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Crypto craze sweeps Europe! Binance survey reveals sky-high confidence among residents

Binance

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TL;DR

  • Binance surveyed crypto users in France, Spain, Italy, and Sweden. The study shows that 73% of respondents are enthusiastic about crypto’s future, with 55% using it exclusively. 
  • Survey results are based on 10,498 people that run from October 14th to November 8th, 2023.
  • The European market survey shows that 10% of respondents buy crypto weekly, indicating a shift towards practicality. 55% buy digital assets for everyday spending.
  • About storage, the majority of respondents (65%) prefer Centralized Exchange Wallets to secure their crypto, followed by Hardware Wallets (18%).

As traditional financial paradigms continue to be challenged, a recent survey conducted by Binance, one of the world’s leading crypto exchanges, has uncovered a remarkable surge in confidence among European residents regarding the future of digital assets. 

The findings from the survey are based on a total of 10,498 respondents. The survey took place on the Binance Survey Platform between October 14th and November 8th, 2023, and was open to users registered in France, Italy, Spain, and Sweden.

Binance delves into the European crypto market

As reported, the Binance survey provides a comprehensive understanding of the inclinations and conduct of the crypto community in Europe. According to the survey results, 55% of respondents are exclusively involved with digital assets, and 73% are optimistic regarding the future of cryptocurrencies.

 Rachel Conlan, the Chief Marketing Officer of Binance, is delighted with the survey and states that the statistics show that crypto has integrated into normal day-to-day life. She states that:

We are delighted to see the high level of optimism amongst European crypto users, reflecting the growing interest in crypto and blockchain technologies […] 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.

Rachel Conlan, CMO of Binance

Key insights from the survey

During the survey, Binance identified major trends and probable future changes in the European crypto marketplaces, such as:

1. Overload crypto optimism

73% of respondents are enthusiastic about the future of cryptocurrencies, indicating a favorable outlook on the expected growth, use, and benefits of both crypto and blockchain tech. 

2. Increased crypto market confidence

A significant proportion of the participants (55%) expressed their exclusive involvement with cryptocurrencies, underscoring their trust in the crypto market. Moreover, a substantial pledge to this nascent financial domain is demonstrated by the fact that 24% of users claim that more than half of their overall trading activities are devoted to cryptocurrencies.

3. Increased crypto usage

The Binance survey underscores that 55% of the participants have adopted digital assets for their routine expenditures, indicating a transition towards practical utility; 10% of the respondents engage in weekly crypto purchases.

4. Increased daily adoption

Respondents’ confidence in the future of digital assets is reflected in the fact that more than one-third (34%) of those queried use cryptocurrencies primarily for long-term transactions. An additional 26% use it to save, demonstrating the emerging asset class’s expanding credibility. Subsequently, purchases accounted for 9%, and day-trading held 13%.

5. What were the drivers?

According to the survey, the key driver of crypto adoption in Europe is the possibility for significant returns, which 20% of respondents acknowledge. Other notable drivers include the appeal of decentralization and financial autonomy provided by digital assets (18%), as well as innovation and technology (17%). 

These results demonstrate respondents’ strong desire to achieve financial freedom through decentralization and cutting-edge technology.

6. Europe crypto enthusiasts

82% of respondents have at least one year of experience in the crypto industry. The majority of these users, 73%, have been engaged in the activity for a duration of 1 to 5 years. Furthermore, 9% of them possess over 5 years of experience. 

An additional 5% of users have become involved in the crypto domain within the past half-year, suggesting a sustained trend of adoption.

7. How many active traders are in Europe?

According to the Binance report, more than half of all Binance users in Europe (53% are active traders). Breaking down this ratio, 23% of respondents trade monthly, 17% trade weekly, and 12% trade daily.

8. Lastly, crypto storage options

The majority of respondents (65%) choose to secure their crypto holdings with Centralized Exchange Wallets, followed by Hardware Wallets (18%).

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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