Over 50% of Binance’s Russian Customers Believe Crypto Can Replace Bank Deposits – CoinDesk

Over 50% of Binance’s Russian Customers Believe Crypto Can Replace Bank Deposits – CoinDesk

Binance users in Russia believe crypto can one day elbow out banks.

According to the report, out of 23,133 Binance users who took part in the poll, only 79.9% actually own crypto at this point of time.

A slim majority of users – 58.2% – believe that at some point in the future crypto can replace bank deposits as a way to save money, and 77.5% believe cryptocurrencies are good for the economy. About 40% are not using other tools such as stocks, mutual funds or investment in real estate.

A significant number of those who took the survey, 71.5%, said it’s important for them to have opportunities to pay for goods and services with crypto. However, only 25.7% had an actual experience doing that.

Only 3.5% of respondents are hardcore bitcoiners keeping their crypto portfolios all in bitcoin, while 37.7% hold altcoins only and 34.5% only hold a minor, 1% to 20% portion of their crypto bags in BTC, the survey says.

Some 61% said their crypto holdings gained some profit in 2020; 72% said they are going to keep buying more through 2021. More than a half said they are mining proof-of-work cryptocurrencies or staking proof-of-stake coins.

People listed several reasons for buying crypto: while 37.7% were attracted by the price appreciation in 2020, 25.3% don’t trust the traditional financial system and use crypto
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