Almost half of the German population is motivated to invest in cryptocurrency, as revealed by digital asset exchange KuCoin’s ‘Into the Cryptoverse 2022’ report.
Crypto Adoption in Germany Grows
According to the report, 44% of Germans are somewhat motivated to “invest in cryptocurrencies to be a part of the future of finance.” 35% of them would do it for the opportunities of earning passive income and 30% consider crypto to be a reliable store of value. Some also hope to achieve financial independence.
On another note, some 16% of the country’s population that’s aged between 18 and 60 years have already invested in crypto or have been trading in the past six months.
From those who’ve expressed interest in cryptocurrencies, 77% are researching in hopes of finding potential assets to invest in. 31% of the same group plans to start lending cryptocurrencies.
Interest in Crypto Among German Females Grows
Further data indicated a growing interest in digital assets among the German female population. In fact, “women account for 53% of the crypto-curious” said the report, while 69% of crypto investors are men.
Although the landscape is mostly composed of men, women are getting more involved in the space as digital assets hit the mainstream. As CryptoPotato reported, a third of American women are planning to invest in crypto by the end of the year, while 60% said they intend to buy in the next three months, according to a BlockFi study.
Germany Still Needs to Work on its Regulatory Framework
Johnny Lyu, CEO of KuCoin, said in a recent interview that the report clearly highlights the growing demand for crypto assets among the German population. This comes despite the fact that the country’s government hasn’t established a well-rounded regulatory framework for the decentralized sector.
“Cryptocurrencies are very popular among the supporters of the accumulation strategy, especially among the younger generation. They prefer to save for retirement on their own and diversify their savings through the use of cryptocurrencies.” – reads the paper.
The German government was however the first one to recognize Bitcoin as a “financial instrument,” but they have had only “some success in regulating crypto,” said Lyu.
The high demand for such assets in Germany led the Swiss FinTech firm Leonteq to expand its crypto services there and in Austria by partnering with ICF BANK AG, providing digital assets offerings to institutional and private clients.