On Tuesday , the European Central Bank (ECB) released the results of a new survey conducted in six EU countries: the Netherlands, Spain, Italy, Belgium, France and Germany. Overall, about 10 percent of respondents said they own cryptocurrencies. Of this group, only 6 percent of respondents said they owned digital assets worth over $30,000. 37 percent of those surveyed said they owned up to $999 in cryptocurrencies.
Across all countries surveyed, investors in the fifth income quintile (or the wealthiest 20 percent of the population) consistently had the highest share of cryptocurrency ownership compared to other income groups. The Consumer Expectations survey asked adults aged 18 to 70 if they or anyone in their household owned financial assets across different categories, including crypto assets.
The survey was conducted as part of a new report released by the ECB on the same day, which looked at the growing acceptance of crypto assets despite their risk factors. According to the ECB, in a recent Fidelity survey, 56 percent of respondents said they had invested in crypto assets to some extent. This compares to 45 percent in 2020. The increasing supply of crypto-derivatives and securities on regulated exchanges, such as futures, exchange-traded notes, exchange-traded funds, and over-the-counter trusts, have contributed to this development.
The increasing regulation is taken as a signal that the authorities are increasingly welcoming cryptocurrencies. As an example, the ECB cited Germany, which allows institutional funds to invest up to 20 percent of their holdings in cryptocurrencies. However, the ECB concluded by stressing that current trends related to the acceptance of digital assets would ultimately pose a threat to financial stability if they continue.
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