• About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud
Saturday, August 13, 2022
  • Login
  • Register
No Result
View All Result
NEWSLETTER
Kenyan Wallstreet
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Technology
    • Startups
  • Money Matters
  • Podcast
  • Videos
  • Digital Assets
  • Calendar
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Technology
    • Startups
  • Money Matters
  • Podcast
  • Videos
  • Digital Assets
  • Calendar
No Result
View All Result
Kenyan Wallstreet
No Result
View All Result

Global Research Shows Crypto Now Becoming Regular Source of Income

Kenyan WallStreetbyKenyan WallStreet
June 4, 2021
in Digital Assets
Reading Time: 5 mins read

A recent report by Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, shows that retail adoption of cryptocurrency across the world has continued to increase with the total number of crypto users hitting 101 Million as of the third quarter of 2020 compared to 5.8 Million users as of quarter two of 2017.

The report dubbed “2021 Global Crypto Index” is based on a survey conducted by Binance conducted among over 61,000 crypto users across 178 countries and regions while closely looking into the motivations, behaviors, and preferences of these growing users.

In this article

  • Why Users Invest in Crypto
  • Purchase Behavior
  • Usage
  • Confidence in Crypto
  • Characteristics of Crypto Users
  • Crypto Adoption in Africa
  • Conclusion

Why Users Invest in Crypto

Results from the report indicate that about 52% of those who hold cryptocurrency do not consider crypto as a hobby but as a source of income while for 15% of the users, crypto is their primary source of income.

When asked what were some of the reasons they bought crypto, 55% of the respondents said they own crypto as part of their long-term investment strategy.

Cryptocurrencies offer an impressive value proposition in that you can invest small amounts and make huge profits, but that doesn’t mean there isn’t any risk involved. Compared to traditional stocks, cryptocurrencies are however extremely volatile and require investors to prepare themselves for all kinds of scenarios.

Purchase Behavior

From the report, 65% of the respondents own Bitcoin with about 30% allocating between 1-20% of their crypto portfolio to Bitcoin.

It is interesting to note that more than 60% funded their crypto purchases with their disposable income. That means most of them only put in what they are okay with losing, just like stocks.

When asked about some of the top things they looked at before choosing a preferred exchange of choice, most of the users valued security at 28%, followed by user experience and design at 25% while the availability of trading pairs came in at 23%.

Usage

The report also indicates that 39% of cryptos are bought and holdled. HODLers are crypto investors who buy and hold their positions regardless of price. Whether the market is up, down, or sideways, these folks stay invested, confident in the long-term value of crypto.

Other use cases that stood out from the report are lending and staking at 22% and payments at 11%.

While using crypto as a medium of exchange may not be perceived as the most important use case, the report shows that crypto is fast becoming an alternative to cash as more merchants accept bitcoin and other virtual currencies as payment.

Confidence in Crypto

There was a near unanimous confidence in crypto at 97% amongst crypto users while 78% of the general population say they have confidence in crypto.

Who are Crypto Users
Characteristics of Crypto Users

Characteristics of Crypto Users

Only 36% Nigerians say they trust their local institutions while 22% of the rest of Africa say the same.

Crypto Adoption in Africa

When it comes to the growth of cryptocurrencies on the continent, one thing for sure is Africans continue to acknowledge the many use cases of crypto, despite African regulators’ stance on crypto – whether positive or negative. Binance.com reports a 114% growth in African users between January and April 2021, and a whopping 2228% increase in African P2P users on Binance P2P in the same period. Peer-to-peer (P2P) refers to the process of buying and selling cryptocurrencies directly between users, without a third party or intermediary.

Conclusion

Some people see crypto as an emerging investment, while others see it as an interesting new global currency you can use instead of the U.S. dollar or other international currencies.

How much you should invest depends on how much you’re willing to lose, and that should give you a fair idea about the level of risk involved in entering the cryptocurrency space.

Digital assets can be bought, sold, and in some cases, stored on various cryptocurrency exchanges. Binance provides a mobile app and desktop account with a remarkably easy-to-use interface for buying, selling, and storing cryptocurrency securely. 

READ;

Binance To Offer $30,000+ in Prizes To Hackathon Participants in Africa

 69% of Kenyans More Open to using Cryptocurrency – Mastercard Survey


Hisa App Hisa App Hisa App
Previous Post

Devki Group Drops Bid for Mumias Sugar Company

Next Post

Safaricom led consortium signs Ethiopia Licence Agreement

Related Posts

Celo Web3

First Celo Africa Web3 Fund Workshop kicks off in Nairobi

August 1, 2022
Web3Clubs First Cohort Graduation

Web3Clubs Announces First Cohort Graduation

July 28, 2022

Blockchain offers an entry point for women entrepreneurs

July 13, 2022

6 Innovative Use Cases for Cryptocurrency

July 13, 2022

USDT Market Cap “Shrinking”? See what will happen to Tether (USDT)?

July 11, 2022

Celo Announces New Web3 Fund for African Startups Adopting Crypto Strategies

July 6, 2022

Binance Signs Cristiano Ronaldo for Exclusive NFT Partnership

June 23, 2022

VIDEO; Celo, Mercy Corps Ventures, Cinch and Kotani Pay team up to launch DeFi employer-based lending pilot in Kenya

June 16, 2022
Load More
Next Post
Peter Ndegwa Headshot

Safaricom led consortium signs Ethiopia Licence Agreement

ADVERTISEMENT

Follow Us

  • 143.3k Followers
  • 2.4k Subscribers
  • 1.1k Followers

WhatsApp

Subscribe

Telegram  

Subscribe

Podcasts

Upcoming Events

There are no upcoming events.

View Calendar
Add
  • Add to Timely Calendar
  • Add to Google
  • Add to Outlook
  • Add to Apple Calendar
  • Add to other calendar
  • Export to XML

Featured

No Content Available

About Us

We are a leading integrated digital content platform providing in-depth business and financial news across Sub-Saharan Africa & the globe. Kenyanwallstreet.com is a property of Hisa Technologies Ltd, a financial media & software company.

Contact Us

Kenyan Wall Street
Email: [email protected]
Website: www.kenyanwallstreet.com

Disclaimer

The information contained in this website is for general information purposes only.
Read more..

  • About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud

Copyright 2021. Hisa Technologies. All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Aviation
    • Banking
    • Energy
    • Infrastructure
    • Insurance
    • Investment
    • Manufacturing
    • Markets
    • Public Policy
    • Real Estate
    • Startups
    • Technology
  • Podcast
  • Videos
  • Events

Copyright 2021. Hisa Technologies. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In