Binance Survey Shows 55% of Europeans Use Crypto for Everyday Purchases

In the latest development, Binance, the leading blockchain ecosystem in the world, has recently conducted a survey in Spain, France, Sweden, and Italy, to get insights into the habits of cryptocurrency users. Revealing quite an astonishing trend, the results highlight the behaviors and preferences of the European cryptocurrency community.

A total of 10,498 individuals participated in the survey, which was conducted by Binance from October 14th to November 8th, 2023 on the Binance Survey Platform. Showing excitement about this latest development, Binance’s CMO Rachel Conlan stated that the results of this survey highlight the increasing interest in crypto and blockchain.

Conlan further added, “The growing use of crypto in everyday purchases and its diverse applications highlights the integration of digital assets into our lives. With Europe at the forefront of implementing a secure and harmonized regulatory framework for the industry through MiCA, it’s evident that the region is actively paving the way for the mainstream adoption of digital assets.”

Europe Paving the Way

The Binance survey gives insights into the major crypto trends and potential developments shaping up the crypto industry in Europe. According to the survey, about 73% of the participants are optimistic about the future scope of the crypto industry. This reflects the overall optimistic picture of the industry’s growth and adoption while highlighting the major advantages of the innovative technologies.

In addition, the survey reveals that about 55% of the participants are directly engaged with crypto. Besides, about 24% of those who were surveyed revealed that more than half of their trading activities involve cryptocurrency. This reflects the growing confidence of users in this growing financial landscape.

The most important trend revealed in this survey is that about 55% of European users have been using crypto as a mode of payment for their daily purchases. On the other hand, about 10% of respondents said that they make purchases with crypto every week. This trend reveals how cryptocurrencies are gearing towards a real-world utility.

Meanwhile, 34% of the participants said that they use crypto primarily for trading over the long term, highlighting how users have been getting confident in this evolving industry. Besides, 26% of the participants said that they use crypto for savings, showcasing how people have started to trust digital currencies, which are often categorized as volatile assets.

The Binance survey further reveals that about 53% of European users are active crypto traders. While 23% of these participate in monthly trading, 17% said they trade on a weekly basis, and 12% revealed they are daily traders. Moreover, about 65% of the participants said that they trade on centralized exchange (CEX) wallets to store their digital currencies while 18% use hardware crypto wallets.

As the survey reveals the growing adoption of the crypto industry in these countries, it also reveals that the high returns in this industry are a primary reason behind it. This fact was indeed acknowledged by the 20% of those who were surveyed. Other than this, 18% of the users said that they use crypto due to its appeal of decentralization and autonomy while 17% were inclined due to the innovative technology.

Another important aspect is that about 82% of the participants have stayed in the industry for at least a year. While 73% of these users have been in crypto for a time span of one to five years, 9% said they have stayed there for more than 5 years. In addition, about 5% said that they joined the bandwagon in the last six months, showing the continuously rising trend of crypto adoption. 

Overall, this recent survey from crypto giant Binance highlights the growing popularity and adoption of crypto and blockchain technologies in Europe. While many still consider this industry to be in its early stages, these results highlight how rapidly it is evolving and getting traction among users in major parts of the world.