(European Central Bank) revealed a report that reflects the results of an online survey held in November 2021 regarding samples of citizens between 18 and 70 years of age from different EU nations about their availability to house crypto.
The report got named Decrypting financial stability risks in crypto-asset markets. It is a part of the financial stability report for May 2022.
Cryptocurrencies seem to matter to the institution itself, which is in charge of ensuring the stability of the financial structure and the financial health of its citizens. Citizens care differently, depending on their income. In the study, the least interested in crypto assets are the middle sectors of society, compared to those with higher and lower incomes.
Spain is the 2nd Country in the EU with Most Crypto Active Retail Investors
The report appeared due to the concern about the growing presence of institutional investors in the crypto space, recognizing the internal links between the traditional financial structure and the digital assets and the corresponding risks. Despite these risks, investors’ demand for crypto assets keeps reaching higher levels.
On the other hand, the Consumer Expectations Survey is a common type of operation in many nations and is executed by different entities. In Spain, the survey gets held by the Center for Sociological Research conducts a monthly survey from which the Consumer Confidence Index gets compiled.
1,000 Euros For most Households
The ECB survey has included, on an experimental basis, questions about the possession of digital currencies in households based in countries such as the Netherlands, Spain, Italy, Belgium, and France. Countries that come in this order due to the highest amount of households saving cryptocurrencies.
The value of the digital assets that most of these households (37%) have does not reach 1,000 euros. Only a third of the surveyed households have crypto assets worth more than 5,000 euros. The surveyed citizens were approximately 3.3% of households in these European regions, with more than 5,000 euros in cryptocurrencies under their control.
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The distribution of the possession of crypto assets based on household income is surprisingly striking. Moreover, the introduction of cryptocurrencies in households in a country gets measured by the higher-income homes. To give us an idea and make a rough estimate based on the data from the Family Budget Survey, 15% of Spanish households with a net monthly income above 3,300 euros have cryptocurrencies housed in their systems.
By: Jenson Nuñez
