Cultural, Gender and Age Differences Play Roles in Cryptocurrency Investments
Scroll DownIn the populous German states of Hesse and Saxony, 25 percent of the population between the ages of 18 and 39 are more likely to acquire and use digital currencies. This assertion was recently published by a major financial news outlet that cited results of a survey conduct by a consumer financial research agency. Overall, Germans are not as enthusiastic about cryptocurrency as Americans. As can be expected from the modern and tech-savvy German society, more than half of the 1,000 young consumers polled in this survey are familiar with the cryptocurrency world. About 25 percent of them are ready to purchase Bitcoin and other tokens, but three quarters of survey respondent are not keen on the idea of investing in this sector. Within the age groups polled, older Germans are more likely to be cautious about cryptocurrency investing, and the majority have decided that the current outlook is too risky and volatile; conversely, respondents between the ages of 18 and 29 do not see as much risk involved, and they believe that a profit could be obtained. This assertions were made after respondents were informed that there is no regulation of cryptocurrency trading in Germany, thus adding to the overall uncertainty. As for the financial regulation entities of Germany, current opinion on cryptocurrency trading is not positive. The Ministry of Finance has stated doubts about the ability of digital currencies to replace the euro, and the Minister has personally compared the current exchange market to the tulip mania financial bubble that started in the Kingdom of the Netherlands and spread to Germany in 1636. Quite a few German investors lost their holdings during that curious bubble. In the United States, younger Americans are far more bullish than their German counterparts to acquire, use and invest in cryptocurrencies. More than a third of younger consumers are interested in these digital assets, and many of them believe that they will become as mainstream as fiat currency. In terms of investor participation, Americans who earn $75,000 or more per year are the most likely participants in the cryptocurrency markets, and the majority describe themselves as members of the Millennial Generation.
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