According to a new survey conducted by the European Central Bank (ECB), one out of every ten households in six eurozone countries has purchased cryptocurrency. The poll shows that while the wealthiest are the most likely to own crypto assets, poor families are not far behind.
According to the European Central Bank’s latest Consumer Expectations Survey, every tenth eurozone household has purchased bitcoin or other cryptocurrencies (ECB). According to Reuters, Europe’s financial authorities are now attempting to determine whether the crypto market downturn has impacted household budgets.
The results of the most recent monthly poll were released on Tuesday. According to the study, crypto assets are held by an average of 10% of households in six eurozone countries. The Netherlands had the highest percentage of crypto owners, at 14 percent, while France came in last, with only 6%.
Some 37% of the respondents said they were holding up to 999 euros worth of cryptocurrency (approx. $1,070 at the time of writing), the monetary authority detailed, and 29% had between 1,000 euros and 4,999 euros. Another 13% owned between 5,000 euros and 9,999 euros. The balance had invested more than that, the report unveils.
Across these nations – Belgium, France, Germany, Italy, the Netherlands, and Spain – the richest 20% of the polled were most likely to own cryptocurrencies. At the same time, a greater proportion of lower-income households hold digital assets than the segment between the two groups.
The authors of the survey have also noted that young adult males and highly educated people were more inclined to invest in crypto. “With regard to financial literacy, respondents who scored either at the top level or the bottom level in terms of financial literacy scores were highly likely to hold crypto assets,” the ECB pointed out.
The eurozone’s central bank didn’t miss the opportunity to reiterate its stance that cryptocurrencies are unsuitable for retail investors. The regulator also called on EU authorities to urgently approve new rules for crypto assets in the 27-member bloc. The data has been published as part of ECB’s Financial Stability Review as European legislators are working to finalize the Markets in Crypto Assets (MiCA) legislation.