According to a recent study by the world’s largest cryptocurrency exchange, four times more cryptocurrency users regret missed opportunities than regret purchases made.
According to the survey of 61,000 crypto users from 178 countries published by Binance on Jan. 28, 12% of the respondents said they regret not buying a crypto asset, while just 3% regretted buying one.
Furthermore, the study also revealed that more than half—55%—bought crypto as part of a long-term investment strategy, 38% because of their distrust of the current financial system, and 27% because of fear of missing out, or FOMO.
A majority of crypto owners (52%) consider cryptocurrency a source of income rather than a passive investment. For 15% of the respondents it is their primary source of income.
Nearly 40% of buyers said they plan to hold their crypto assets long term, while 22% use them to make income by staking or lending assets. Just 11% use their cryptocurrency as a currency, making payments with it.
Despite that, 21% said they believe the most important use for cryptocurrency is as a medium of exchange. And 38% say they are already using it that way to some extent.
Unsurprisingly, Bitcoin was not as dominant across survey respondents as it is with the general public. While it’s still well out in front—65% of all cryptocurrency users own BTC—the No. 2 cryptocurrency, Ethereum is owned by 56% and “other” by 44%. And as this was a survey of Binance users, fully 57% owned the exchange’s BNB coin.
While nearly all of those surveyed—97%—have confidence in crypto, the same didn’t apply to stablecoins. More than three quarters of all respondents—78%—would prefer bank-issued coins to stablecoins. More broadly, even cryptocurrency users place more faith in local institutions than in crypto.
Which doesn’t meld too well with a recent survey by Binance competitor Huobi, which found that two-thirds of crypto investors do not invest in more traditional equities, commodities or debt instruments like bonds.
However, nearly two thirds of the Binance respondents—63%—were smart investors, risking only what they can afford to lose by making their crypto purchases with disposable funds.
Fully 60% store their digital assets on an exchange. The top reasons for choosing an exchange were security, at 28%; user experience, at 25%; and availability of trading pairs, at 23%.
As for who those crypto users are, in an industry that is overwhelmingly male-dominated, you’ll be shocked to learn that 57,000 of those 61,000 survey participants—about 95%—were male.
They are older than you might think, with the average age of participants coming in at 34.
Forty-one percent of them had a college degree, and just 45% had a traditional job—although a fair number consider themselves self-employed.
The survey respondents’ average income was about $25,000—which makes a lot more sense when you consider that respondents came from 178 countries, not just wealthy ones.