Binance users in Russia believe crypto can one day elbow out banks.
According to the report, out of 23,133 Binance users who took part in the poll, only 79.9% actually own crypto at this point of time.
A slim majority of users – 58.2% – believe that at some point in the future crypto can replace bank deposits as a way to save money, and 77.5% believe cryptocurrencies are good for the economy. About 40% are not using other tools such as stocks, mutual funds or investment in real estate.
A significant number of those who took the survey, 71.5%, said it’s important for them to have opportunities to pay for goods and services with crypto. However, only 25.7% had an actual experience doing that.
Only 3.5% of respondents are hardcore bitcoiners keeping their crypto portfolios all in bitcoin, while 37.7% hold altcoins only and 34.5% only hold a minor, 1% to 20% portion of their crypto bags in BTC, the survey says.
Some 61% said their crypto holdings gained some profit in 2020; 72% said they are going to keep buying more through 2021. More than a half said they are mining proof-of-work cryptocurrencies or staking proof-of-stake coins.
People listed several reasons for buying crypto: while 37.7% were attracted by the price appreciation in 2020, 25.3% don’t trust the traditional financial system and use crypto as a hedge. A smaller percentage noted the less-than-attractive interest rates of bank deposits and the inflation of the national currency (18.5% and 9.3%, respectively).
Most users believe bitcoin will either stay in the $50,000-$60,000 price area or increase in 2021, while 29% expect the price to fall under $40,000. Only a third of respondents know about the decentralized finance (DeFi) industry and only 15% own coins involved in the DeFi economy.
The vast majority – 83% – of those who took the survey live in Russia, 12.8% in Ukraine, 1% in Kazakhstan and even fewer in other countries. Most of the respondents are male (92.8%); only 7.3% are women, 58% haven’t reached the age of 35 and 20% are younger than 25.
More than a half have a college education, work as payroll employees and consider their income as “average.” Most are buying crypto using their salaries (59.3%) or savings (27.4%). However, a small share took loans, borrowed money from friends and family or even sold some property to invest in crypto, the report says.