One in ten families in Europe own crypto assets

10% of Eurozone households are crypto HODLers reveals data from a survey conducted by the European Central Bank (ECB). Wealthy families seem more eager to buy cryptocurrencies such as Bitcoin.

The ECB’s survey of consumer expectations showed that almost one in ten family units in the six European countries (Italy, Spain, Belgium, France, Germany and the Netherlands) own cryptocurrencies. 13% of HODLers admitted to investing up to $10,700 in the market, while 29% invested between $1,065 and $5,350, while 37% allocated $1,065.

People in the Netherlands seem to be the most interested in the asset class as 14% of local households are exposed to digital assets. While France has only 6% of residents exposed to crypto.

Young and wealthy are most likely to buy crypto assets

The affluent class of the popular seems to be more attracted to crypto assets. Crypto investors are mainly young men, well-educated people and people with high financial knowledge, the ECB estimates.

Additionally, the ECB has issued a warning that crypto is not a suitable investment for every investor. EU officials have even offered to establish rules on space “as a matter of urgency”.

Why are people still skeptical about the crypto industry?

The ECB’s Consumer Expectations Survey concludes that the number of digital asset investors in the Eurozone is not that high. Another study by CouponFollow, an online web platform, reveals why most people are still hesitant to enter the growing market.

The company reveals that 42% of 1,100 non-HODLers don’t understand the value of cryptocurrencies, while 39% have concerns about increased volatility.

35% of participants hypothesize that crypto “looks like a scam”. 31% have yet to explore the industry due to the security issues they have, while 24% admitted to having a lack of knowledge regarding buying cryptocurrency.

Almost one in five people have installed a crypto exchange mobile app, but have gone no further and purchased a coin. The main reasons are: ‘security concerns’, ‘insufficient knowledge’ of how to buy and ‘concern about price fluctuations’.

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