Cryptos have made their way into European households. Indeed, this is what the ECB, aka the European Central Bank, shows in its latest study regarding cryptos. This study was conducted in November 2021, and covers six countries in the Eurozone. These countries are Germany, France, Spain, Italy, the Netherlands and Belgium. The European Central Bank has therefore established a ranking according to these countries.
The Netherlands is at the top of the ranking, with 15% of Dutch people owning cryptocurrencies. They are followed by the Spanish, Italians and Belgians with 12%, 12% and 10% respectively. The ranking is completed by Germany with 9% and in last position: France. Indeed, according to the report, only 6% of French people hold cryptos in wallets.
Most crypto holders reported holding less than €5,000. A slight predominance of small investors (less than €1,000) is to be noted in the group. From one extreme to another, 6% of people confirmed having more than €30,000 in cryptocurrencies. Overall, the study concludes that the more financial means a household has, the more willing they are to hold cryptos
The rise of cryptos inevitable?
The loss of confidence in the traditional financial world inevitably leads individuals to turn to cryptos. This phenomenon is also confirmed across the Atlantic. The FED, the US central bank, has also stated that 12% of US adults will be holding cryptocurrencies by 2021. This was communicated via a Federal Reserve study measuring the economic health of American consumers.
However, this new trend is not unanimously supported by the traditionalists. Christine Lagarde, president of the ECB, recently spoke out on cryptocurrencies. According to her, cryptos are “highly speculative and very risky assets” and that “it is worthless”. Two rooms two moods.
Be that as it may, the latest news and studies seem to show otherwise. Crypto adoption continues to grow, and it’s a safe bet that despite the current climate, even more people will be moving towards crypto currencies and its ecosystem in the future.
However, this new trend is not unanimously supported by the traditionalists. Christine Lagarde, president of the ECB, recently spoke out on cryptocurrencies. According to her, cryptos are “highly speculative and very risky assets” and that “it is worthless”. Two rooms two moods.
