1 in 10 European households have already invested in cryptos

European Central Bank (ECB) President Christine Lagarde has claimed that cryptocurrencies are “worthless” in her view, but that doesn’t stop her from taking the matter seriously. In fact, behind the scenes, we learned that the ECB had funded an investigation into cryptocurrency adoption.

6% of French people own cryptos

The European Central Bank (ECB) recently released the results of a new survey titled “Deciphering Financial Stability Risks in Crypto Asset Markets”.

Faced with the observation of an “increase” in the demand for crypto-currencies, the ECB wishes to know the extent of the adoption of this new asset class. Central bankers must have been unhappy with the outcome. On average, 10% of households surveyed in the six countries studied (all included in the euro zone) declare that they own cryptocurrencies. To carry out its survey, the ECB asked households about their habits in six countries: Germany, Belgium, Spain, France, Italy and the Netherlands.

Among individuals holding crypto assets in the Eurozone, approximately 37% reported holding less than €1,000, 29% reported holding between €1,000 and €4,999, and 13% reported holding assets of EUR 10,000 or more. more according to the European Central Bank survey.

It is in the Netherlands that the adoption rate is the highest, it even exceeds 14% of households. On the other hand, France is dead last in this ranking: France is last with 6% of households concerned. The KPMG study gave slightly different results.

In each of these 6 countries, the highest income households tend to own (albeit little) crypto-assets. In the Netherlands, 21% of these affluent households own at least some cryptocurrency.

Similarly, “higher educated young men” are, on average, more likely to own digital assets. Another lesson: while higher-income households are more likely to hold cryptocurrencies, lower-income households also hold them, and at a higher rate than middle-income households. Typical investor profile: Young people with higher education and knowledge of the financial sector.

The ECB reaffirms its position against cryptos

The study, included in its semi-annual financial stability report due on Wednesday, comes amid recent calls by the European Central Bank for global regulation of a young sector that poses particular risk to household finances.

The Eurozone central bank did not miss an opportunity to reiterate its position that cryptocurrencies are not suitable for retail investors. The regulator also called on EU authorities to urgently approve new rules for crypto assets in all 27 member states.
The figures were released as part of the ECB’s financial stability review, as European lawmakers work to finalize legislation on crypto asset markets (MiCAs).

Despite the choppy market movement, by the end of 2021, the global crypto-asset market capitalization reached €2.5 trillion, seven times that of a year ago. According to the study, industry dynamics mean that there are over 16,000 crypto-assets in circulation today, with an average of 10 new crypto-assets being launched every day.

Faced with this meteoric adoption of Bitcoin and other crypto-currencies that are less and less marginalized, we better understand a certain envy of financial institutions. Indeed, the latter – like the Banque de France or the IMF – are eagerly awaiting the arrival of central bank digital currencies (MNBC) to try to compete with decentralized cryptocurrencies.

We wish to thank the author of this post for this remarkable content

1 in 10 European households have already invested in cryptos

Check out our social media profiles , as well as other related pageshttps://metfabtech.com/related-pages/