26th May 2022: Yesterday, the European Central Bank published the results of a new survey which is being conducted in the six Eurozone areas: France, Spain, Italy, Netherlands, Belgium and Germany.
Together, approx. 10% of the respondents from the surveyed countries said that they own cryptocurrencies.
Out of this group, only 6% of the respondents revealed that they own digital assets worth more than 30000 Euros. Moreover, 37% of the respondents said that they owned around 999 euros in crypto.
Across all of the countries, investors in the fifth income quintile consistently had the highest proportion of cryptocurrency ownership relative to other income groups. The Customer Expectation Survey asked the adults aged around 18 – 70 if they or anyone in their household owned financial assets in several categories, such as crypto assets.
The survey was included in a new report which is being published by the ECB the same day regarding the growing adoption of crypto assets despite their risk factors. As cited by the ECB, 56% of the respondents in a recent Fidelity survey revealed that they had some exposure to crypto-assets, up from 45% in 2020.
The increased availability of crypto-based derivatives and securities on the regulated exchanges, such as exchange-traded notes, futures, OTC traded trusts; exchange traded funds, have contributed to the momentum.
Additionally, increased regulation has also been taken as a sign that public authorities endorse crypto. As an instance, the ECB cited Germany allowing the institutional funds to invest around 20% of their holdings in crypto. Furthermore, the ECB highlighted at the end of the report that if the current trends in digital asset adoption continue, then they will eventually pose a threat to financial stability.
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