Crypto Expands Financial Choices, Gives Independence Making it Attractive for Investors: Binance

As part of its latest campaign titled ‘Crypto is Better with Binance’, the US-based crypto exchange surveyed 1,172 participants from different parts of the world.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 19 December 2023 14:29 IST

Crypto Expands Financial Choices, Gives Independence Making it Attractive for Investors: Binance

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76 percent of Binance survey respondents say crypto could reduce financial inequality

Highlights

India ranks first out of 154 nations in crypto grassroot adoption
Binance ran its survey in Middle East, APAC, Europe, Latin America
Millennials, Gen Zs see crypto as a retirement plan

The outlook of the investor community towards cryptocurrencies is, needless to say, an ever-evolving landscape. Several governments from around the world are working to regulate the crypto sector, given that the industry has amassed a large community worldwide in recent years despite its volatile nature. There are two big reasons driving the crypto craze internationally at this point, as per a recently conducted survey by Binance. The survey found that cryptocurrencies offer an alternative to traditional banking services and help bring financial independence for its holders with its decentralised element.

As part of its latest campaign titled ‘Crypto is Better with Binance', the US-based crypto exchange surveyed 1,172 participants from Asia and Pacific, the Middle East, Europe, Africa, and Latin America, a report by CryptoPotato said citing Binance's report.

Out of the totally surveyed group, 76 percent said they view crypto as a tool to reduce issues like income inequality and financial imbalance. About 45 percent respondents were attracted to crypto's capability to fetch quick capital while 36 percent respondents praised crypto for being an alternative to centralised banking that is overseen by the government.

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In the coming years, 23 percent of the surveyed participants reportedly said they would use crypto assets to generate their main source of income. Another 23 percent claimed they would use crypto investments as a means to save for home purchases, as per the report. Around 12 percent survey participants also stated they would utilise crypto assets for processing international transactions and remittances.

As per Statista, there are over 420 million cryptocurrency users around the world. In 2016, only five million investors were part of the crypto circle. In addition, data by CoinMarketCap suggests that currently there are over two million cryptocurrencies in circulation across 684 exchanges. These stats serve as evidence that the crypto industry is indeed growing around the world.

Meanwhile, about 45 percent of millennials and 46 percent of the Gen Z population are already approaching cryptocurrencies as a retirement plan in the US. The finding was published as part of a survey from the US asset manager Charles Schwab in October last year.

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For now, India is the largest crypto market in the Central & Southern Asia and Oceania (CSAO) region, leading the world in grassroots adoption of this up-and-coming financial sector. A recent Chainalysis report, published in September 2023 said India ranked first out of 154 nations.

The report also said that Indonesia, Pakistan, Brazil, China, Turkey, Russia, UK, Argentina, Mexico, Bangladesh, Japan, Canada, and Morocco are other nations where crypto adoption is becoming a regular financial activity.

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Further reading: Cryptocurrency, Binance, Crypto

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More