Results from a new report commissioned by CNMV, the Securities and Exchange Commission in Spain, revealed that three out of four citizens have heard of cryptocurrencies. However, the report, which included statements from 1,500 participants, also revealed that this knowledge is still minimal and that less than 10% have actually bought cryptocurrency as an investment tool.
CNMV reveals the results of a study on cryptography
CNMV, the institution that oversees the securities markets in Spain, has revealed the results of its latest report on cryptocurrency. The survey, commissioned by the institution and conducted by a company called “Grupo Analisis e Investigacion”, examined 1,500 participants and an alternative sample of 300 cryptocurrency investors to take a snapshot of cryptopenetration among investors Spanish investors.
One of the most relevant findings from the survey relates to the popularity of crypto in the country. According to published figures, three out of four Spaniards have heard of cryptocurrencies, which means that these instruments have reached a certain degree of penetration in the country. But the knowledge that people have about the subject is still very limited. Only 1.4% of the respondents had in-depth knowledge of cryptocurrency.
Most of the respondents either lack knowledge about crypto, or have only heard or read about crypto on certain occasions. Almost 70% of the respondents belonged to this dominant group.
Investment in Crypto in Spain
While other reports have indicated that a significant number of Spaniards have invested in crypto over the past few years, this suggests that crypto is still a niche product as an investment. Only 6.8% of respondents said they had invested in cryptocurrencies at one time. Over 80% also said they had not invested in crypto and had no plans to do so in the future.
However, most experienced crypto investors invest 5% or less of their net worth in cryptocurrencies, suggesting that they use them as diversification assets rather than primary investment funds. The study also states that even these investors believe that cryptocurrencies are risky investment products. 66.3% of respondents believe that cryptocurrencies are more risky than other investment assets.
Spanish regulators have been very critical of cryptocurrencies. On June 4, the governor of Spain’s central bank, Pablo Hernandez de Cos, said cryptocurrency was more important than the subprime mortgage sector before the 2008 financial crisis and its links to traditional finance. Although weak at the moment, it can be dangerous. in the long run.
What do you think of the latest crypto report from CNMV in Spain? Tell us in the comments section below.
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