1 in 3 Germans See Cryptocurrency as an Investment Opportunity: Bank Report

1 in 3 Germans See Cryptocurrency as an Investment Opportunity: Bank Report

German retail bank Postbank has reported that according to a recent survey, 29% of Germans believe that cryptocurrency is a desirable investment opportunity.

The results from Postbank Digital Study 2018 were announced after 3,100 Germans were interviewed from the end of February to the end of March this year.

One in two of the younger generation, between the ages of 18 to 34, are interested in cryptocurrency investment. This accounts for 46% of the total surveyed individuals. Furthermore, 14% of these people want to buy or mine cryptocurrencies in the next year.

However, despite immense interest in the crypto sector, this demographic only makes up 8% of the total population. Dr. Thomas Mangel, Postbank Chief Digital Officer, said that youngsters shouldnt concentrate completely on cryptocurrencies since this type of investment is highly speculative.

Apart from age, the study also focused on gender by observing three different factors. Firstly, 60% of women consider the independence of established financial systems more important than 51% of men. Secondly, higher returns from cryptocurrency investment attract 56% men as compared to 36% women. Lastly, 39% of men are in favor of the anonymity provided by digital currencies, while only 26% of women think it is important. Out of this group, one in five people state that they are simple thrilled to become a part of a new form of investment.

The survey was conducted at a time when bitcoin and other cryptocurrencies were experiencing a free fall. This is why the results in favor of these cryptocurrencies were a surprise to the bank. Mangel said that media is responsible for hyping this phenomenon, which in turn forces people to ignore the risks involved with buying these currencies. For instance, 20% of Germans believe that they are well informed in this topic by simply reading about it on social media. Additionally, 29% of 18-34 year olds think that they are crypto experts.

However, majority of people are unaware that bitcoin gains are subject to taxation in different countries. Due to the media hypes, many people overestimate their knowledge of the opportunities and risks of cryptocurrencies as an investment, concluded Mangel.

In March, South Korea Financial Investors Protection Foundation also published results of a survey that showed that majority of 20-year-olds preferred investing in cryptocurrencies to conventional financial instruments such as stocks, CDs and bonds.

Featured Image from Shutterstock

09.06.2018 / 17:45 59
German Bank Survey Shows High Percentage of Cryptocurrency Awareness in the Country German Bank Survey Shows High
A recent survey by the German bank, Postbank revealed that many in the country maintain an active interest in the emerging cryptocurrency market.
Survey: Most Cryptocurrency Traders are Young with Little Experience Survey: Most Cryptocurrency Traders are
Social trading platform eToro has analyzed the profiles of its users who invested in cryptocurrencies between March 2017 and February 2018. The
Barclays Bank Pivots on Infection Study, Now Mulling Crypto Trading Desk Barclays Bank Pivots on Infection
Insiders say UKs Barclays bank may beinvestigating opening a cryptocurrency trading desk just a week after releasing a report comparing investors in
Crypto Big in Japan: 14% of Young Employees Invest, Study Says Crypto Big in Japan: 14% of Young
Investing in cryptocurrencies is a hot topic amongst young employees (aged 25-30) in Japan, according to a recently conducted survey held amongst
83% of Australian Cryptocurrency Investors are Male, Study Shows 83% of Australian Cryptocurrency
A study of Australian cryptocurrency traders has discovered that 8 out of ten are men. The study examined data from seven cryptocurrency trading
South Korea: 20 Year Olds Most Active in Cryptocurrency Investment South Korea: 20 Year Olds Most Active
South Korean news agency, Yonhap, has reported that according to a recent survey, people in their 20s are the front-runners in cryptocurrency
Comments (0)
Add a comment
Comment on