European Families See Cryptocurrency as Tool to Increase Savings, Survey Shows

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European families see cryptocurrencies as a tool to increase savings, a survey conducted in 14 markets showed. Three out of five European respondents reported a 50% increase in their crypto investments.

Although cryptocurrencies are considered a risky asset, their penetration rate continues to increase significantly. Despite the risks associated with investing, some see it as a way to increase their family savings, a recent study commissioned by cryptocurrency trading platform BitMEX found. BitMEX chief marketing officer (CMO) Michele Bertacco said that the survey's goal was to understand investors' behavior better. After seeing the results, Bertacco explained that “the mainstream appetite for crypto is growing at a very fast speed.”

A survey by research firm Kantar attempted to uncover cryptocurrency-related trends among consumers in 2022, Cointelegraph reports. A survey conducted among 3,000 respondents in 14 markets in Europe, Asia, and Latin America found that Europeans look at crypto as a method for investment and saving up for their families.

55% of European participants said they currently own a cryptocurrency. Moreover, 70% of these respondents noted that crypto’s main function is to be used for their family’s needs. In addition, the survey also showed that 61% of respondents consider cryptocurrencies to be a good way to diversify investments.

In addition to these findings, the study mentions that three out of five European respondents reported a 50% increase in their cryptocurrency investments. The survey notes that more than 80% of the transactions of the surveyed crypto owners are $1,000 and above.

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