One in 10 households in six eurozone countries has acquired cryptocurrencies, the European Central Bank (ECB) has found in a new survey. While the wealthiest are most likely to own cryptocurrencies, poor families are not far behind, the survey indicates.
Dutch Households Guide in Cryptographic Ownership Conditions, ECB Survey Show
Every tenth household in the eurozone has bought bitcoin or other cryptocurrencies, according to the latest European Central Bank Consumer Expectations Survey (ECB). Europe’s financial authorities are now trying to establish whether the crypto market decline could affect household budgets, Reuters reported.
The results of the latest edition of the monthly election were announced on Tuesday. The study reveals that an average of 10% of households in six participating eurozone countries own crypto assets. Among them, the Netherlands had the largest proportion of crypto-owners at 14% while France ranked last with only 6%.
About 37% of respondents said they hold up to 999 euros of cryptocurrency (about $ 1,070 at the time of writing), the monetary authority detailed, and 29% had between 1,000 euros and 4,999 euros. Another 13% owned between 5,000 euros and 9,999 euros. The balance sheet has invested more than that, the report reveals.
Across these nations – Belgium, France, Germany, Italy, the Netherlands and Spain – the richest 20% of those surveyed were most likely to own cryptocurrencies. At the same time, a larger proportion of lower-income households hold digital assets than the segment between the two groups.
The authors of the survey also noted that young adult men and highly educated people were more inclined to invest in crypto. “In terms of financial literacy, respondents who earned either at the upper level or the lower level in terms of financial literacy, most likely held crypto assets,” the ECB pointed out.
The eurozone central bank has not missed an opportunity to reiterate its stance that cryptocurrencies are unsuitable for retail investors. The regulator also called on EU authorities to urgently approve new rules for cryptocurrencies in the 27-member bloc. The data was released as part of the ECB’s Financial Stability Review, as European lawmakers work to end markets in cryptocurrencies (MiCA) legislation.
What do you think of the findings in the ECB’s Consumer Expectations Survey? Tell us in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons