Most cryptocurrency users see it as a long-term investment: Binance survey

A survey by international cryptocurrency exchange Binance released today showed that most cryptocurrency investors buy it as part of a long-term investment plan. Other motivations for investing include distrust of the financial system, short-term trading profits, and fear of missing out (FOMO). The Global Crypto User Index-2021 survey covered 61,000 users across 178 countries and regions.

According to the report, cryptocurrency owners are predominantly male, with an average age of 34, an undergraduate degree, and an average income equivalent to $25,000 per year. Cryptocurrency users tend to buy it out of disposable funds rather than by selling other assets or taking on debt. The use of cryptocurrency as a store of value is most common followed by staking and lending and payments. Using cryptocurrency as a medium of exchange is not seen as an important use case, by participants in the survey.

The survey also pointed out that most people (60% of those surveyed) store cryptocurrency on an exchange, with the security of the exchange being the most important criteria followed by the user interface (UI) or user experience (UX) and availability of trading pairs on the exchange. Cryptocurrency can also be stored offline away from exchanges in cold wallets. In general, the survey also found that low levels of institutional trust are associated with greater cryptocurrency usage. However, among the markets surveyed, India had among the largest levels of institutional trust.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.