Europe 'Actively Paving the Way for Mainstream Adoption of Digital Assets'
A recent survey conducted by cryptocurrency exchange Binance reveals that 73% of European respondents are optimistic about the future of cryptocurrency. The survey, which took place between October 14 and November 8, 2023, included 10,498 participants from France, Spain, Italy, and Sweden. The results, released on January 24, shed light on the growing interest in crypto and blockchain technologies among European users.
According to the survey, 55% of respondents exclusively use cryptocurrencies for everyday purchases, showcasing the increasing integration of digital assets into daily life. Additionally, 24% of participants make over half of their trades in crypto. The survey also uncovered various uses for cryptocurrencies, with 34% engaging in long-term trading, 26% using crypto for saving purposes, 13% participating in day trading, and 9% utilizing crypto for routine purchases.
Rachel Conlan, Chief Marketing Officer of Binance, expressed her delight at the high level of optimism among European crypto users. She emphasized that the growing use of crypto in everyday transactions and its diverse applications highlight the integration of digital assets into people's lives. Conlan also noted that Europe is at the forefront of implementing a secure and harmonized regulatory framework for the industry through MiCA, thereby actively paving the way for mainstream adoption of digital assets.
The survey also provided insights into the duration of respondents' involvement in the crypto space. It revealed that 82% of participants have been involved in crypto for at least a year, with 73% falling within the one to five-year range. Furthermore, 5% of respondents entered the space within the last six months. Over half of the surveyed individuals (53%) identified themselves as active traders, engaging in various trading frequencies ranging from monthly (23%) to weekly (17%) and daily (12%).
When it comes to the key drivers for crypto adoption, the survey found that 20% of respondents were motivated by the potential for high returns. Another 18% emphasized the ideals of decentralization and financial autonomy, while 17% stated that they were driven by innovation and technology.
The Binance survey provides valuable insights into the optimism and usage patterns of European crypto users. The results highlight the increasing interest and integration of cryptocurrencies into everyday life, as well as the role of Europe in shaping the regulatory landscape for the industry. As the crypto market continues to evolve, it is crucial to monitor these trends and adapt strategies accordingly.
What are your thoughts on the Binance survey of European users? Let us know in the comments section below.
Frequently Asked Questions
Who is entitled to the gold in a IRA that holds gold?
The IRS considers anyone who owns gold to be “a form money” and therefore subject to taxation.
You must have at least $10,000 in gold and keep it for at most five years to qualify for this tax-free status.
Although gold can help to prevent inflation and price volatility, it's not sensible to have it if it's not going to be used.
If you plan to eventually sell the gold, you'll need a report on its value. This could impact the amount of capital gains taxes your owe if you cash in your investments.
It is a good idea to consult an accountant or financial planner to learn more about your options.
Should You Get Gold?
In times past, gold was considered a safe haven for investors in times of economic trouble. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.
The trend for gold prices has been upward in recent years but they still remain low relative to other commodities like silver and oil.
Experts think this could change quickly. According to them, gold prices could soar if there is another financial crisis.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
Consider these things if you are thinking of investing in gold.
- Before you start saving money for retirement, think about whether you really need it. It is possible to save enough money to retire without investing in gold. The added protection that gold provides when you retire is a good option.
- You should also be aware of what you are getting into before you buy gold. There are many types of gold IRA accounts. Each offer varying degrees of security and flexibility.
- Don't forget that gold does not offer the same safety level as a bank accounts. It is possible to lose your gold coins.
If you are thinking of buying gold, do your research. And if you already own gold, ensure you're doing everything possible to protect it.
What is a Precious Metal IRA (IRA)?
An IRA with precious metals allows you to diversify retirement savings into gold and silver, palladium, rhodiums, iridiums, osmium, or other rare metals. These precious metals are extremely rare and valuable. These are excellent investments that will protect your wealth from inflation and economic instability.
Precious metals are often referred to as “bullion.” Bullion refers only to the actual metal.
Bullion can be bought via various channels, such as online retailers, large coin dealers and grocery stores.
With a precious metal IRA, you invest in bullion directly rather than purchasing shares of stock. You'll get dividends each year.
Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. Instead, you pay a small percentage tax on the gains. Plus, you can access your funds whenever you like.
Should You Open a Precious Metal IRA?
The most important thing you should know before opening an IRA account is that precious metals are not covered by insurance. You cannot recover any money you have invested. This includes all investments that are lost to theft, fire, flood, or other causes.
Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These items have been around for thousands of years and represent real value that cannot be lost. If you were to sell them today, you would likely receive more than what you paid for them when they were first minted.
Consider a reputable business that offers low rates and good products when opening an IRA. It is also a smart idea to use a third-party trustee who will help you have access to your assets at all times.
When you open an account, keep in mind that you won't receive any returns until your retirement. Do not forget about the future!
Statistics
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
External Links
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's not legal – WSJ
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
finance.yahoo.com
irs.gov
How To
A growing trend: Gold IRAs
The gold IRA trend is growing as investors seek ways to diversify their portfolios while protecting against inflation and other risks.
Owners can invest in gold bars and bullion with the gold IRA. It can be used as a tax-free way to grow and it is an alternative investment option for people who are not comfortable with stocks or bonds.
An investor can use a gold IRA to manage their assets and not worry about market volatility. Investors can protect themselves from inflation and other possible problems by using the gold IRA.
Investors also enjoy the benefits of owning physical gold, which includes its unique properties such as durability, portability, and divisibility.
In addition, the gold IRA offers several other advantages, including the ability to quickly transfer ownership of the gold to heirs and the fact that the IRS does not consider gold a currency or a commodity.
This means that investors who are looking for financial safety and security are becoming more interested in the gold IRA.
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By: Kevin Helms
Title: 73% of Europeans Optimistic About the Future of Cryptocurrency: Binance Survey
Sourced From: news.bitcoin.com/binance-survey-73-of-european-users-optimistic-about-cryptos-future/
Published Date: Tue, 30 Jan 2024 00:30:34 +0000
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