Binance Users Survey Hints at Primary Crypto Use for Extra Income
The global crypto exchange Binance has revealed that 50% of users list “earning extra income as their primary use for crypto.” 36% of the respondents in the survey have indicated “achieving financial security and independence” as the primary objective for using crypto for savings.
Crypto for "Achieving Financial Security and Independence"
Binance, one of the largest digital exchange platforms in the world, held a survey with the participation of 1,172 individuals. 45% of the individuals who participated in the survey said they primarily use cryptocurrency to earn extra income. About 23% indicated that their goal was to supplement their primary income, while another 23% said their goal was to save for a home. The remaining 21% said they use cryptocurrency for investing in other digital assets.
The Binance survey is intended to determine users' priorities in cryptocurrency while trying to establish how it has become a daily routine for Binance users across the world. The survey results reveal that cryptocurrency is increasingly being used as a means of earning extra income and saving for the future.
The December 14 press release of the crypto exchange further reveals that 19% of the respondents use cryptocurrency as a means of saving money, while 9% use it to offset the effects of inflation. 36% of the respondents in the survey consider “achieving financial security and independence” as the primary objective for investing in cryptocurrency for savings.
Using Crypto to Reduce Financial Disparity
Besides earning extra income, cryptocurrency is increasingly being used as a means of saving money and achieving financial independence. Aman, a Binance user from Asia, is quoted in the press release disclosing the reasons why crypto is proving to be an important financial innovation for the people.
“I started using Binance Earn products, which helped me accrue interest on my assets with far better rates than my bank account. It allowed me to make my own decisions and stabilize my finances. I can’t think of anything more empowering,” Aman said.
Lauri, another Binance user, said remitting funds back home is much easier and less costly.
The survey, which began on November 15, 2023, and ended on December 6, 2023, has revealed key insights. 76% of the respondents believe that crypto can play a role in lowering the income disparity, while 36% of the respondents said they use crypto for weekly purchases. Only 20% indicated an increase in their investment portfolio value.
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