A new survey published today shows that Germans are very much warming to the cryptocurrency market.
Conducted by German bank Postbank, a survey of 3100 people carried out in March of this year found that 29% of Germans are interested in cryptocurrency as an investment.
In some encouraging statistics for the fledgling industry, the survey sees a bright crypto future for Europe’s largest economy as 46% of 18-34 year olds expressed interest in crypto investing - with 6% saying they have already invested and a further 14% expressing their intent to invest in the next year.
The gender divide in German attitudes towards cryptocurrencies was also an interesting feature of the survey.
When participants were asked why they were interested in the space - 60% of women cited “independence from established financial systems” - compared with only 51% of men. In contrast, the prospect of high returns motivated 56% of men, and only 36% of women.
Of particular interest, Postbank’s Digital Department Head - Dr. Thomas Mangel, pointed out in a press release that the recent slide in crypto asset prices of the last few months had not materially impacted the popularity of cryptocurrencies in Germany. While many in the crypto space might be encouraged by this finding, Dr. Mangel sees this more as a consequence of investment naivety:
"Despite all the fascination, young investors should not lose sight of offers from the established banking system. Anyone who already makes an investment in securities as an investment should certainly not invest in cryptocurrencies because of the high risks involved. Because this type of investment is highly speculative."
These latest findings for one of the world’s leading economies come at a time when there have been some positive developments for the country's crypto industry. Recently, securities trading bank VPE became the first German bank to offer a cryptocurrency trading service, while it was reported that German online bank Bitbond is using bitcoin over SWIFT for international loans.