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According to an ECB survey, 10% of Eurozone households own cryptocurrency

According to the European Central Bank’s (ECB) latest Consumer Expectations Survey, every tenth eurozone home has purchased bitcoin or other cryptocurrencies. According to Reuters, Europe’s financial regulators are now attempting to determine whether the crypto market fall has impacted household budgets.

The findings of the most recent monthly survey were released on Tuesday. According to the report, crypto assets are held by an average of 10% of households in six eurozone countries. The Netherlands had the highest percentage of crypto owners, at 14 percent, while France came in bottom, with only 6%.

According to the monetary authority, 37 percent of respondents indicated they held up to 999 euros worth of cryptocurrencies (about $1,070 at the time of writing), and 29 percent had between 1,000 and 4,999 euros. Another 13% had between 5,000 and 9,999 euros in their accounts. The ECB research reveals that the balance had invested far more.

The richest 20% of those polled in these countries — Belgium, France, Germany, Italy, the Netherlands, and Spain – were the most likely to hold cryptocurrency. Also, lower-income households have a higher proportion of digital assets than the segment between the two groups.

The survey’s authors also found that young adult males and those with a higher education were more likely to invest in cryptocurrency. “Respondents who scored either at the top level or at the poorest level in terms of financial knowledge were very inclined to hold crypto assets,” the ECB noted.

The European Central Bank didn’t waste any time in reiterating that cryptocurrencies are not suited for individual investors. The regulator also urged EU authorities to approve new crypto asset regulations as soon as possible. As European legislators strive to finalize the Markets in Crypto Assets (MiCA) legislation, the data was released as part of the ECB’s Financial Stability Review.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.