Survey: 77% of Binance users believe cryptocurrencies are essential for economic development

The cryptocurrency exchange Binance released ForkLog’s results of a survey of users from Russia and the CIS. A majority (83%) of respondents are confident that digital assets will secure a firm place in the global financial system within the next decade.

More than half (61%) of those surveyed say that the rise in cryptocurrency popularity was influenced by the COVID-19 pandemic. One in four respondents first learned about digital assets in 2020.

More than a third (38%) of participants follow the HODL (“buy and hold”) strategy, and nearly as many (37%) prefer trading.

In 2020, 38% of respondents bought cryptocurrency because of the rise in the value of digital assets. 25% cited distrust of the traditional financial system, and 18% cited unfavourable bank deposit terms.

More than half (61%) of respondents reported returns on their cryptocurrency portfolio in 2020. 59.3% of participants bought digital assets with wages, 27.4% used savings, and 2.9% took out a bank loan.

Over a third (37.7%) of respondents do not own Bitcoin, and almost two-thirds (62%) do not hold DeFi tokens.

For 71.5% of respondents it is important to be able to pay for goods and services with cryptocurrency. At the same time, 72.7% do not have such experience.

The survey was conducted in January and February 2021 among 23,113 respondents from Russia (83.3%), Ukraine (12.8%), Kazakhstan (1%), and other CIS countries (2.9%). The majority of respondents were men (92.8%) aged 26 to 35 (37.9%).

Most respondents have higher education (58.2%) and are employed (57.2%). Half rated their income as middle, and a further 29.6% as low.

As reported in November 2020, ForkLog presented the results of its annual survey on bitcoins and other cryptocurrencies in our lives.

Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, rates and analytics.