Findings from a new report commissioned by the CNMV, Spain’s securities watchdog, revealed that three in four citizens have heard of cryptocurrencies. However, the report, which gave the opinion of 1,500 participants, also found that this knowledge is still minimal and that less than 10% have actually bought cryptocurrency as an investment vehicle.
CNMV reveals the results of a cryptography study
The CNMV, the institution that oversees the securities markets in Spain, has released the results of its latest cryptocurrency report. The study, commissioned by the institution and conducted 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 crypto penetration among investors.
One of the most relevant findings from the survey concerns the speed of crypto in the country. According to published figures, three in four Spaniards have heard of cryptocurrencies, meaning that these instruments have achieved some degree of penetration in the country. However, the knowledge that people have about this is still very limited. Only 1.4% of respondents had deep knowledge of cryptocurrency.
Most of the reported people have no knowledge about crypto, or have only heard or read about crypto on certain occasions. Almost 70% of the respondents belong to this dominant group.
Investing in Crypto in Spain
While other reports have indicated that a significant number of Spaniards have invested in crypto in recent years, this one suggests that crypto is still a niche product as an investment. Only 6.8% of respondents said they have ever invested in cryptocurrencies. Over 80% also said they had not invested in crypto and had no plans to do so in the future.
However, most seasoned crypto investors invest 5% or less of their assets in cryptocurrencies, suggesting that they use them as diversification assets rather than primary investment vehicles. The research also shows that these investors believe that cryptocurrencies are risky investment products. 66.3% of respondents believe that cryptocurrencies are riskier than other investment assets.
Spanish regulators have been highly critical of cryptocurrencies. On June 4, Bank of Spain Governor Pablo Hernandez de Cos said cryptocurrency was more important than the subprime mortgage sector before the 2008 financial crisis and ties to traditional finance, while weak at the moment, could be dangerous in long-term.
What do you think of CNMV’s latest crypto report in Spain? Tell us in the comments below.
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