The securities markets regulator in Spain, the CNMV, published its newest report on cryptocurrencies. Grupo Analisis e Investigacion held the survey consisting of 1,500 participants and another 300 cryptocurrency investors. The goal of the survey was to know the approximate number of people in Spain who know at least something about crypto.
The study was majorly concerned with the popularity of crypto in Spain. As per the numbers, over 90 per cent of the people surveyed knew about crypto. But only 1.4% had proper knowledge about crypto. This means the core knowledge about crypto is limited to a certain number of people in Spain.
While other reports have expressed that a critical number of Spaniards have invested in crypto over the years, this one hints at crypto as yet being a niche item as an investment. Just 6.8% of the surveyed revealed having invested in cryptocurrencies sooner or later. Over 80% likewise expressed that they haven’t invested in crypto and don’t plan to do as such in the future.
Be that as it may, most prepared crypto investors invest 5% or less of their net worth in cryptocurrencies, which proposes they utilize these as diversification assets rather than their main investment vehicles. The concentrate likewise informs that even these investors accept that cryptocurrencies are dangerous investment items. 66.3% of the surveyed think that cryptocurrencies present a greater number of risks than other investment assets.
Spanish controllers have been exceptionally tough on cryptocurrencies. On June 4, the governor of the Bank of Spain, Pablo Hernandez de Cos, expressed that cryptocurrency was greater than the subprime mortgage market before the 2008 financial crisis and that its links to customary finance, however frail right now, may be hazardous in the long run.