According to a recent survey that has been conducted by the German bank Postbank, has revealed important information about the virtual currency market in the country. According to it, there is a high percentage of individuals that knows about cryptocurrencies and how they work.
Germans Aware of Cryptocurrencies
Even when the virtual currency market is operating in a bear trend since the last January, Germans seem to be aware of cryptocurrencies. Two of the most attractive features that virtual currencies have are anonymity and investment yields.
Despite the volatility in the market, there is always the possibility of making important gains, but also investors may lose their money as well.
Over 56% of the male responders maintained an interest in virtual currencies because of the possibility of earning huge profits while trading these assets. At the same time, the study showed that individuals between 18 and 34 years are the most interested in virtual currencies, which seems logic.
20% of the respondents said that they have already invested in cryptos or that they are going to do so in the next months. Moreover, 20% of the people said that they have an ‘expert’ knowledge of the market.
Thomas Mangel, Postbank Chief Digital Officer, commented:
“Due to the media hypes, many people overestimate their knowledge of the opportunities and risks of cryptocurrencies as an investment. 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.”
Germany is a great country for cryptocurrencies. Berlin is ranked as one of the best places for start-ups to build their businesses, and an important number of companies are located there. Moreover, the German government has decided not to put taxes on virtual currency transactions when they are related to small purchases. That means that if an individual want to buy a coffee and pay with cryptocurrencies, then they will not be taxed for that transaction.
