Every ten households in the eurozone own a cryptocurrency (ECB study)

A survey conducted by the European Central Bank (ECB) estimated that 10% of households in the Eurozone are cryptocurrency holders. Wealthier families are more inclined towards buying bitcoin and altcoins.

Dutch families lead the way

Survey of Consumer Expectations from the European Central Bank Identifies Nearly one in ten family units in the following six European countries (Belgium, France, Germany, Italy, Spain and the Netherlands) own cryptocurrency. 37% of HODLers admitted investing about $1,065 in the market, 29% allocated between $1,065 and $5,350, and 13% allocated up to $10,700.

Netherlands residents seem to be the most interesting asset class because 14% of local households have exposure. France is at the bottom with only 6%.

A wealthy percentage of the population finds a niche more attractive. The European Central Bank has estimated that the largest segment of cryptocurrency investors is young, educated and highly financially literate individuals:

“On average, young males and highly educated people were more likely to invest in crypto assets in the countries surveyed. Regarding financial literacy, respondents who scored either at the top or bottom level in terms of financial literacy scores They are more likely to own crypto assets.”

On the other hand, the European Central Bank warned that cryptocurrency is not a suitable investment tool for every investor. As such, EU officials have called for rules to be imposed on the sector “as a matter of urgency”.

What is stopping people from investing in cryptocurrency?

The results of the European Central Bank’s consumer expectations survey showed that the number of investors in digital assets in the Eurozone is not that high. Another study conducted by the online web platform Coupon It could explain why so many people stay away from the market.

Of the 1,100 non-HODLers questioned by the company, 42% said they do not understand the value of cryptocurrencies, while 39% are concerned about increased volatility.

The assumption that encryption “looks like a scam” is supported by 35% of respondents. 31% admitted that they did not jump to the cart due to security concerns, and 24% did not know how to purchase digital assets.

However, almost every fifth person has created a mobile application to exchange cryptocurrency but does not end up buying any coins. Top reasons for ‘insufficient knowledge’ of how to buy, ‘concern about price fluctuations’, and ‘safety concerns’.