Cryptocurrencies have become the main type of income for 15% of holders
Bitcoin is used as a means of payment much more often than users think
Women traders are more successful in the cryptocurrency market
International consortium of news organizations developing transparency standards.
Cryptocurrency exchange Binance Research has released the first report on the preferences of crypto users to better understand the portrait of potential customers.
No longer a hobby, but a main income
Cryptocurrency investments are becoming more affordable and trusted by retail investors. This is the conclusion reached by analysts at Binance Research, who worked on the creation of the report “Global Index of Crypto Users of 2021”.
The first-ever report examines the data of more than 61,000 crypto users around the world, shedding light on the motivations, behaviors and preferences of this growing audience..
According to the data obtained, there is almost unanimous trust in cryptocurrencies among users (97%). More than half of respondents (52%) consider crypto-investing not as a hobby, but as a means of generating income; for 15% of users, crypto investment is considered their main source of income.
Respondents identified three reasons for buying cryptocurrency:
- investments in cryptocurrency as part of a long-term investment strategy (55%);
- distrust of the current financial system (38%); and
- short-term trading opportunities (31%).
“We are seeing an accelerated spread of cryptocurrencies. More major players are supporting the industry and offering additional investment channels. It is important for us to understand crypto users, as well as their attitudes and behavior. The goal of our 2021 Global Crypto Users Index is to understand the similarities and differences between retail crypto users across different profile types, as well as across countries and markets, ”said a Binance Research spokesperson..
Key findings from the report:
● Bitcoin continues to dominate: Bitcoin, owned by 65% of users, remains the most popular cryptocurrency. 30% of bitcoin holders allocate 1-20% of their crypto portfolio to BTC.
● Even though the majority of crypto holders are hodlers (39%), they also use their digital assets to generate passive income (22%) and payments (11%). And while the use of cryptocurrency as a medium of exchange may not be perceived as the most important use case (21%), actual use (38%) suggests that the digital asset takes on the function of money more than users expect..
● Exchanges are the most popular place to store cryptocurrencies: 60% of users store their digital assets on exchanges. Users cite security as the most important factors when choosing an exchange (28%), followed by UI / UX (25%) and available trading pairs (23%).
Binance report data
● Users tend to use funds (63%) to buy cryptocurrencies. Users in the Netherlands are least likely to buy leveraged crypto (3%), while users in China are more likely (23%).
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● DeFi picks up speed. 66% of all users said they are using DeFi apps Decentralized finance (DeFi) is a financial services built on blockchain technology that offer users access to an open, efficient and … More. DeFi is most popular in Southeast Asia, where over 54% of surveyed users use dApps.
Binance Research Data
● Users believe in the freedom of money. Declining trust in financial institutions correlates with growing trust in cryptocurrencies: In 17 out of 20 markets represented, less than 50% of respondents said they trust local institutions.
Binance Research Data
Who makes the most money on cryptocurrencies
If we talk about cryptocurrencies as a way of making money, then large investment funds and companies receive the greatest profit from investments in cryptocurrencies. Morningstar data proves funds that invested in cryptocurrencies made record profits.
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Funds ended the year with the worst performance, betting on shares of oil and gas companies, which fell sharply this year due to a collapse in demand. In April of this year, for the first time in history, oil futures contracts fell below zero.
If we talk about retail investors and traders, then they also made a record profit by selling the bitcoins accumulated over the years at a record price. At the same time, women traders earn more from trading gold and cryptocurrencies..
“In general, women showed better results than men: on average, the number of profitable deals for the fair sex is 79% versus 77% for men,” – said in a report from the analytical company IG.
How to increase the profitability of cryptocurrency trading, we told here.
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