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Losses due to fraud and crypto hacking reach IDR 851 billion throughout May 2024

As previously reported, cryptocurrency exchange Binance recently surveyed its European users in France, Spain, Italy and Sweden to understand its crypto investment habits. The survey was conducted between 14 October-8 November 2023 involving 10,498 participants.

Based on the results, 73% of respondents are optimistic about the future of cryptocurrencies, with 55% exclusively using cryptocurrencies for everyday purchases and 24% conducting more than half of their trading in cryptocurrencies.

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Apart from everyday spending, the survey revealed a wide range of crypto usage namely 34% for long-term trading, 26% for savings, 13% for daily trading, and 9% for regular purchases.

Binance CMO Rachel Conlan said it was pleased to see high levels of optimism among European crypto users, reflecting growing interest in crypto and blockchain technology.

“The increasing use of crypto in everyday purchases and its diverse applications highlights the integration of digital assets into our lives,” said Conlan, quoted from Bitcoin.com, written on Sunday (4/2/2024).

Conlan added, with Europe being at the forefront of implementing a safe and harmonious regulatory framework for the industry through MiCA, it is evident that the region is actively paving the way for general digital asset adoption.

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Among survey respondents, 82% have been involved in crypto for at least one year, with 73% in the one to five year range and 5% entering the crypto world in the last six months.

Additionally, more than half (53%) are active traders, using varying frequencies, from monthly (23%) to weekly (17%) and daily (12%).

Regarding the main drivers of crypto adoption, 20% of respondents cited high profit potential as the main driver, 18% emphasized the ideals of financial decentralization and autonomy, and 17% said they were motivated by innovation and technology.

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Losses due to fraud and crypto hacking reach IDR 851 billion throughout May 2024

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