While there are risks associated with investing in cryptocurrency, some others see it as a chance to boost their family savings, according to a new study commissioned by cryptocurrency trading platform BitMEX.
Kantar Research conducted the survey to discover cryptocurrency-related trends among consumers in 2022. The survey, which included 3,000 respondents across 14 markets in Europe, Asia and Latin America, found that Europeans see cryptocurrency as a way to invest and save for their families.
55% of European participants said they currently own cryptocurrencies. Additionally, 70% of these respondents said that the primary use of crypto was to use for their family's needs. Furthermore, the survey shows that 61% view cryptocurrency as a "useful method of asset diversification."
In addition to these results, the survey says that three out of five European respondents reported a 50% increase in their crypto investments. While not as important as winning the lottery, the report reveals that more than 80% of the transactions made by cryptocurrency owners surveyed were $1,000 or more.
The purpose of the study, according to BitMEX CMO Michele Bertacco, is to better understand investor behavior. Bertacco said after seeing the results that "mass demand for cryptocurrencies is expanding at a very rapid pace."
Another survey released earlier this week revealed that people who have not invested in cryptocurrency are concerned about instability, environmental impact and regulation. Furthermore, the study identified "lack of knowledge" as the most significant barrier preventing investors from investing in cryptocurrency.