Binance is giving an inside look into the motivations, behaviors, and preferences of crypto investors around the world.
The global crypto exchange recently published its 2021 Global Crypto User Index report which examines data from over 61,000 crypto users across 178 different countries and regions and explores the respondent’s demographics, attitude, financial involvement, adoption, and ideology.
Binance’s study reveals that 55% of the users polled buy crypto assets for long term investments. Meanwhile, 38% own cryptocurrencies because they distrust the current financial system and 31% participate in the crypto markets for short-term trading opportunities.
52% of users surveyed consider their crypto investments a source of income. 15% cite investing or trading crypto as their primary source of income.
The report also discovers that 97% of users have confidence in cryptocurrencies and Bitcoin (BTC) remains the most popular crypto asset owned by 65% of customers surveyed.
As for the top uses of crypto assets, 39% assert that they just hold their coins while 22% use their tokens for staking and lending and 11% for payments.
In addition, the report reveals that 63% of users rely on their disposable income to buy crypto and 60% store their tokens on crypto exchanges.
Binance’s report also unveils the growing acceptance of services in the nascent decentralized finance (DeFi) space. 66% of all users claim that they use DeFi applications.
When it comes to the issue of freedom of money, the report says that “lower institutional trust correlates with higher confidence in crypto.” According to the study, 17 out of 20 markets have less than 50% trust in local institutions.