December 19, 2024
Binance recently published a survey of its users, which claimed that 45% of respondents joined the cryptocurrency market in 2024. The exchange received responses from over 27,000 people across six different continents.
The company shared this survey with BeInCrypto.
Binance Survey: The Growing Crypto Community
Binance, one of the world’s largest cryptocurrency exchanges, sought answers only from its own users, not the broader crypto space, so its survey results are somewhat biased. Still, the responses provide valuable insight. For example, 45% of those customers only entered the space in 2024, and the exchange asked for their motivations.
“The potential for rapid appreciation of digital assets emerged as a key driver for our users, with 22.4% of respondents citing this. Decentralization and financial independence were also significant drivers, influencing 18.78% of respondents. Meanwhile, 17.16% of respondents highlighted speed and ease of transactions as a key factor,” Binance said.
In other words, Binance Labs was justified in carefully researching the 2024 bull market earlier this year. Since the early days of cryptocurrencies, enthusiasts have consistently hailed them as a means of storing value.
However, these new users showed little interest in this feature. Additionally, about 44% of participants had less than 10% of their total assets in cryptocurrencies.
Respondents live in a wide variety of jurisdictions, but nearly 20% expect positive regulation of cryptocurrencies in 2025. More than 16% also expect greater participation from traditional financial institutions, who have joined the space in record numbers this year. A similar number of people also expect increased use of blockchain technology.
However, at some points, it became particularly clear that this grouping did not fully reflect the entire crypto space. For example, meme coins were the most popular assets among Binance survey respondents, and they held Binance’s BNB token more than Ethereum.
Not only did participants hold meme coins at a high rate, they also believed that these assets would dominate the market in the coming year. However, the momentum of the sector is faltering across several key indicators. These Binance users are optimistic about the future, but nearly half of the sample in this survey are inexperienced.
In other words, the survey methodology still covers a narrow area in a few ways. For example, it did not include users in the United States, likely due to the company’s ongoing legal troubles in the country. Ultimately, Binance has produced some valuable data by conducting this broad international survey. It may not represent the entire crypto space, but it does represent a growing group.
