Changpeng Zhao (CZ), former CEO of the Binance exchange, obtained interesting results regarding the behavior of crypto investors with his recent survey. Surveys have revealed investors’ gains and losses on Bitcoin and other popular crypto assets.
The Ratio of Those Who Profit from Bitcoin is Quite High
According to CZ’s survey, only 50.4% of participants managed to make a profit with Bitcoin. This situation reveals that although the leading cryptocurrency has reached record levels, a significant portion of investors cannot make a profit. Moreover, 26.5% of the survey participants stated that they did not own Bitcoin at all, and 23.1% stated that they made a loss on their Bitcoin investments.
This rate of losses despite the rising value of Bitcoin highlights the volatility in the market and the lack of strategy of investors. This situation reminds us once again that crypto investment requires long-term planning rather than short-term gain.
Only a Small Portion of Crypto Investors Did Not Buy Memecoin
Another survey from CZ looked at investors’ experiences with memecoins. According to the survey results, 44.7% of those who invested in Memecoin lost money. Only a third were able to profit from such popular tokens. Interestingly, 21.8% of the participants stated that they had never made any transactions with memecoins.
These results once again demonstrate the high-risk nature of memecoins. Although such tokens, supported by names such as Elon Musk, offer short-term profit opportunities, they lead to disappointment for most investors.
Opinions on NFT and BNB
In CZ’s survey about NFTs, almost half (50%) of respondents said they had never purchased an NFT before. This is a result consistent with the decline the NFT industry has experienced following the hype period in 2021. The waning investor interest shows that the market needs to focus on real use cases rather than hype.
Another striking result in the survey was about Binance’s native token BNB. 41.3% of respondents stated that they have never purchased BNB, which is currently the sixth largest cryptocurrency by market cap. CZ expressed his surprise, stating that he did not expect this result.
Disadvantages of Crypto Surveys
CZ acknowledges that polls can be biased. Stating that most of the survey participants are close to crypto and especially Binance, CZ added that the results stabilized after a few hundred votes.
Survey results reveal that investors need to better understand the risks and opportunities in the crypto market. Especially in a market dominated by volatility and speculation, informed investment decisions are of great importance.
