2024-02-10 16:00:33
Confidence in cryptocurrencies is increasing, and with it the number of people who are willing to invest in them, according to a study by the digital asset exchange “Binance”. It has conducted a survey of 1,900 people with the aim of investigating the attitudes and motivations of users who use cryptocurrencies. One of the highlighted trends is that digital assets are also seen as a means of protection against inflation and the Bulgarian consumers covered by the survey expect the prices of crypto-assets to rise.
Almost 90% of the respondents noted certainty in the direction of development of the market with digital assets.
Another 65 percent consider crypto a safer asset and direct their investments there. Over three-quarters believe that the upcoming halving of the “reward” to “miners” who mine Bitcoin (a process known as halving) will increase its value.
Binance reports growth in the use of cryptocurrencies to make online or physical purchases, with today over 7% of users paying with digital assets.
“The past year was difficult for the crypto industry. The market alternated ups and downs, but since the beginning of this year we definitely see a lot more optimism. Bulgarians increasingly understand the fundamentals of digital assets and their competitive advantages and are starting to open up to assets beyond Bitcoin” , comments Veselin Georgiev, manager of “Bainens” for Bulgaria.
The majority of respondents have experience in the crypto space between 1 and 5 years (63%), and 16% of them have been trading digital assets for more than 5 years. New users make up over 10 percent, which the exchange says is a significant influx of new entrants. The main currency invested in is Bitcoin (20 percent), but users are optimistic about other cryptoassets as well. 18 percent of users own other L1 altcoins, and 14.7 percent invest primarily in Ether. L2 altcoins are of interest to nearly 11 percent of those surveyed, and to 15.7 percent – other altcoins.
Interest in cryptocurrencies for many is provoked by the potential for a high return on investment (22.5 percent), and for 18 percent it is financial independence and decentralization. In third place, users note the speed and profitability of transactions, followed by transparency and security.
Of the respondents, 67 percent are defined as active traders – 26.5 percent of the respondents engage in monthly trading, 25.5 percent carry out weekly transactions, and 15 percent trade daily.
Nearly a third (30 percent of those surveyed) plan to hold their bitcoins between 5-10 years, and only 5.4 percent until the swarm. 8 percent of them would not sell them. At the same time, almost half of the surveyed users (45 percent) invested less than 10 percent of their total assets in crypto, and 15.2 percent invested more than half of their fortune, BTA reported.