Binance’s recent survey indicates a strengthening adoption of crypto in Europe, highlighting increased integration of digital assets into society.
The report identifies high returns, decentralization, and innovation as the key motivators driving Europeans to enter the crypto market.
Crypto is Becoming Widely Accepted in Europe
In a recent report published by Binance, the company conducted interviews with participants from four European countries: France, Italy, Spain, and Sweden.
“A recent Binance survey reveals that a whopping 73% of European residents are optimistic about the future of cryptocurrencies!”
Additionally, it highlights that 55% of participants utilize crypto for everyday purchases, with 10% making weekly crypto payments.
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This follows recent reports that the number of crypto holders around the world has significantly increased.
On January 22, BeInCrypto reported that the global number of crypto holders soared by 34% in 2023, reaching a staggering 580 million by December, up from 432 million in January.
“Crypto adoption in 2023 achieved new milestones, with the number of cryptocurrency owners reaching 580 million in spite of macro headwinds, namely the further monetary tightening by Western central banks to try to tame inflation, protracted kinetic conflict in Europe and a new one in the Middle East, and longer-term consequences of the pandemic.”
However, towards the end of 2022, global adoption experienced a noticeable decline, as indicated by data from Chainalysis.
This decline coincided with the November 2022 collapse of the major crypto exchange FTX, implying that the crypto downfall played a role in discouraging people from further engagement.
However, several key factors have contributed to the noticeable uptick in adoption in recent times.
Factors Influencing Global Crypto Adoption
On January 10, the Securities and Exchange Commission (SEC) of the United States approved 11 spot Bitcoin exchange-traded fund (ETF) applications. This move added legitimacy to the industry and instilled greater confidence in the market.
Furthermore, cryptocurrency has gained significant visibility at numerous major sporting and entertainment events around the world.
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Notably, the LA Lakers’ home stadium has been renamed Crypto.com Arena. Furthermore, Crypto.com sponsors the Australian Football League along with several teams within the league.
Conversely, the crypto exchange OKX serves as a sponsor for the Manchester City Football Club.
Mass-level sponsorships, including those broadcast on television, instill confidence in individuals associating with teams they already support, reducing skepticism towards cryptocurrency.
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