Nearly half of the crypto exchange Binance’s users list “earning extra income as their primary use for crypto.” The survey also revealed that 36% of the respondents consider “achieving financial security and independence” as the primary objective for using crypto for savings.
Achieving Financial Independence With Crypto
According to a survey conducted by Binance, one of the largest digital exchange platforms in the world, 45% of the 1,172 individuals who participated in the study said they primarily use cryptocurrency to earn extra income. Out of this figure, about 23% indicated that their goal was to supplement their primary income, while another 23% said their goal is to save for a home. The remaining 21% said they use cryptocurrency for investing in other digital assets.
Binance’s survey aimed to determine users’ top uses for cryptocurrency and highlight how it has become a part of everyday life for Binance users around the world. The survey results show that cryptocurrency is increasingly being used as a means of earning extra income and saving for the future.
As indicated in the crypto exchange’s Dec. 14 press release, some 19% of the respondents use cryptocurrency as a means of saving money, while 9% use it to offset the effects of inflation. The survey also revealed that 36% of the respondents consider “achieving financial security and independence” as the primary motivation for using cryptocurrency for savings.
Using Crypto to Overcome Financial Inequality
In addition to being a vehicle for 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 discussing the reasons why crypto is proving to be an important financial innovation for many.
“I started using Binance Earn products which helped me to accrue interest on my assets, with far better rates than my bank account. It gave me the opportunity to make my own decisions — to stabilize my finances. I can’t think of anything more empowering,” Aman said.
Another user named Lauri suggested that using the platform has made remitting funds back home much easier and less costly.
The other key findings of the survey, which began on Nov. 15, 2023 and ended on Dec. 6, 2023, include 76% of the respondents who believe that crypto can play a role in lowering the income inequality gap. Additionally, 36% of the respondents said they use crypto to make purchases every week, while 20% tied the increase in their investment portfolio value to crypto.
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