Binance Holdings Ltd, the leading cryptocurrency exchange by daily traded volume and globally registered users, recently conducted a survey to understand the top use cases for crypto assets. The survey was conducted between November 15, 2023, and December 6, 2023, on the Binance Survey platform. It included 1,172 randomly distributed respondents across Asia, the Middle East, Europe, Africa, and Latin America. The survey revealed that 45 percent of the respondents rely on crypto to earn an extra income.
Key Findings
The survey revealed that 45 percent of the respondents rely on crypto to earn an extra income. Additionally, 19 percent of the respondents highlighted that crypto is their preferred method to save money, while around 9 percent of the respondents indicated that their objective in adopting crypto is to hedge against inflation. 36 percent of the respondents indicated that achieving financial security is their priority in adopting crypto assets. Moreover, 19 percent of the respondents indicated that the high processing fees in traditional financial institutions are the top reason they are using crypto assets, while 14 percent of the respondents highlighted the slow transitions on traditional banking systems.
Takeaway Points
The survey revealed that 76 percent of the respondents indicated that the crypto industry can be used to reduce financial inequality. 36 percent of the respondents indicated that crypto assets are their favorite mode of making everyday purchases. 59 percent of the respondents have been using crypto for the past five years, with only 12 percent being new to the web3 industry. Finally, 20 percent of the respondents indicated that the use of digital assets has significantly improved their investment portfolio.
The survey highlighted the importance of crypto assets to the modern economy. With Binance at the helm, the crypto industry has remained loyal to its users despite the regulatory pressure in the United States among other jurisdictions. As a result, crypto users are able to make better financial decisions and benefit from various advantages offered by digital assets.
