ECB: One in ten households in eurozone population centers now own cryptocurrency

ECB: One in ten households in eurozone population centers now own cryptocurrency

The European Central Bank (ECB) published Tuesday the results of a survey that was conducted in six Eurozone countries: France, Spain, Italy and Belgium. Around 10% of the respondents in the survey said that they have cryptocurrencies. Only 6% of the respondents claimed to have digital assets greater than 30,000 euro. 37% of respondents claimed to have crypto assets worth up to 999 euros.

In all countries, the fifth income quintile, or the wealthiest 20% of the people, had the highest percentage of cryptocurrency ownership relative other income groups. The Consumer Expectation Survey asked people aged 18-70 if any of their financial assets included crypto-assets.

The same day, the ECB published a new report on the increasing adoption of crypto assets despite the risks. According to the ECB’s recent survey, 56% of respondents said that they were at least somewhat exposed to crypto-assets. This is up from 45% in 2020. The momentum has been helped by the increased availability of crypto-based derivatives as well as securities on regulated exchanges such as futures and exchange-traded notes.

Additionally, regulation is seen as an indication that crypto-friendly public authorities. The ECB cited Germany as an example of allowing institutional funds to make crypto investments up to 20%. The ECB warned that if current trends continue in digital asset adoption, they could pose a threat for financial stability.

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