European Residents Express Strong Confidence in Crypto’s Future
Paris, France, January 24th, 2024, Chainwire
73% of Users in France, Italy, Spain, and Sweden are Optimistic About Cryptocurrency’s Future according to Binance Survey of 10,500 users
Binance, the world’s leading blockchain ecosystem and cryptocurrency service provider by trading volume, has delved into the habits of European crypto users with surveys in France, Spain, Italy, and Sweden, offering a detailed look into the preferences and behaviors of the crypto community in Europe. The survey reveals a compelling trend: 73% of respondents are optimistic about the future of crypto, with 55% engaging exclusively with digital assets.
“We are delighted to see the high level of optimism amongst European crypto users, reflecting the growing interest in crypto and blockchain technologies” said Rachel Conlan, CMO of Binance. “The growing use of crypto in everyday purchases and its diverse applications highlights the integration of digital assets into our lives. With Europe at the forefront of implementing a secure and harmonized regulatory framework for the industry through MiCA, it’s evident that the region is actively paving the way for the mainstream adoption of digital assets.”
The study, conducted by Binance, uncovers key trends and potential future developments in the European cryptocurrency markets.
Below are the key insights derived from the survey.
Key Takeaways From the Survey
- Optimism About Crypto. 73% of respondents are optimistic regarding the future of crypto, reflecting a positive perspective on anticipated growth, adoption, and benefits of both cryptocurrency and blockchain technology.
- Steadfast Confidence in the Market. Highlighting the respondents’ confidence in the crypto market, 55% stated that they exclusively engage with cryptocurrencies. Furthermore, 24% of users declare that over half of their total trading involves crypto, underscoring a strong commitment to this emerging financial frontier.
- Increasing Utility. 55% of respondents have embraced digital assets for their everyday purchases, signifying a shift towards practical utility, with 10% making crypto purchases on a weekly basis.
- Surging Adoption in Everyday Life. When asked about their primary use-cases for crypto, over one-third (34%) of respondents stated that they use crypto for long-term trading, reflecting their confidence in the future of digital assets. Another 26% use it as a method for saving, underlining the growing trust in this emerging asset class. This was followed by day-trading at 13% and purchases at 9%.
- Drivers of Mainstream Adoption. The survey shows that the primary catalyst for crypto adoption in Europe is the potential for high returns, acknowledged by 20% of respondents. Other noteworthy drivers include the allure of decentralization and financial autonomy offered by digital assets at 18%, and innovation and technology, standing at 17%. These figures highlight the strong desire among respondents to attain financial freedom through decentralization and cutting-edge technology.
- Crypto Enthusiasts. 82% of all respondents have been involved in crypto for at least 1 year. Most of these users, 73%, have been participants for 1 to 5 years, while 9% are even more experienced, with involvement over 5 years. Another 5% of users have recently joined the crypto sphere in the last six months, indicative of continued adoption rates.
- Active Traders. The study underscores that over half of the European Binance users (53%) are active traders. Breaking down this figure, 23% of respondents engage in monthly trading, while 17% trade weekly, and 12% trade daily.
- Crypto Storage Preferences. The majority of respondents, 65%, prefer using Centralized Exchange Wallets to secure their crypto holdings, followed by Hardware Wallets at 18%.
About the survey
The survey results are based on a total sample of 10,498 individuals. Survey was conducted from October 14th to November 8th, 2023 on the Binance Survey Platform, and was open to users registered in France, Italy, Spain, and Sweden.
About Binance
Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com
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