Hassan Maishera
Binance, the world's leading blockchain ecosystem and cryptocurrency service provider by trading volume, has revealed the result of its research into the habits of European crypto users with surveys in France, Spain, Italy, and Sweden.
The research offered a detailed look into the preferences and behaviors of the crypto community in Europe.
According to the survey, 73% of respondents are optimistic about the future of crypto, with 55% engaging exclusively with digital assets.
While commenting on this report, Rachel Conlan, CMO of Binance, said,
“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."
The research uncovers key trends and potential future developments in the European cryptocurrency markets. Here are some of the findings from the research.
Key Insights from the Study
-
Optimism About Crypto is High: 73% of respondents are optimistic regarding the future of crypto. This indicates a positive perspective on the anticipated growth, adoption, and benefits of both cryptocurrency and blockchain technology.
-
Rising Confidence in the Market: Roughly 55% of the respondents said 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.
-
Rising Adoption in Everyday Life. When asked about their primary use cases for crypto, 34% of respondents said they use crypto for long-term trading. This shows a growing 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%.
-
High ROI Pushes 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%.
-
Growing Number of 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. Furthermore, another 5% of users have recently joined the crypto sphere in the last six months, indicative of continued adoption rates.
-
Active Traders. The research shows 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: 65% of respondents prefer using Centralized Exchange Wallets to secure their crypto holdings, followed by Hardware Wallets at 18%.
Binance revealed that the survey results are based on a total sample of 10,498 individuals. It 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.
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.
