Infotech 10% of European households have invested in cryptocurrencies

10% of European households have invested in cryptocurrencies




About one in ten European households has invested in cryptocurrencies like bitcoin, according to a study by the European Central Bank (ECB) published on Tuesday May 24, underlining the appetite for these highly risky investments, victims this month of a spectacular plunge in prices.

These new assets are attracting individuals, including from modest social strata, but “are worth nothing” and do not rely on “no safe haven”warned Sunday the president of the monetary institute, Christine Lagarde.

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“Up to 10% of households could own cryptocurrencies” in the euro zone, according to the study conducted by the ECB in six major countries – Belgium, Germany, Spain, France, Italy and the Netherlands. The proportion varies according to the countries studied, between 6% in France, 9% in Germany and almost 15% in the Netherlands.

Composite portrait: young graduates

Most private investors report holding less than €5,000 worth of cryptoassets, with a slight predominance of modest holdings, i.e. less than €1,000. At the other end, about 6% say they have invested more than 30,000 euros.

Good use of cryptocurrencies

Another lesson: if high-income households are more likely to hold cryptocurrencies, low-income households also own them and in a higher proportion than middle-income households. The profile of the typical investor: a young man with a high level of education and knowledge of the financial sphere.

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This study, inserted in the half-yearly report on financial stability which will be published on Wednesday, comes as the ECB recently pleaded for global regulation of this young sector presenting a risk for household finances in particular.

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Despite yo-yo moves in the market, the global market capitalization of cryptoassets reached over €2.5 trillion at the end of 2021, seven times more than a year earlier. The dynamics of the sector mean that there are more than 16,000 cryptoassets in circulation today, with ten new ones launched every day on average, according to the study.



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