Binance Survey Indicates Rising Crypto Optimism and Adoption in Europe
Binance has released findings of a survey that examined the habits of cryptocurrency users in Europe. The surveys, which took place in four European countries (France, Spain, Italy, and Sweden), provide a comprehensive picture of the crypto community’s preferences and habits.
The survey reveals important tendencies and possible future changes in the European cryptocurrency markets. The survey was conducted on the Binance Platform from October 14th to November 8th, 2023, drew responses from 10,498 respondents.
The increasing interest in cryptocurrency and blockchain technology is mirrored in the European crypto user base’s high degree of optimism. Also, Europe is becoming attractive to crypto companies, thanks to its clearly-defined regulatory framework established under the Markets In Crypto Assets (MiCA) law. This has set up the continent to lead the charge to promote the broad adoption of digital assets.
Key findings from the surveys
Confidence and optimism: The majority of respondents (73%) had an optimistic outlook on the future of crypto and blockchain technology, expressing hope for its growth, adoption, and advantages. 55% of respondents said they exclusively transact in cryptocurrency, demonstrating their faith in the sector. In addition, a significant portion of users, (24%) reported that crypto accounts for more than half of their overall trading volume, highlighting a deep commitment to this new frontier in finance.
Rising Utility: 55% of respondents reported that they use cryptocurrencies in their regular daily purchases, while 10% reported that they do so weekly.
Rising crypto adoption: 34% of respondents stated that they intend to use crypto for long-term trading, showing a high level of confidence in the future of digital assets. Another 26% stated that they were using crypto as a means of saving, increasing confidence in this new kind of investment. The next highest were purchases at 9% and day-trading at 13%.
Drivers of Mainstream Adoption. 20% of European respondents said that they believe that the rising crypto adoption is attributed to the potential for high return to investors. Other key drivers mentioned included the allure of innovation and technology (17%) and the decentralisation and financial autonomy offered by digital assets (18%).
Crypto enthusiasm: The survey also indicated that 82% of European residents have been dealing in cryptocurrency for at least one year. Furthermore, a staggering 73% of these people have been actively dealing in crypto for 1–5 years, with 9% having been involved for more than 5 years. That’s not all-there has been a significant rise in crypto use, with 5% of users reporting that they entered the crypto realm within the past six months.
Active trading: Crypto has established itself as an investment asset in Europe, and the survey shows that 53% of Binance users in Europe are active traders. Among those who trade at least once a month, 23% do it monthly, 17% do it weekly, and 12% do it daily.
Crypto Storage: Despite the collapse of some centralised exchanges in 2022, many people still use non-custodial wallets. 65% of respondents stated that they keep their crypto assets in centralised exchanges, with hardware wallets coming in second at 18%.