Key facts:
The average investor in cryptocurrencies is male and around 38 years old.
The study shows that 8 out of 10 Spaniards have not invested in cryptocurrencies, nor will they.
“Three quarters of the population [de España] has heard or knows to some extent what a cryptocurrency is, ”says the National Securities Market Commission (CNMV) of the European country. A report published by the entity provides various data on how bitcoin (BTC) and digital currencies have permeated Spanish society.
The research, published under the title “Study on cryptocurrencies and the effectiveness of the measures promoted by the CNMV”, also shows what is the degree of knowledge on the subject that the population has.
Only 1.4% of those who responded to the survey say they have a high level of knowledge about Bitcoin. 6.9% assure that their knowledge is average. And there is a 22.2% that considers knowing the basic fundamentals.
The dominant group, with 45.3%, have simply heard the words “bitcoin” or “cryptocurrencies” in some media outlet. Finally, 24.2% of those consulted say they are completely unaware of the matter.
In any case, the figures are quite different when the 1,500 Spaniards participating in the survey were asked if they invested, invest or will invest in bitcoin or cryptocurrencies. 82.9% “have not invested and will not”. There is 10.2% who could invest in the future and 6.8% who have ever bought cryptocurrencies.
Who invests in bitcoin and cryptocurrencies in Spain?
“The profile of the investor in cryptocurrencies corresponds to that of a man with an average age of around 40 years, although with a special weight of ages between 25 and 44 years,” says the CNMV.
The organization arrives at this data based on the analysis of 300 investors, selected in such a way that they can be considered representative of what is happening in Spain. It is observed that most of them invest less than 5% of their capital in these digital assets.
Other data revealed by the investigation is that Most investors in cryptocurrencies have university studies and their income is greater than 3,000 euros per month.
In addition, it is observed that almost all of them make purchases of cryptocurrencies only occasionally, when opportunities arise – such as price drops – that they consider good entry points or when they have money to invest. Apparently, strategies like Dollar-Cost Averaging (or average cost in dollars) are not among the most widespread in Spain.
Spanish investors know the warnings of the CNMV
The majority (7 out of 10) of people who know something about cryptocurrencies are aware of the warnings that the CNMV has made about these tools. As CriptoNoticias reviewed on several occasions, the agency considers them a “financial bubble”.
Days ago, Rodrigo Buenaventura, president of the Commission, maintained that the majority of investors “have simply come together because of the apparently promising results of those who entered at the beginning specifically through currencies such as bitcoin.”
It is worth clarifying that such results are not only apparent, but also evident. Analytics firm Glassnode sample that even with the recent price drop, more than half of Bitcoin addresses are in profit (measured in fiat money).
Also, as seen in the historical prices of various altcoins (cryptocurrencies other than Bitcoin), their value compared to that of BTC is often constantly depreciating. Namely, the upward trend of the price in the medium and long term is not something typical of all cryptocurrencies.