- Most Europeans surveyed are optimistic about the future of cryptocurrencies, with 73% conveying optimism and 55% exclusively engaging with cryptos.
- Main uses for crypto among Europeans include long-term trading, savings, and everyday purchases, with 26%, 34%, and 55% engaging in these activities respectively.
- Key drivers fueling crypto adoption are potential for substantial returns, decentralization/financial independence, and recognition of innovation, as cited by 20%, 18% and 17% of respondents.
A recent survey conducted by Binance found that the majority of Europeans are optimistic about the future of cryptocurrencies. This bodes well for further mainstream adoption across the continent.
Widespread Optimism Towards Cryptos
The survey polled over 10,000 users in France, Italy, Spain and Sweden between October and November 2022. Approximately 73% of respondents conveyed optimism regarding digital assets going forward. Additionally, 55% said they exclusively engage with cryptocurrencies, while 24% trade them more than half the time.
How Europeans Are Using Cryptocurrencies
The poll also uncovered how Europeans are utilizing cryptocurrencies. 34% use them for long-term trading, while 26% use them for savings. 13% engage in day trading digital assets, and 9% make direct crypto purchases. Over half of participants, 55%, reported using cryptocurrencies for everyday buys. 10% make weekly crypto-related purchases.
Main Drivers of Crypto Adoption
What’s behind this growing crypto usage? The main catalysts are substantial returns potential, decentralization and financial independence, plus recognition of innovation per the survey. 20%, 18% and 17% of respondents cited these factors, respectively.
Regulatory Support May Further Spur Adoption
Along with optimistic consumers, European regulators also seem to be embracing cryptocurrencies. ESMA recently proposed rules that may place demands on foreign crypto companies to establish a regulated EU presence. This tightening could further spur adoption by legitimizing the space.
Conclusion
With receptive consumers and increasingly supportive regulations, the stage is set for cryptocurrencies to stake their place in Europe’s financial mainstream. If current trends continue, crypto may soon be commonplace across the continent.
