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

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

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 don’t trust the existing financial system while 31% have entered the crypto market in search of short-term trading opportunities.

Bitcoin's price
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.

Bitcoin is becoming more trustworthy than big banks, says survey

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 doesn’t 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 (DeFi)—one of the best-performing and rapidly growing sectors in the crypto industry today—has already captivated roughly two-thirds of crypto users as 66% of respondents stated that they are already using DeFi applications, according to Binance Research.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
BlackRock (IBIT), the Grayscale Bitcoin Trust (GBTC), Fidelity (FBTC), Ark Invest/21Shares (ARKB), Bitwise (BITB), Franklin (EZBC), Invesco/Galaxy (BTCO), VanEck (HODL), Valkyrie (BRRR), WisdomTree (BTCW), Hashdex (DEFI)

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