German retail bank Postbank said a recent survey shows a total of 29 percent of German citizens see digital currencies as an interesting investment, despite the price declines and continuing volatility.
This was revealed in a survey conducted on 3100 Germans for the Postbank Digital Study 2018 - The Digital German and the Money. It was conducted between the end of February and the end of March when there were very sharp price falls in the digital currencies.
German crypto investors are fascinated by the opportunities for high returns and independence from the monetary policy of the central banks.
The independence from established financial systems is important for 56 percent respondents, more important for women (60 percent) than for men (51 percent).
Meanwhile, the prospect of supposedly high returns influenced 45 percent, with men making 56 percent and women making 36 percent of them.
The issue of anonymity of investment was popular among 32 percent, with 39 percent of them being men and 26 percent women.
For every fifth interested person, there are also emotional reasons such as thrills and the "gold digger feeling" of investing in a relatively new form of digital investment.
Nearly one in two (46 percent) is interested in cryptocurrencies as an investment in the age group between 18 and 34. Meanwhile, 29 percent of the 18 to 34 age group consider themselves "crypto connoisseurs".
About 20 percent of Germans certify themselves of having a good or very good knowledge of cryptocurrencies.
"Due to the media hypes, many people overestimate their knowledge of the opportunities and risks of cryptocurrencies as an investment," warns Dr. Thomas Mangel, Postbank Chief Digital Officer.
Despite all these findings, the survey shows that only an overall average of 3 percent Germans actually own cryptocurrencies as an investment, out of which 6 percent are between the age group of 18 and 34 years.
Meanwhile, 56 percent of Germans have kept away from cryptocurrencies due to the high risk involved; 31 percent due to lack of money; 31 percent fearing hacking thefts; 30 percent due to no deposit protection; and 29 percent due to no state control.
Though Bitcoin is a legal tender and a unit of account in Germany, majority in Deutschland are yet to buy or use it. Using cryptocurrency as a mode of payment was also exempted from tax in Germany since early March.
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