Several regulators have released the results of public surveys regarding the adoption of cryptocurrencies and respondents’ motivation to invest in digital currencies.
The US Federal Reserve (Fed) included cryptocurrency data in its annual report for the first time. The European Central Bank published the results of a survey conducted in six EU countries on digital financial asset ownership. And Kantar, a research firm, polled the eurozone’s population to find out why people invest in crypto.
More details on everything are below.
Americans Consider Crypto as Long-Term Investment
The US Federal Reserve included data on cryptocurrency in its annual Economic Well-Being of US Households report in 2021. 11,000 people took part in the survey, and for the first time, the regulator looked at cryptocurrency use.
The survey found that 12% of Americans own cryptocurrencies. What’s notable is that most of them use digital assets as a long-term investment, 2% use them to make payments, and 1% send them to friends or family.
The Fed analysts found that American crypto holders “were disproportionately high-income, almost always had a traditional banking relationship and typically had other retirement savings.” Thus, 46% of respondents have an annual income of more than $100,000, and only 29% of those surveyed have an income of less than $50,000.
Analysts found the opposite trend among crypto traders. The Fed’s report shows that the income of almost 60% of traders is below $50,000 and 20% of them earn less than $25,000 per year. Interestingly, 13% of American crypto traders do not have a bank account, and 27% do not have credit cards at all. The Fed’s analysts say that almost a quarter of respondents using cryptocurrency to make payments do not even have a high school diploma.
Over Half of Europeans Deal with Cryptocurrencies
The European Central Bank (ECB) unveiled the results of a new survey conducted in six EU countries. The study aimed to determine the financial well-being of the population and reveal the mood of respondents regarding the ownership of digital assets.
The ECB survey was conducted in the Netherlands, Spain, Italy, Belgium, France and Germany. As a result, analysts found that about 10% of respondents from the countries surveyed own cryptocurrencies. Remarkably, the digital capital of 6% of crypto holders is more than €30,000, while 37% of respondents said they own cryptocurrency worth at least €1,000.
The survey showed that 56% of respondents said they had dealt with digital assets in one way or another. By comparison, the same figure last year was 45%. Analysts at the ECB believe that the growing dynamics of crypto adoption has been favorably influenced by the increased availability of crypto derivatives and securities on regulated exchanges.
One of the ECB’s conclusions was the belief that the public perceived stronger regulation as a sign that government agencies approve of crypto. At the same time, however, ECB officials stressed that if current trends in the adoption of digital assets continue, they will eventually become a threat to financial stability.
Europeans Use Crypto as Tool to Boost Family Budget
A survey conducted by research firm Kantar and commissioned by crypto trading platform BitMEX revealed that despite the existing risks associated with crypto investing, Europeans view it “as a way to boost their family savings,” Cointelegraph wrote.
The study involved more than 3,000 people from Europe, Asia and Latin America who invested in cryptocurrencies in one way or another during 2021. The main purpose of the survey was to determine investment motivations.
According to the survey, more than half of EU respondents have cryptocurrency assets, and 70% of those surveyed intend to use them to provide for the family budget. Additionally, 61% of respondents considered cryptocurrencies “a good way to diversify investments.”
The study also found that more than half of investors claim their crypto-assets have increased by at least 50% in the past year, with more than 80% of their transactions exceeding $1,000.
Recall that a recent survey identified the top fears of novice investors, while another poll showed that cryptocurrency might be the best motivator to exercise.
