A survey by worldwide cryptocurrency alternate Binance launched in the present day confirmed that the majority cryptocurrency traders purchase it as a part of a long-term funding plan. Different motivations for investing embrace mistrust of the monetary system, short-term buying and selling income, and concern of lacking out (FOMO). The International Crypto Person Index-2021 survey coated 61,000 customers throughout 178 international locations and areas.
In keeping with the report, cryptocurrency homeowners are predominantly male, with a mean age of 34, an undergraduate diploma, and a mean revenue equal to $25,000 per 12 months. Cryptocurrency customers have a tendency to purchase it out of disposable funds somewhat than by promoting different belongings or taking up debt. The usage of cryptocurrency as a retailer of worth is commonest adopted by staking and lending and funds. Utilizing cryptocurrency as a medium of alternate will not be seen as an vital use case, by contributors within the survey.
The survey additionally identified that most individuals (60% of these surveyed) retailer cryptocurrency on an alternate, with the safety of the alternate being an important standards adopted by the person interface (UI) or person expertise (UX) and availability of buying and selling pairs on the alternate. Cryptocurrency may also be saved offline away from exchanges in chilly wallets. Typically, the survey additionally discovered that low ranges of institutional belief are related to better cryptocurrency utilization. Nonetheless, among the many markets surveyed, India had among the many largest ranges of institutional belief.