreases when holdings exceed 1 million yen (70.3% for the 1 million to 5 million yen group).

This group may be using multiple HWs or employing risk hedging through diversified management, suggesting the existence of management strategies that cannot be measured simply by 'whether they own one or not.'

78.5% ownership among those under 30 — The identity of the surprising generational gap

The deciding factor for purchasing a hardware wallet is 'security concerns' at 38.1% — A survey of 417 crypto investors by Clabo Inc.

Those under 30 top the list at 78.5% — The proactiveness of the digital native generation

Cross-tabulation by age group showed that the HW ownership rate for those under 30 was 78.5%, the highest among all generations.

This means more than three out of four people in this age group own a physical security device, indicating that younger generations are more proactive in adopting hardware wallets.