On Tuesday, the European Central Bank, or ECB, published the results of a new survey conducted in six areas of the eurozone: the Netherlands, Spain, Italy, Belgium, France and Germany. Altogether, approximately 10% of the respondents from the countries that participated in the study said they own some form of cryptocurrency. Of this group, only 6% of respondents said they own more than €30,000 in digital assets. Meanwhile, 37% of those surveyed said they hold up to €999 in cryptocurrency.
Across all countries surveyed, investors in the fifth income quintile (or the richest 20% of the population) consistently had the highest proportion of cryptocurrency ownership relative to other income groups. The Consumer Expectations Survey asked adults between the ages of 18 and 70 whether they or someone in their household owned financial assets of various categories, such as crypto assets.
The survey was included in a new report published by the ECB on the same day on the growing adoption of crypto assets despite their risk factors. As cited by the ECB, 56% of those surveyed in a recent Fidelity survey said they had some kind of exposure to crypto assets, compared to 45% in 2020. The increased availability of cryptocurrency-based securities and derivatives on regulated exchanges, such as futures, traded notes, exchange-traded funds and trusts, have added to the momentum.
Furthermore, the increased regulation has been taken as a sign that public authorities support cryptocurrencies. As an example, the ECB cited Germany, which allows institutional funds to invest up to 20% of their holdings in crypto assets. However, the ECB highlighted at the end of the report that if current digital asset adoption trends continue, they will end up posing a threat to financial stability.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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