Complete Text of Binance Research's "2021 Global Crypto User Index"
Below are Full Text of Binance Research's "2021 Global Crypto User Index"
Introduction to the survey
Retail investment in cryptocurrencies is growing around the world. As cryptocurrencies have become more accessible via a wide array of channels – Paypal, LocalBitcoins, Grayscale, Binance, and others – it is increasingly important to understand the dominant user-profiles and their corresponding preferences. Aside from anecdotal reports, there has not been an objective investigation into the motivations, behaviors, and preferences of these growing audiences from the global scope. That’s why we created the Global Crypto User Index.
Its goal was to explore questions surrounding the respondents..
.. financial involvement
Distribution of the survey
The survey was translated into eight different languages (English, Spanish, Russian, Turkish, Chinese, Vietnamese, German, Dutch) and disseminated via a web-based questionnaire for a global audience, along with a dedicated survey for the Chinese market.The respectively used channels included:
Social networks (e.g., Twitter, Telegram, Kakaotalk, VK, WeChat)
Direct emails to Binance.com users
Banners on Binance.com and CoinMarketCap.
Methodology of the survey
All responses were regionally clustered into countries and markets. Some countries might appear significantly over-represented (i.e., Turkey), whereas other countries may appear under-represented (i.e., Japan). Importantly, the lack of a clear sample frame is an inherent problem of the crypto ecosystem. It describes the entire population, of which some individuals are being polled. As such, a sample frame is always required to see how representative the polled group is and can be used to ensure external validity of the survey research results. The sample frame can be deduced by using theoretically available proxy data, such as:
Publicly reported KYC information
Internal user data
Google Analytics’ traffic.
By leveraging additional data that is external to the survey data, it was possible to balance the survey population. Such a “post-stratification” ensures that insights are not only valid for the questioned sample, but their broader sample frame: the entire population of active crypto users.Based on this understanding, all countries were grouped into 20 markets. The market grouping may, at times, appear arbitrary, but was ..
.. always informed by respectively available sample size,
.. as local as possible, but as global as required,
.. further informed by the need for two types of respondents.
Key insights from the report
Bitcoin continues to reign: Bitcoin, which is held by 65% of users who own any crypto, continues to be the most popular cryptocurrency. 30% of Bitcoin owners allocate 1-20% of their crypto portfolio to BTC.
Top uses for cryptocurrencies: even though most cryptos are holding (39%), users also use their digital assets for staking & lending (22%) and payments (11%). And while using crypto as a medium of exchange may not be perceived as the most important use-case (21%), actual usage (38%) suggests that crypto is taking the function of money more than users anticipate.
Exchanges are the most popular place to store crypto: 60% of users keep their digital assets within exchanges. Users cite security (28%), followed by UI/UX (25%), and available trading pairs (23%) as the most important factors when choosing an exchange.
Users tend to use disposable funds (63%) to buy crypto. Users in the Netherlands are least likely to buy crypto with borrowed capital (3%) while users in China are most likely (23%).
DeFi is picking up speed. 66% of all users said that they are using DeFi applications. DeFi is most popular in Southeast Asia, where more than 54% of surveyed users use dApps.
Users believe in the freedom of money. Lower institutional trust correlates with higher confidence in crypto: 17 out of 20 markets represented have less than 50% trust in the local institutions.
First-ever global report on crypto user motivations, behaviors, and preferences
According to PRN, as mass adoption of retail investment in cryptocurrencies becomes more accessible, confidence in cryptocurrencies is growing across the world. The first-ever report examines data from over 61,000 crypto users around the world, shedding light on the motivations, behaviors, and preferences of this growing audience.
The 2021 Global Crypto User Index from Binance Research reviews the profile of crypto users, their attitudes, and preferences. It is the first-ever report of such magnitude to shed light on the behavior and motivations of a growing crypto audience. The study involved 61,073 recipients across 178 countries and lasted from September 15 to October 25.
That being said, a whopping 97% of those surveyed expressed their confidence in cryptocurrencies. A further breakdown of this figure shows that 52% see digital assets as a means of income, while 15% consider it their primary source of income. In general, about 67% of respondents invest in cryptos as a serious business.
As per the reasons why people invest in cryptos, 55% of those surveyed want to own cryptocurrencies as part of their long-term investment strategy. Another 38% are in it due to growing distrust for traditional financial systems. The third main reason is for short-term trading opportunities, with 31% of respondents ticking this box, Investing.com cited.
Commenting on the research, a spokesperson from the firm 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, "The aim of our 2021 Global Crypto User Index is to understand the commonalities and differences between retail crypto users across the different profile types, as well as across different countries and markets".
About Binance Research
Binance Research provides professional, data-driven insights and analysis for users in the crypto space to increase the level of transparency and improve the quality of information within the current crypto ecosystem. The team consists of professionals with experience in blockchain engineering, investment banking, strategy consulting, academic research, and data science.
About the data: all figures in the "2021 Global Crypto User Index" report, unless otherwise stated, are from Binance Research. The total sample size was 61,073 adults across 178 countries and regions. The survey was made available in eight different languages. Fieldwork was undertaken between 15 September and 25 October 2020. The survey was carried out online. The figures have been weighted and are representative of active crypto users in the respective markets (aged 18+).
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