A cryptocurrency exchange survey found that cryptocurrency adoption continues to increase in Europe.
According to Binance Square, high yield, decentralization, and innovation are key motivators for Europeans entering the cryptocurrency market.
In total, 10,498 people made up the sample for the poll. Participants from France, Italy, Spain, and Sweden were conducted for the survey on the Binance Survey Platform between Oct. 14 and Nov. 8, 2023. Data obtained from interviews found support for crypto overwhelmingly positive, which while might be expected from the source of the polling data, nonetheless reveals some bullish sentiment on the market.
“The primary drivers for mainstream adoption in Europe are high returns, decentralization, and innovation, according to 20%, 18%, and 17% of respondents, respectively.”
The study also stated that 55% of survey participants use cryptocurrency for everyday purchases and 10% make weekly cryptocurrency payments.
According to a report from Crypto.com, in 2023, the number of cryptocurrency users worldwide exceeded half a billion. The company estimates that in 2023, the number of cryptocurrency users worldwide will increase by 34%, from 432 million to 580 million people.
The Ethereum Shanghai update played a role in increasing network activity and the subsequent increase in the value of ETH. Meanwhile, the impact of non-fungible tokens (NFTs) introduced to the Bitcoin blockchain in 2023 with BRC-20 tokens and Bitcoin Ordinals has also led to strong demand for Bitcoin block space.
Another driver of the growth in cryptocurrency adoption has been the approval of spot Bitcoin approved 11 spot applications for Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) on Jan. 10. The move added legitimacy to the industry and instilled more confidence in the market.