Surge in Crypto Utilization Across Europe Despite FTX Setback, According to Binance Survey

A recent survey conducted by Binance, a prominent cryptocurrency exchange, has brought to light the increasing acceptance and utilization of crypto in Europe throughout 2023. Despite the setback experienced by FTX, the survey underscores that a significant number of Europeans are drawn to crypto due to its potential for high returns, decentralization, and innovative features.

An intriguing revelation from the survey is the growing trend of Europeans incorporating crypto into their daily lives, with 55% utilizing it for routine transactions. Furthermore, 10% of respondents reported making weekly crypto payments. Notably, the survey indicates that a substantial 73% of Europeans hold an optimistic view regarding the future of cryptocurrencies.

The global count of crypto users witnessed a notable spike, reaching 580 million in 2023, notwithstanding a temporary decline at the conclusion of 2022 following the FTX collapse. This upswing serves as an indicator of the expanding adoption of cryptocurrencies on a global scale.

Earlier this year, the U.S. Securities and Exchange Commission (SEC) granted approval for 11 Bitcoin Exchange-Traded Funds (ETFs), contributing to the enhanced credibility of cryptocurrency. The influence of crypto has further permeated sectors such as sports and entertainment, exemplified by Crypto.com sponsoring the LA Lakers' stadium and the Australian Football League, along with OKX's sponsorship of the Manchester City Football Club. These high-profile sponsorships play a pivotal role in fostering trust in crypto and attracting a broader user base.