Binance Survey Reveals 45% of Users Entered Crypto in 2024

Binance recently published a survey of its users, which claimed that 45% of respondents joined the crypto market in 2024. The exchange got answers from over 27,000 people on six different continents.

The firm shared this survey with BeInCrypto.

Binance, one of the largest cryptocurrency exchanges in the world, only sought answers from its users, not the broader crypto space, so its survey results are somewhat biased. Still, these responses provide valuable information. For example, 45% of these customers only entered the space in 2024, and the exchange asked their motivations.

“Digital assets’ potential for rapid appreciation emerged as the leading motivator for our users, with 22.4% of respondents citing it. Decentralization and financial independence were also significant drivers, influencing 18.78% of participants. Meanwhile, 17.16% of respondents highlighted the speed and ease of transactions as a key factor,” Binance said.

In other words, Binance Labs was justified to carefully research the 2024 bull market earlier this year. Since the earliest days of crypto, enthusiasts have persistently praised it as a store of value.

However, these new users barely displayed any interest in this characteristic. Additionally, around 44% of participants have less than 10% of their total assets in crypto.

The respondents live in a very diverse range of jurisdictions, but nearly 20% of them nonetheless anticipate positive crypto regulation in 2025. More than 16% also predicted further participation from traditional finance institutions after they joined the space in record numbers this year. A similar number of people also expected increased usage of blockchain technology.

However, at a few points, it became particularly clear that this group is not completely reflective of the entire crypto space. For example, meme coins are the most popular asset among Binance survey answerers, and they held Binance’s own BNB token more than Ethereum.

Participants didn’t just hold meme coins at an elevated rate; they also had faith that these assets would dominate the market next year. However, this sector’s momentum is declining across several key indicators. These Binance users are optimistic about the future, but nearly half of the sample in this survey are inexperienced.

In other words, the survey’s methodology still covered a narrow area in a few ways. For example, it did not include US users, presumably due to the firm’s persistent legal troubles in the country. Ultimately, Binance produced some valuable data by conducting this broad international survey. It may not fully represent the crypto space, but it represents a growing cohort.