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10% of the eurozone households are crypto HODLers reveals data from a survey conducted by the European Central Bank (ECB). Rich families appear to be more eager to buy cryptocurrencies such as Bitcoin.
The ECB’s Consumer Expectation Survey showed that nearly one in ten family units in the six European countries (Italy, Spain, Belgium, France, Germany, and the Netherlands) own cryptocurrencies. 13% of the HODLers admitted investing up to $10,700 into the market, while 29% had invested between $1,065 and $5,350, while 37% allocated $1,065.
The people of the Netherlands seem to be the most interested in the asset class as 14% of the local households are exposed to digital assets. While France only has 6% of residents with crypto exposure.
Young & Wealthy Most Likely To Purchase Crypto Assets
The wealthy class of the popular seem to be more attracted to the crypto assets. Crypto investors are majorly young men, well-educated individuals, and those with high financial knowledge estimates ECB.
Furthermore, the ECB issued a warning stating that crypto doesn’t make for a suitable investment for each investor. The EU officials even have proposed to establish rules on the space “as a matter of urgency.”
Why Are People Still Skeptical About the Crypto Industry?
The ECB’s Consumer Expectation 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 in entering the expanding market.
The company reveals that 42% of the 1,100 non-HODLers do not understand the value of cryptocurrencies, while 39% have concerns regarding enhanced volatility.
35% of the participants have the assumption that crypto “seems like a scam.” 31% are yet to explore the sector because of the security concerns they have, while 24% admitted to having a lack of knowledge regarding the purchase of cryptocurrency.
Almost every fifth person has installed a crypto exchange mobile app but didn’t step further from there and purchased a coin. The major reasons are: “safety concerns”, “insufficient knowledge” of how to purchase, and “worry over price fluctuations.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
