97% of Holders Have Near-Unanimous Confidence in Crypto, Says Binance

Thursday 28 January 2021, 11:46 PM AEST - 1 month ago

  • The overwhelming majority of crypto holders are confident in digital assets, according to the latest survey report by Binance Research.
  • More than half of respondents said that they don't consider crypto investing a hobby.
  • Apart from investment opportunities, distrust of the current financial system is what drives people toward digital assets.

Roughly 97% of crypto users around the world have near-unanimous confidence in digital assets, according to the 2021 Global Crypto User Index published by Binance Research today.

According to the findings, there is a near-unanimous confidence in cryptocurrencies (97%) amongst users. More than half (52%) do not consider crypto investing as a hobby, but instead as a means of income; for 15% of users, crypto is considered their primary source of income, said the report.

For its first-ever global report on crypto user motivations, Binance Research surveyed over 61,000 digital assets holders.

As for motivations, the researchers noted that 55% of respondents are buying cryptocurrencies as part of their long-term investment strategy. At the same time, 38% of users turned to crypto because they dont trust the existing financial system while 31% have entered the crypto market in search of short-term trading opportunities.

Bitcoin is the most popular cryptocurrency. Image: Shutterstock

In terms of asset preferences, Bitcoin continues to reign, the report noted, as 65% of users who hold any crypto also have BTC to go along with it. At the same time, 30% of Bitcoin owners said that they usually allocate somewhere between 1-20% of their crypto portfolio in BTC.

The data also showed that most crypto enthusiasts are either just outright hodling their assets (39%) or locking them on staking and lending platforms (22%)—and only 11% are actually using their digital assets for payments. But that doesnt necessarily mean that cryptocurrencies are losing the characteristics of money.

While using crypto as a medium of exchange may not be perceived as the most important use-case (21%), actual usage (38%) suggests that crypto is taking the function of money more than users anticipate, the researchers explained.

At the same time, decentralized finance (

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