75% Have Heard About Cryptocurrency In Spain

According to the findings of a new report commissioned by the CNMV, Spain’s securities watchdog, three out of every four citizens had heard of cryptocurrency. However, the survey, which included perspectives from 1,500 participants, discovered that this information is still limited, with less than 10% having acquired cryptocurrency as an investment.

The CNMV, Spain’s securities market regulator, has released the findings of its most recent cryptocurrency research. The study, commissioned by the organization and conducted by a business named “Grupo Analisis e Investigacion,” polled 1,500 participants and an additional sample of 300 cryptocurrency investors to get a sense of how far crypto has come in terms of adoption among Spanish investors.

One of the most important findings of the survey is the popularity of cryptocurrency in the country. According to the data, three out of every four Spaniards have heard of cryptocurrencies, indicating that these instruments have gained some traction in the country. However, people’s awareness of the subject is still quite restricted. Only 1.4% of the surveyed had a deep knowledge of cryptocurrency.

The majority of those polled have no awareness of cryptocurrency and have only heard or read about it on a few occasions. Almost 70% of those polled belonged to this main group.

While other surveys claim that a considerable number of Spaniards have invested in cryptocurrency in recent years, this one suggests that cryptocurrency is still a niche product as an investment. Only 6.8% of those polled said they have invested in cryptocurrency at some point. More than 80% also responded that they have not invested in cryptocurrency and have no plans to do so in the future.

However, most seasoned cryptocurrency investors invest 5% or less of their net worth in cryptocurrencies, implying that they are used as diversification assets rather than primary investment vehicles.

According to the survey, even these investors believe that cryptocurrencies are risky financial items. 66.3% of those polled believe that cryptocurrencies are riskier than traditional investment assets.

Cryptocurrencies have been heavily criticized by Spanish regulators. On June 4, Pablo Hernandez de Cos, governor of the Bank of Spain, warned that cryptocurrency was larger than the subprime mortgage sector prior to the 2008 financial crisis and that its linkages to traditional finance, albeit limited at the moment, could be harmful in the long run.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

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