As cryptocurrencies gradually become more accessible through a wide array of channels, coupled with the recent announcement from Paypal enabling its customers to sell and buy Bitcoin and other virtual currencies via their PayPal account.
Binance researches on the motivations, behaviours, and preferences of this growing audience.
Based on a Binance report which examines data from over 61,000 crypto users across 178 countries and regions, it explores the respondent’s demographics, attitude, financial involvement, adoption, and ideology.
Binance’s study reveals that 55% of the users’ polled purchase crypto assets for long term investments. Meanwhile, 38% own cryptocurrencies because they distrust the current financial system while 31% participate in the crypto markets for short-term trading gains.
52% of users surveyed consider their crypto investments a source of income. 15% cite investing or trading crypto as their primary source of income. The report also reveals that 97% of users believe in cryptocurrencies and Bitcoin (BTC) continues to be one of the most preferred crypto-asset owned by 65% of customers surveyed.
As for the top uses of crypto assets, 39% insist that they simply hold their coins while 22% utilize their tokens for staking and lending and 11% for payments.
Additionally, the report discloses that 63% of users depend on their disposable income to buy crypto and 60% store their tokens on crypto exchanges.
Binance’s report also unveils the growing acceptance of services in the nascent decentralized finance (DeFi) space. 66% of all users claim that they use DeFi applications.
In terms of freedom of money, the report states that “lower institutional trust correlates with higher confidence in crypto.” According to the study, 17 out of 20 markets have less than 50% trust in local institutions.
