A new report from Binance Research suggests that 60% of cryptocurrency users prefer to store their digital assets on exchanges. About 52% of the users also view crypto as a source of income.
New report shows crypto trends
The report dubbed ‘2021 Global Crypto User Index’ took the responses of over 61,000 users from 178 countries into account. It suggests that 52% of the users see crypto as a source of income. About 55% own digital coins as a part of their long-term investment strategy. About 39% of the users are already holding digital currency assets so they can take advantage of the price gain. Only 22% are using digital coins for lending and staking purposes.
Bitcoin continues to have a stronghold on the market with 65% of the global users having BTC in their portfolio. About 38% of the users said that their main reason behind holding digital currencies is a distrust in the financial systems.
A Binance spokesman commented on the report and said,
“We are seeing accelerated adoption of cryptocurrencies as more major players show support and provide additional channels for people to invest. It’s increasingly important for us to understand crypto users as well as their corresponding attitudes and behaviors.”
He added that the 2021 report helps in understanding the similarities and differences in approach from retail investors in the crypto markets.
A global survey
The survey was conducted in eight different languages between September 15 and October 25, 2020. It mentions that 66% of dApp users are using DeFi applications. This newer subsection of the crypto market is growing the fastest in Southeast Asia, where over half of the users are connected to dApps. DeFi tokens like Aave (AAVE), Chainlink (LINK) Synthetix (SNX), and Uniswap (UNI) have gained value in 2021. Other crypto assets have also posted significant gains in the first month of the year.
According to the official report, it marks responses from a wide sample set and the figures have been weighted to represent active crypto users in different markets.