The results of a new report commissioned by the CNMV, Spain’s securities supervisory body, revealed that three out of four citizens have heard of cryptocurrencies. However, the report, which provided the views of 1,500 participants, also revealed that this knowledge is still minimal and that less than 10% have actually bought cryptocurrency as a means of investment.
CNMV Unveils Results Of Cryptography Study
The CNMV, the institution that oversees the securities markets in Spain, has revealed the results of its latest report on cryptocurrencies. The study, commissioned by the institute and conducted by a company called “Grupo Analisis e Investigacion”, interviewed 1,500 participants and an alternative sample of 300 cryptocurrency investors to take a snapshot of cryptocurrency penetration among Spanish investors.
One of the most relevant findings of the study concerns the speed of cryptocurrencies in the country. According to published data, three out of four Spaniards have heard of cryptocurrencies, which means that these tools have reached a certain degree of penetration in the country. However, the knowledge that people have on the subject is still very limited. Only 1.4% of respondents had in-depth knowledge of cryptocurrency.
Most people have reported that they are unfamiliar with cryptocurrencies or have only heard or read about cryptocurrencies on certain occasions. Almost 70% of the respondents belong to this dominant group.
Investing in Crypto in Spain
While other reports have indicated that a significant number of Spaniards have invested in cryptocurrencies in recent years, this suggests that cryptocurrencies are still a niche product as an investment. Only 6.8% of respondents said they had invested in cryptocurrencies at some point. Over 80% also said they have not invested in cryptocurrencies and have no plans to do so in the future.
However, most savvy cryptocurrency investors invest 5% or less of their net assets in cryptocurrencies, suggesting using them as a diversification asset rather than a primary investment vehicle. The study also reports that these investors believe cryptocurrencies are risky investment products. 66.3% of respondents believe cryptocurrencies are riskier than other investment assets.
Spanish regulators have been very critical of cryptocurrencies. On June 4, Bank of Spain Governor Pablo Hernandez de Cos said cryptocurrency was more important than the subprime mortgage industry prior to the 2008 financial crisis and its ties to traditional finance. , although weak at the moment, it could be dangerous in the long run.
What do you think of CNMV’s latest cryptocurrency report in Spain? Tell us in the comments section below.
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