Findings from a new report commissioned by the CNMV, the securities watchdog in Spain, revealed that three out of four citizens have heard of cryptocurrencies. However, the report, which included the opinions of 1,500 participants, also revealed that this knowledge is still minimal and that less than 10% have actually purchased cryptocurrency as a means of investment.
CNMV reveals the results of a study on cryptography
The CNMV, the institution that oversees the securities markets in Spain, has revealed the results of its latest cryptocurrency report. The study, commissioned by the institution and carried out by a company called “Grupo Analisis e Investigacion”, surveyed 1,500 participants and an alternative sample of 300 cryptocurrency investors to take a snapshot of crypto penetration among investors. Spanish investors.
One of the most relevant findings from the study concerns the popularity of crypto in the country. According to published figures, three out of four Spaniards have heard of cryptocurrencies, which means that these instruments have reached a certain degree of penetration in the country. However, the knowledge that people have on the subject is still very limited. Only 1.4% of respondents had in-depth knowledge of cryptocurrency.
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Most of the people surveyed either lack knowledge about crypto, or have only heard or read about crypto on certain occasions. Nearly 70% of respondents belonged to this dominant group.
Investing in Crypto in Spain
While other reports have indicated that a significant number of Spaniards have invested in crypto over the past few years, this one suggests that crypto is still a niche product as an investment. Only 6.8% of respondents said they had invested in cryptocurrencies at some point. Over 80% also said they had not invested in crypto and had no plans to do so in the future.
However, most seasoned crypto investors invest 5% or less of their net worth in cryptocurrencies, suggesting that they use them as diversification assets rather than primary investment vehicles. The study also informs that even these investors believe that cryptocurrencies are risky investment products. 66.3% of respondents believe that cryptocurrencies are more risky than other investment assets.
Spanish regulators have been very critical of cryptocurrencies. On June 4, the Governor of the Bank of Spain, Pablo Hernandez de Cos, said that cryptocurrency was more important than the subprime mortgage sector before the 2008 financial crisis and its links to traditional finance. , although weak at the moment, could be dangerous in the long run.
What do you think of the latest crypto report from CNMV in Spain? Tell us in the comments section below.
Sergio Goschenko
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price surge happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.
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