FX.co ★ Binance survey reveals Europe’s bright outlook for cryptocurrency

Recent surveys among participants in the cryptocurrency market are shedding light on the immediate and slightly more distant future of digital assets. These surveys, enthusiastically joined by many investors and traders, reveal a dominant belief in a bright future for virtual currencies. Leading cryptocurrency exchange Binance conducted a survey among citizens of France, Italy, Spain, and Sweden between October 14 and November 8, 2023. With 10,498 respondents, the results showed nearly 73% expressing optimism about the future of cryptocurrencies. They are confident that digital assets will increasingly be used across various sectors, with trust in them continuing to grow. A positive attitude was demonstrated by 55% of survey participants who actively engage with digital assets, citing their confidence in the crypto market and blockchain technology. Furthermore, 24% of respondents indicated that more than 50% of their total trading volume is associated with virtual currencies. When asked about the use cases for digital assets, 34% of respondents said they use them for long-term trading, while 26% keep their savings in crypto assets, and 9% use them for purchases. Additionally, 55% of market participants use virtual currencies for daily purchases, and 10% for weekly expenses. The widespread application of digital assets is gaining momentum: nearly 82% of respondents have been involved with cryptocurrencies for at least one year, and 73% have traded digital assets over the past five years. It is noteworthy that in the last six months, 5% of survey participants have joined the crypto space. Among the crypto community representatives, 53% identified themselves as active traders, with the majority trading monthly. Of these, 65% prefer centralized exchange wallets, while 18% opt for hardware wallets. According to Binance's research, the cryptocurrency market is flourishing. The high volatility does not deter the active members of the crypto community. Analysts believe that the key factors for the mass adoption of digital currencies in Europe include the potential for high profits (20%), the decentralization and financial independence offered by crypto assets (18%), and the allure of innovative blockchain technology (17%).