In a recent survey conducted by Binance, it has been revealed that nearly 50% of its users are relying on cryptocurrency to augment their income. This observation is part of the latest initiative by Binance, titled “Crypto is better with Binance.”
The survey, conducted on the Binance Survey platform, involved 1,172 participants across Asia & Pacific, the Middle East, Europe, Africa, and Latin America. The findings indicated that 45% of respondents identified earning additional income as the primary purpose for using cryptocurrency, followed by savings at 19% and mitigating inflation at 9%. A substantial 36% highlighted that the primary incentive for using crypto for savings was to achieve financial security and independence.
Key Findings from Binance Survey:
19% of respondents cited high fees as a major challenge when dealing with traditional financial systems, while 14% identified slow transaction times as a significant issue.
A notable 76% of participants believe that cryptocurrency has the potential to reduce income inequality and financial disparities in society.
Among those using crypto for additional income, 23% expressed the intention of making it their primary income source, 23% use it for home savings, and 21% allocate it for investment in alternative digital assets.
36% of survey participants use cryptocurrency for weekly transactions, with 58% of them employing crypto for online purchases. Additionally, 12% use it for international transactions and remittances, while another 12% utilize crypto for in-store purchases.
59% of respondents have been involved in cryptocurrency for 1 to 5 years, while 14% have over five years of experience, and 12% are relatively new to crypto, engaging with it for less than six months.
36% of users utilize cryptocurrency as a means to save money, seeking financial security and independence. Additionally, 16% use it to earn higher interest on their savings, and 14% use crypto for saving towards retirement.
Positive Impacts and Adoption Trends:
Respondents shared the positive effects of crypto on their lives, with 20% noting an increase in the value of their investment portfolios, 18% citing opportunities for additional income through trading or staking, 15% enjoying greater access to financial services, 14% experiencing improved financial control, and 12% benefiting from faster and more cost-effective cross-border transactions.
According to Chainalysis’ Global Crypto Adoption Index, India leads the world in grassroots adoption, specifically in the Central & Southern Asia and Oceania (CSAO) region. Despite a global decline in grassroots crypto activity following the 2022 FTX collapse, lower-middle-income countries, as classified by the World Bank, have shown a robust rebound in grassroots crypto adoption over the last year. Nigeria and Vietnam secured the second and third spots, respectively, on the Global Crypto Adoption Index by the blockchain analytical firm.
