GERMANY: YOUNG PEOPLE HAVE A GREATER DISPOSITION TO INVEST IN BITCOIN AND ALTCOINS

 GERMANY: YOUNG PEOPLE HAVE A GREATER DISPOSITION TO INVEST IN BITCOIN AND ALTCOINS

A survey conducted in Germany among Internet users over 18 years revealed that those under 30 show greater willingness to invest in cryptocurrencies such as Bitcoin. 

The results of the study were announced in the local media

The research was developed by the consumer protection initiative Marktwächter Finanzen (Financial Market Watchers) and was developed in the federal states of Hesse and Saxony, located in central Germany. These consumer centers are non-profit organizations that receive support from the state to advise and protect buyers. 1,016 German-speaking people participated in the survey.


The results showed that 55% of respondents know the term "cryptocurrency", but only 30% declared themselves capable of explaining it in their own words. Within the group that declared knowing the cryptocurrencies it was found that 11% would certainly invest in Bitcoin and altcoins, while another 11% are undecided. The remaining 77% would not buy cryptoactives, which leaves the percentage of potential investors at 6% of the total number of participants in the survey.


In the segment of those who expressed willingness to invest in the cryptoactive markets, the youngest Germans stand out, with ages between 18 and 29 years. Of this group, one in three (28%) is inclined to purchase cryptocurrencies.


Wolf Brandes, team leader, Marktwächter Finanzen at the Hesse Consumer Center, ranked cryptocurrencies as a gray capital market investment, since "there is no regulation or protection for investors". Brandes made this claim in relation to respondents who expressed interest in acquiring cryptocurrencies, of which 26% would do so to speculate and obtain high profits. On the other hand, 17% evaluate Bitcoin and the altcoins as the money of the future.


THE CRYPTOMERCED IS PERCEIVED AS RISKY

The study revealed that 70% of those who know cryptocurrencies perceive that investing in them implies a high risk. This result also showed differences between age groups, since 54% of those who rated these investments as "quite risky" are people between 30 and 39 years old.


LOW ADOPTION AS A MEANS OF PAYMENT

For its part, the team leader the Consumer Center of Saxony, Kerstin Schultz, said that in general there is no confidence among German consumers about the technical developments of the financial sector and that, on the contrary, the use of cash prevails . In his opinion, this skepticism has permeated towards cryptocurrencies. He also pointed out that few businesses have adopted payment platforms with cryptoactives. "If (cryptocurrencies) will go from being a marginal phenomenon to a real payment alternative for consumers, it's still completely uncertain," Schultz said.


The study showed that 11% of those interested in cryptocurrencies valued them as an easy and fast payment method. Another 10% attributed greater importance to security, and 5% to anonymity.


Another survey conducted in February this year among the German public, revealed that knowledge of Bitcoin has grown substantially since 2013. At that time, 1,009 Germans over 14 years of age participated, of which 64% had heard about it. of Bitcoin.