Bitpanda has partnered with YouGov Deutschland GmbH to survey more than 6,000 Europeans from Germany, France, Switzerland, Austria and Italy to take a look at how attitudes towards crypto are changing.
Bitpanda says that they know that digital assets “are seeing more adoption across Europe, but adoption and attitudes towards cryptocurrencies vary massively depending on age, gender, and nationality. In our research, we wanted to better understand how these factors are changing.”
Across Bitpanda’s five target surveyed markets “the adoption rates of cryptocurrencies were hugely different.”
Switzerland was the most crypto-friendly country, with “almost a quarter (23%) of the total population already owning cryptocurrencies.”
Austria follows with 18%, while France “has 14% and Germany 11%. Italy ranks lowest, with just 9% of its population owning cryptocurrencies.”
But cryptocurrencies aren’t just popular at the moment. When asked about future investing plans Bitpanda found “that 29% of the people surveyed plan to invest in cryptocurrencies within the next year and 46% of younger generations are convinced Bitcoin’s value will increase.”
In total almost one in three people “under the age of 43 plan to invest in cryptocurrencies in the next 12 months.”
Their survey showed that Millennials and Gen Z “dominate the crypto market in all five countries.”
These age groups show a strong “interest in cryptocurrencies, with an average of 24% of Millennials (28-43 years) and 19% of Generation Z (18-27 years) owning crypto.”
Across all five countries, these younger generations are driving the market, a trend which can also be seen in the country-specific data:
- Switzerland: 32% of Millennials and 29% of Gen Z own crypto.
- Austria: 28% of Millennials and 21% of Gen Z own crypto.
- France: 23% of Millennials and 22% of Gen Z own crypto.
- Germany: 22% of Millennials and 12% of Gen Z own crypto.
- Italy: 16% of Millennials and 13% of Gen Z own crypto.
The survey shows significant “differences between men and women in terms of cryptocurrency investment behaviour.”
Men are still far more likely to invest in cryptocurrencies in all countries surveyed.
- Individual shares: 28% of men vs. 13% of women
- Cryptocurrencies: 21% of men vs. 8% of women
- Precious metals: 20% of men vs. 10% of women
- ETFs: 20% of men vs. 8% of women
- Commodities: 9% of men vs. 3% of women
Additionally, 47% of the women said “they couldn’t imagine investing in the future. In the case of men, it was just 27%.”
As with any investment, the main motive “for investing in cryptocurrencies across all countries was the potential for returns (24%).”
However, independence from traditional financial institutions (22%) and anonymity in transactions (21%) were “both significant driving factors.”
In order to strengthen trust in cryptocurrencies, respondents would like “to see more government regulation and more comprehensive information and education about cryptocurrencies (19% in each case).”
Other frequently cited factors were “better security measures (18%) and more stability in the crypto market (17%).”
