Almost Half of German Millennials Ready to Invest in Cryptocurrency

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Almost Half of German Millennials Ready to Invest in Cryptocurrency

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A recent survey by German bank Postbank has revealed that 29% of those surveyed were interested in investing in cryptocurrencies, with 46% of millennials ready to invest, according to Cointelegraph.

Of the 3,100 German nationals interviewed over a period of one month in February, many of those that said they would want to invest in digital currency suggested that “independence from established financial systems” was an important factor for them.

Possible high returns, on the other hand, particularly attracted men: 56% against 36% of women. For every third potential cryptocurrency investor, anonymity was also an important factor in their decision to invest.

Cryptocurrency was more popular among those between 18-34 years, with 46% saying that they would consider investing in cryptocurrency with 6% already having taken the plunge. The survey’s figures suggested that another 14% had plans to invest during the next twelve months.

Dr Thomas Mangel, head of Postbank’s digital department, said that the recent slump in crypto prices hadn’t fazed people’s intention to buy cryptocurrency as he felt they saw the future advantages of digital currency investment. However, he warned:

“Despite all the fascination, young investors should not lose sight of offers from the established banking system. Anyone who already makes an investment in securities as an investment should certainly not invest in cryptocurrencies because of the high risks involved. Because this type of investment is highly speculative.”

German bankers have been less enthusiastic in their assessment of recent price fluctuations. Deutsche Bank AG’s wealth management advised against investment in cryptocurrencies earlier this year. The bank’s global chief investment officer, Markus Mueller, suggested that high volatility, possible price manipulation, and data loss or data theft should be deterrents to those looking at crypto investment.

However, with the announcement that Deutsche Boerse, the owner of the Frankfurt Stock Exchange, is evaluating whether to offer cryptocurrency products and Boerse Stuttgart Digital Adventures’ announcement of the release of its Bison app in April, banks might be reappraising their earlier stance on cryptocurrency and related products.

 

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