Half of crypto investors don’t invest as hobby, Binance finds

TL:DR Breakdown

• Crypto investors are not allocating to cryptocurrencies as a hobby, instead, to make a profit.
• About 66 percent of the respondents said they are still using DeFi applications.

A recent survey conducted by Binance, the largest digital currency exchange, showed that the cryptocurrency market is gearing with new investors who are money-minded. Half of the respondents said they are investing in cryptocurrencies to make profits, not as a hobby. Fair enough, nobody would want to risk their capital without the hope of making profits. Additionally, the survey noted an increase in the number of crypto investors using DeFi applications.

Crypto investors are confident in cryptos

The Binance survey, which was participated by over 61,000 crypto investors globally, showed that many people (97 percent) are confident in holding cryptocurrencies. Interestingly, about 52 percent of the respondents said they weren’t investing in digital currencies as a hobby. They maintained that their crypto investment decision was profit-driven, and 15 percent of these crypto investors see cryptocurrencies as a primary source of income. 

To break this down, Binance noted they invest in crypto as a long-term investment strategy, trading opportunity, and to protect their capital from the uncertainties with the current financial system. Bitcoin was also confirmed to be the most popular cryptocurrency, and investors holding cryptos had 1-20 percent of their crypto portfolio in BTC. Binance also learned that 39 percent of the crypto investors are holding onto their coins, while 22 percent are usually their crypto to lend and stake.

Interest in DeFi

The decentralized finance market began gaining traction last year, blowing up the market valuation to billions of dollars amid high interest-earning opportunities. Although the fuzz in the market has calmed down, many people are still interested in the market. About 66 percent of the crypto investors polled indicated that they were using DeFi applications. This is more popular with investors in Southeast Asia.