European families see crypto as a tool to increase savings: Survey

While there are risks associated with crypto investing, some see it as a way to boost their family savings, a recent study commissioned by crypto trading platform BitMEX shows. 

The survey, conducted by research firm Kantar, tried to discover crypto-related trends among consumers in 2022. Going through 3,000 respondents within 14 markets in Europe, Asia and Latin America, the study found that Europeans look at crypto as a method for investments and saving up for their families.

Fifty-five percent of the European participants declared that they currently hold cryptocurrency. Moreover, 70% of these respondents noted that crypto’s main function is to be used for their family’s needs. Additionally, the survey also found that 61% of the respondents see crypto as “a good way to diversify investments.”

Apart from these findings, the study mentioned that three out of five European respondents declared a 50% growth in their crypto investments. While the number isn’t as significant as winning the lottery, the survey notes that more than 80% of the transactions of the surveyed crypto owners are $1,000 and above.

BitMEX chief marketing officer (CMO) Michele Bertacco said that the survey’s goal was to understand investors’ behavior better. After seeing the results, Bertacco explained that “The mainstream appetite for crypto is growing at a very fast speed.”

Related: One-fifth of businesses in El Salvador now accept Bitcoin: NBER study

Earlier this week, a different survey showed that people who have not invested in crypto are worried about volatility, environmental impact and regulation. Apart from these, the study also noted “lack of understanding” as the most prominent wall that stops investors from getting into crypto.

Meanwhile, a more recent survey showed that 80% of participants are willing to work out more if they got cryptocurrency as an incentive. Additionally, respondents also said that they are likely to cancel their gym membership in exchange for one based in the Metaverse.