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More than a quarter of young Germans are ready to buy cryptocurrencies, according to a recent survey by the German Consumer Centers of Hesse and Saxony, published Monday 5 November.
Consumer centers are non-profit organizations, supported by the government organized at the union level. They focus on consumer protection as well as providing consulting services.
The centers of two German federal states, whose populations amount to over 10 million people, have conducted a joint investigation among Internet users. According to the Wirtschaftswoche, local business media, the survey interviewed 1,000 Germans between the ages of 18 and 39.
More than half of the respondents – 55 percent – say they have heard of cryptocurrencies. 77% of those who know digital currencies admit that they are not likely to invest in them.
When asked about their perception of the risk factor of cryptocurrencies, 70% of the participants said they found the "risky" or "very risky" encryption. The statement notes that there is a strong correlation between the estimate of the risk and the respondent's age. While 54% of people aged 30 to 39 consider investments in dangerous cryptocurrency, 28% of respondents from 18 to 29 found that the purchase of cryptocurrencies is "conceivable".
In particular, the same survey provides a warning about the risks of investing in digital currencies. Wolf Brandes, team leader in the financial markets at the Consumer Center in Hesse, writes: "Investors should know: cryptocurrencies in terms of investments are gray capital markets, there is no regulation or protection of investors".
This skeptical position towards cryptocurrencies is shared within the German government. In September, German Finance Minister Olaf Scholz said that cryptocurrencies would not be able to replace the legal currency, adding that they did not have "an economic significance". He also compared cryptocurrencies to the tulip fever bubble in the Netherlands in the 17th century.
Similar surveys have recently been conducted in the United States. A recent survey conducted by YouGov Omnibus research service showed that American millennials are more interested in cryptocurrencies, with 36% of them preferring to use digital currencies against the dollar. Another poll conducted by the US analysis and blockchain firm Clovr found that investment in cryptocurrency is more popular among millennial men who earn $ 75,000- $ 99,999 in the year.
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