Three out of every four Spanish individuals have heard of cryptocurrencies, according to the findings of a recent study commissioned by the CNMV, the country’s securities watchdog. The survey, which incorporated the perspectives of 1,500 participants, also discovered that this information is still limited and that fewer than 10% have actually invested in cryptocurrencies.
CNMV Releases Crypto Study Findings
The CNMV, a body that regulates Spain’s financial markets, has released the findings of its most recent research on cryptocurrencies. In order to get an overview of the level of cryptocurrency adoption among Spanish investors, the institution hired the research firm “Grupo Analisis e Investigacion” to interview 1,500 participants and a separate sample of 300 cryptocurrency investors.
The study’s most pertinent finding relates to how well-liked cryptocurrency is throughout the nation. Three out of four Spaniards have heard of cryptocurrencies, indicating that they have some level of adoption in the nation, according to the statistics that have been made public. The general public’s understanding of the topic is still quite restricted. Only 1.4 percent of those polled claimed to be experts in cryptocurrencies.
The majority of those polled either don’t know anything about cryptocurrencies or have only occasionally heard or read about them. This predominate group included about 70% of those polled.
Purchasing cryptocurrency in Spain
While some reports claim that a sizable number of Spaniards have made investments in cryptocurrencies recently, this one suggests that cryptocurrencies are still a niche investment option. Only 6.8% of those polled said they have at some point invested in cryptocurrency. Additionally, more than 80% of respondents said they have not invested in cryptocurrencies and do not intend to do so in the future.
But the majority of seasoned cryptocurrency investors only put 5% or less of their total assets into cryptocurrencies, suggesting that they utilise them more as diversification assets than as their primary investment vehicles. Additionally, the survey reveals that even these investors think cryptocurrencies are risky investment vehicles. According to 66.3 percent of those polled, cryptocurrencies are riskier than traditional investment assets.
Regulators in Spain have harshly criticised cryptocurrency. On June 4, Pablo Hernandez de Cos, governor of the Bank of Spain, claimed that the cryptocurrency market was larger than the subprime mortgage market before the 2008 financial crisis and that, although now tenuous, its connections to traditional banking could eventually prove hazardous.
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