According to a report by the CNMV in Spain (the securities watchdog), three quarters of all citizens had heard of cryptocurrency. This report, which included 1,500 opinions, found that only 10% had actually bought cryptocurrency.
CNMV Announces Crypto Study Results
The latest report from the CNMV (Spanish institution responsible for overseeing the securities market in Spain) has been published. The study, commissioned by the institution and carried out by a company called “Grupo Analisis e Investigacion,” surveyed 1,500 participants and an alternative sample of 300 cryptocurrency investors to take a snapshot of the penetration that crypto has had regarding Spanish investors.
The popularity of cryptocurrency in Spain is one of the key findings of this study. Three out of four Spanish citizens have heard about cryptocurrency. This means that the instruments are well-known in their country. The knowledge of the topic is limited. The cryptocurrency world is still a relatively new subject for only 1.4%.
The majority of those surveyed have never heard about cryptocurrency or are not familiar with it. This group included nearly 70% of respondents.
Investing in Crypto in Spain
Other reports state that many Spaniards invested in cryptocurrency in the past few years. However, this survey suggests that crypto remains a niche product for investment. Just 6.8% reported that they had invested in cryptocurrency at one time. More than 80% also stated that they haven’t invested in crypto and don’t plan to do so in the future.
Most crypto investors are savvy enough to invest less than 5% of their net worth in cryptocurrency, suggesting that they consider these assets as diversification tools rather than main investments. This study shows that investors also believe that cryptocurrency is a risky investment product. A majority of those surveyed believe that cryptocurrencies present greater risk than other investment options.
Spanish regulators are highly critical about cryptocurrencies. Pablo Hernandez de Cos (the governor of Spain’s Bank of Spain) stated on June 4 that cryptocurrency is larger than subprime mortgages before 2008 and suggested that it might pose a danger to traditional finance in the future.
What do you think about CNMV’s latest crypto report in Spain? Leave a comment below.
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