Binance , the leading cryptocurrency exchange in terms of trading volume and number of users in the world, presented the results of a user survey in Russia and the CIS.
According to the survey, 38% of surveyed Binance users bought cryptocurrency in 2020 due to the rise in the value of bitcoin and other coins, with one in four users purchasing digital money due to distrust of the traditional financial system. In addition, according to Binance users, the COVID-19 pandemic has made a big contribution to the development of cryptocurrencies . This was reported by 61% of respondents.
The main purpose of the survey was an independent and anonymous study of the main trends, forecasts and prospects of the cryptocurrency industry according to the users of the cryptocurrency exchange. The survey was conducted in January and February 2021. It was attended by 23,113 respondents from Russia, Ukraine, Kazakhstan and other CIS countries.
“All over the world, we see that the level of penetration of cryptocurrencies into the lives of ordinary people is ever higher, and interest in cryptocurrencies from corporate investors and large corporations is not fading away ,” said Gleb Kostarev, director of the Binance exchange in Russia and the CIS.
“The results of the survey are impressive and pleasantly surprising – the majority of respondents are sure that cryptocurrencies are necessary for the development of the economy, and slightly less than half of the survey participants believe that cryptocurrencies will be able to take a firm place in the global financial system in the next five years.”
Key findings from the survey:
- The majority of respondents (77.5%) are confident that cryptocurrencies are necessary for the development of the economy, and over half (61%) believe that the popularity of cryptocurrencies was influenced by the coronavirus pandemic.
- Over a third (38%) of those surveyed adhere to the HODL strategy, while almost the same number of Binance users (37%) use cryptocurrencies for active trading .
- To the question «Do you think cryptocurrency deposits will eventually replace bank deposits?» 58% of surveyed users gave an affirmative answer.
- 38% of the surveyed Binance users bought cryptocurrency in 2020 due to the rise in the cost of bitcoin and other coins, while one in four users do not trust traditional financial and economic systems, and for this reason they purchased cryptocurrencies.
- 46% of respondents consider cryptocurrency to be their hobby, and for 45% of respondents, cryptocurrency is an additional source of income;
- Bitcoin (BTC) is the dominant crypto asset owned by the surveyed Binance users. Ethereum (ETH) and Binance Coin (BNB) are also in the top three ;
- For 71.5% of respondents, it is important to be able to pay for goods and services with cryptocurrency;
- 71% of respondents plan to continue buying cryptocurrencies in 2021;
- 40% do not use traditional investment opportunities (buying shares, investing in real estate, mutual funds).
Willie Wu: Bitcoin is at a local bottom and is ready for a new stage of explosive growth
Popular cryptocurrency analyst Willy Woo expects the final explosive growth of bitcoin in the current cycle and believes that selling bitcoins now would be extremely imprudent.
Wu said that this year we will see the final stage of the explosive growth of the first cryptocurrency, which will be the last for a three-year «bullish cycle». Now the bitcoin rate is at a local bottom and there is no point in selling your BTC reserves – on the contrary, now is a good time to gain a position.
“You have to be crazy to sell right now. At the bottom, they are now buying out in huge volumes and we know that, as Rick Astley sings, we will not be let down, ”the analyst jokingly noted.
In support of his statement that Bitcoin is unlikely to decline in the near future, Wu recalled large-scale transfers of BTC from the Coinbase cryptocurrency exchange to cold wallets – this suggests that the «whales» are being purchased and are waiting for the growth of the first cryptocurrency .
“Maybe a large company is buying, or a private hedge fund, or several such organizations. But this suggests that large-scale purchases of coins are taking place on Coinbase, and this exchange is popular among American financial institutions , «the analyst noted.
Wu believes that 2021 will be the final year for the current bull cycle. Usually, it is at the end of the cycle that the most significant asset growth occurs. Earlier, the analyst noted that up to 100,000 new customers are registered on cryptocurrency exchanges every day , which is also a positive signal for Bitcoin.