Opinions

Young Germans Vote in Favor of Cryptocurrencies, Survey Results

According to a poll created by the German Consumer Centers of Hesse and Saxony on the general public’s opinion on where they should invest their money, almost 25% of the younger population voted in favor of investing in the evolving industry of cryptocurrencies, reports suggest.

As we know that since the advent of bitcoin in early 2009, the world of crypto has only grown into a bigger industry. New tokens are launched on regular basis and established organizations have started investing heavily in the industry as they see it progressing.

Just like any other Consumer Center, the German Consumer Centers of Hesse and Saxony also operate as non-profit, government based institutions that function to protect the consumers in the market and also give them advice on matters related to consumer’s activities. These two German states have a population of around 10 million people combined and they conducted a joint online survey to study the interests of the younger people in this regard as reported by the source, the survey targeted people mainly belonging to the age group between 18 to 39 years.

When the results of the survey poll came out, it was deduced that 55% of people belonging to this age group had heard of the existence of cryptocurrencies and out of the total population, 77% people clearly said that they had no intentions of investing their money in the world of crypto while 23% showed desire to make investments in the digital currencies.

On further discussion with the respondents, in the age group of 18 to 39 years, it was found that 70% of the respondents found investing in cryptocurrencies very risky. Around 54% of the population belonging to the age bracket of 30 to 39 years finds making investments in cryptocurrencies to be a dangerous move where the 29% of population between the age of 18 years to 29 years looked somehow interested in investing in the crypto industry. So, we can see that as the age of respondent increases in the survey result, their consideration of risk is higher in terms of making investments.

The finance markets team leader at the Consumer Center of Hesse, Wolf Brandes warned the respondents in advance about investing in the digital currencies stating:

Investors need to know: cryptocurrencies in terms of investment are gray capital markets. There is no regulation or investor protection.

Mr. Brandes himself pin points the concern of the investors that everyone interested in investing in cryptocurrencies should know that the factor of risk is pretty high in this industry as he calls this industry an unofficial platform for people to make investments which do not have any regulatory or security policies that would protect the investors from loss.

This mindset towards the crypto industry is commonly shared within the German government as the German Finance Minister, Olaf Scholz recently said that cryptocurrencies cannot replace the fiat currency as they do not have any significant impact on a state’s economy. Mr. Scholz also believes that the crypto industry is quite similar to the tulip fever bubble of the Netherlands back in the 17th century that represents the process of economy in which the prices go speedily high and then go through the phase of declining eventually.

More surveys have been conducted regarding people’s intentions on investing in the cryptocurrencies and studies in the US have shown that 36% of the population would use cryptocurrencies instead of the fiat currency according to the survey conducted by YouGov Omnibus, a research service. This shows the interest of the people of America in digital currencies and how they believe making investments in cryptocurrencies is better and more profitable for them rather than using dollar.

Therefore, these survey results reflect on how the importance of digital currencies is different for people belonging to different parts of the world. However, it can also be seen that the younger generation is likely to consider making investments in cryptocurrencies than the fiat money and recent progress in the crypto industry shows that it isn’t such a bad idea after all.

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Jaudat Sulehri

A management student, sports enthusiast and a writer. Jaudat gives his insights on the cryptocurrency in the world of trade and blockchain technology in particular. He also holds investments in XRP and BCH. Email: jaudat@blockpublisher.com or contact the editor at editor.opinions@blockpublisher.com

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