The results of a new report commissioned by the CNMV, the securities watchdog in Spain, have found that three out of four citizens have heard about cryptocurrencies. However, the report, which included opinions from 1,500 participants, also found that this knowledge is still minimal, and that less than 10% have actually purchased cryptocurrency as a means of investment.
CNMV Reveals Results of Crypto Study
The CNMV, the institution that oversees the securities markets in Spain, has revealed the results of its latest cryptocurrency report. The study, commissioned by the institution and carried out by a company called “Grupo Analisis e Investigacion,” surveyed 1,500 participants and an alternative sample of 300 cryptocurrency investors to take a snapshot of the penetration that crypto has had regarding Spanish investors.
One of the most relevant results of the study has to do with the popularity of crypto in the country. According to the numbers released, three out of every four Spaniards have heard about cryptocurrencies, meaning that these instruments have achieved some degree of penetration in the country. However, the knowledge that people have on the subject is still very limited. Only 1.4% of the surveyed had a deep knowledge of cryptocurrency.
Most of the surveyed lack knowledge about crypto, or have only heard or read about crypto on some occasion. Almost 70% of the surveyed were included in this dominant group.
Investing in Crypto in Spain
While other reports have stated that a significant number of Spaniards have invested in crypto in during recent years, this one hints at crypto still being a niche product as an investment. Only 6.8% of the surveyed reported having invested in cryptocurrencies at some point. More than 80% also stated that they haven’t invested in crypto and don’t plan to do so in the future.
However, most seasoned crypto investors invest 5% or less of their net worth in cryptocurrencies, which suggests they use these as diversification assets rather than their main investment vehicles. The study also informs that even these investors believe that cryptocurrencies are risky investment products. 66.3% of the surveyed think that cryptocurrencies present more risks than other investment assets.
Spanish regulators have been highly critical of cryptocurrencies. On June 4, the governor of the Bank of Spain, Pablo Hernandez de Cos, stated that cryptocurrency was bigger than the subprime mortgages sector before the 2008 financial crisis and that its links to traditional finance, though weak at the moment, might be dangerous in the long run.
What do you think about CNMV’s latest crypto report in Spain? Tell us in the comments section below.