Younger Germans Are More Inclined Towards Cryptocurrencies

Nov 7, 2018 at 19:30 Update Date :Nov 7, 2018 at 19:30 UTC

According to the research done by the German Consumer Centers of Hesse and Saxony, more than a quarter of Germans who’re young are ready to purchase cryptocurrencies.

A joint survey was conducted by the centers of two German federal states among the people who use the internet. As per the local media outlet Wirtschaftswoche, the survey was done on 1000 people and majority of them belonged to the age 18 to 39.

In the survey, more than 55 percent responded that they have heard the name cryptocurrencies before. However, 77 percent of them who were aware of crypto stated that they are less likely to invest in cryptocurrency.

When asked about why they’re not interested to invest in virtual currency, a majority of them said that cryptocurrency is risky, ‘very risky’. According to the release notes, there is a relation between the age factor and the estimation of risk, i.e. 54 percent of the people who fall in the age category of 30 to 39 think that crypto investments are dangerous. On the other hand, 28 percent of the people from 18 to 29 find crypto purchases to be conceivable.

Diplomatic Opinions on Cryptocurrency

Wolf Brandes, team leader of finance markets at Consumer Center of Hesse, believes that the survey itself gives indications about the risks involved in the digital currency investments. He said that the investors need to know first that currencies involved in investment are gray capital markets. Therefore, this is no investor protection.

This same stance is shared by Olaf Scholz, who is a German Finance Minister. He said that crypto won’t be able to replace the fiat money because the cryptocurrency don’t have any economic importance. Later, he compared the crypto to the tulip fever bubble in the 17th century.

Surveys like these are also been conducted in the United States. A recent survey by YouGov Omnibus – a research service, shows that the American millennials are more interested in the digital currency. Around 36 percent of the people said that they would never mind using virtual currencies over their country’s currency. Another survey poll of Clovr, a blockchain analytics firm shows that cryptocurrency is more popular among the men who are earning $75,000 to $99,999 per year.

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