A recent Binance survey indicates strengthening adoption of cryptocurrencies in Europe, highlighting the increasing integration of digital assets into society.
The report identifies high returns, decentralization and innovation as the main catalysts driving Europeans to enter the cryptocurrency market.
Cryptocurrencies are becoming more widely accepted in Europe
In a recent report published by Binance, the company interviewed 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 use cryptocurrencies for daily purchases, with 10% making weekly payments in cryptocurrencies.
Read more: Top 7 Binance Card Alternatives Available in Europe
This follows recent reports that the number of cryptocurrency holders around the world has increased significantly.
On January 22, BeInCrypto reported that the global number of cryptocurrency holders rose 34% in 2023, reaching 580 million by December, up from 432 million in January.
“Cryptocurrency adoption in 2023 hit new milestones, with the number of cryptocurrency owners reaching 580 million despite macro headwinds, namely additional monetary tightening by Western central banks to try to tame inflation, a protracted movement struggle in Europe, and new… In Europe, the Middle East and the long-term consequences of the epidemic.”
However, by the end of 2022, global adoption saw a significant decline, data from Chainalysis indicates.
This decline coincided with the collapse of major cryptocurrency exchange FTX in November 2022, meaning that the crypto collapse played a role in discouraging people from participating further.
However, several key factors have contributed to the recent rise in adoption of this technology.
Factors influencing global encryption adoption
On January 10, the US Securities and Exchange Commission (SEC) approved 11 applications for Bitcoin exchange-traded funds (ETF). This move added legitimacy to the industry and instilled greater confidence in the market.
Moreover, the cryptocurrency has gained significant visibility at many major sporting and entertainment events around the world.
Read more: Binance 2023 review: Is it the right cryptocurrency exchange for you?
Notably, the home arena of the LA Lakers has been renamed to Crypto.com Arena. Furthermore, Crypto.com sponsors the Australian Football League along with several teams within the league.
Conversely, cryptocurrency exchange OKX acts as a sponsor of Manchester City Football Club.
Large-scale sponsorships, including those broadcast on television, instill confidence in individuals associated with the teams they already support, reducing skepticism towards cryptocurrencies.
Disclaimer
Adhering to the Trust Project guidelines, BeInCrypto is committed to providing transparent and unbiased reporting. This news article aims to provide accurate and timely information. However, readers are advised to verify the facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy and Disclaimer have been updated.
