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10% of EU zone households own crypto

A survey published by the European Central Bank last May 24 found that one in ten households in the eurozone have purchased cryptocurrency.

The European Central Bank states in one chapter that, despite the fact that recent volatility has not proved to be contagious to the rest of the global financial system, this threat is increasing as institutional investors become more involved. Small investors represent a relatively large part of the investor base in crypto assets.

"Recent results from the ECB's consumer expectation survey (CES) for six large euro area countries, based on experimental questions, suggest that up to 10% of households may own crypto assets. On average, young men and highly educated respondents. Given that this is a global market, and therefore a worldwide problem, global coordination of regulatory action is needed. Based on the developments observed so far, the crypto markets are currently showing all the signs of an emerging risk to financial stability". (Source: ECB)

The ECB's Consumer Expectations Survey found that in the six countries surveyed, an average of 10% of households own crypto, ranging from 6% in France to 14% in The Netherlands. Roughly 37% of respondents said they own cryptocurrencies worth up to € 999, 29% hold cryptocurrencies worth € 1,000 to € 4,999 and 13% hold digital assets worth € 5,000 to € 9,999. In each country, 20% of the richest most often owned cryptocurrencies. Remarkable is the fact that cryptocurrencies have reported more lower-income families than middle-income families.

The ECB reiterated its long-standing position, stating that the assets were not suitable for the vast majority of ordinary investors, and called on E.U. regulators to introduce "new laws" in this area "as a matter of urgency". The European Central Bank considers that, given the huge development in the size and complexity of cryptocurrency markets, the sector is well on its way to becoming a threat to the overall financial stability of states and urgently needs regulation.

In addition, the President of the European Central Bank, Christine Lagarde , recently shared her position on cryptocurrencies:

My very modest estimate is that it has no value.

Interestingly, her son seems to invest in crypto.


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