In recent years, cryptocurrencies have gained popularity, attracting the attention not only of investors and technology enthusiasts but also of the average citizens. Their mysterious and dynamic nature arouses both curiosity and questions about the future of this digital phenomenon. A new study conducted by Binance, one of the world’s largest cryptocurrency exchanges, sheds light on how European residents perceive this rapidly developing sector.
Optimism seems to dominate the European perspective on cryptocurrencies. The study conducted by Binance on a group of 10,498 individuals from France, Italy, Spain, and Sweden (it is worth noting, however, that the study participants – active users of the Binance platform – cannot be seen as a representative sample of the entire European population), which took place between October 14 and November 8, 2023, reveals that as many as 73% of respondents have a positive outlook on the future of digital assets.
More than half of the study participants, as many as 55%, declared that their financial interactions are limited exclusively to cryptocurrencies. This testifies to the growing trust and belief in the potential of this technology. Moreover, about 24% of respondents indicated that more than half of their trading activity is associated with crypto assets.
The Binance study also revealed how respondents utilize cryptocurrencies. About 34% treat them as a long-term investment, 26% as a way to save money, 13% engage in day trading, and 9% use cryptocurrencies for making purchases. It may be surprising that as many as 55% of respondents use cryptocurrencies for everyday purchases, and 10% make cryptocurrency transactions weekly.
The main factors driving the adoption of cryptocurrencies in Europe are potentially high returns, the attractiveness of decentralization and financial autonomy, and innovation and technological development. Such opinions were expressed by 20%, 18%, and 17% of respondents, respectively.
The study shows that 82% of participants have been involved with cryptocurrencies for at least a year, with 73% actively operating in this market for the last five years. Only 5% of respondents joined the world of cryptocurrencies in the last six months.
Among the respondents, 53% are active traders, the majority of whom trade monthly. About 65% prefer wallets offered by centralized exchanges, compared to 18% who use hardware wallets.
A statement by Rachel Conlan, CMO of Binance, summarizes the situation: the increasing use of cryptocurrencies in everyday purchases and their diverse applications underscore the integration of digital assets into our lives. Europe, leading in the implementation of safe and harmonized regulatory frameworks for the industry through MiCA, is actively paving the way for the mass adoption of digital assets.
This trend of optimism, engagement, and trust in cryptocurrencies in Europe may herald a new era in finance, where digital assets become an integral part of the economy of the future.
Photo by Rapha Wilde on Unsplash
