A new report commissioned by the CNMV, Spain’s securities watchdog, found that three out of four of the public have heard of cryptocurrencies. However, the report, which includes input from 1,500 participants, also found that this knowledge is still minimal, with less than 10% having actually purchased cryptocurrencies as an investment vehicle.
CNMV Publishes Crypto Study
The CNMV, the agency that oversees the Spanish securities market, has revealed the results of its latest cryptocurrency report.18} The studywas commissioned by the agency and conducted by the company “Grupo Analisis e Investigacion,” which examined an alternative sample of 1,500 participants and 300 cryptocurrency investors to get a snapshot of the penetration crypto has had on Spanish investors.
One of the most relevant results of the survey has to do with the popularity of crypto in the country. According to the figures presented, three out of four Spaniards have heard of cryptocurrencies, indicating that cryptocurrencies have gained some penetration in the country. However, people’s knowledge is still very limited. Only 1.4% of those surveyed had in-depth knowledge of cryptocurrencies.
Most of those surveyed have no knowledge of crypto or have only heard or read about crypto on some occasion. About 70% of those surveyed are in this dominant group.
invest in crypto in Spain
While other reports have stated that a significant number of Spaniards have invested in crypto during recent years, this report suggests that crypto is still a niche product as an investment. Only 6.8% of those surveyed reported having invested in cryptocurrencies at some point in time. More than 80% also indicated that they have not invested in crypto and do not plan to do so in the future.
However, most seasoned crypto investors have less than 5% of their net worth invested in cryptocurrencies, suggesting that they are using these as a diversifying asset rather than a primary investment vehicle. The survey also conveys that even these investors consider cryptocurrencies to be a risky investment product. 66.3% of those surveyed believe that cryptocurrencies are riskier than other investment assets.
Spanish regulators have strongly criticized cryptocurrencies, and on June 4, Bank of Spain Governor Pablo Hernandez de Cos said that cryptocurrencies are larger than the subprime mortgage sector before the 2008 financial crisis, and although weak at the moment, their connection to traditional finance may be dangerous in the long run, he said.
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