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Monday, March 27, 2023

75% Have Heard About Crypto in Spain, According to the CNMV

75% Have Heard About Crypto in Spain, According to the CNMV – The CNMV, a body that oversees Spain’s securities markets, has released the findings of its most recent research on cryptocurrencies. In order to get an overview of the level of cryptocurrency adoption among Spanish investors, the institution hired the research firm “Grupo Analisis e Investigacion” to survey 1,500 participants and a separate sample of 300 cryptocurrency investors.

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The study’s most relevant finding relates to how well-liked cryptocurrency is throughout the country. Three out of four Spaniards have heard of cryptocurrencies, indicating that they have some level of adoption in the country, according to the statistics that have been made public.

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The general public’s knowledge of the subject is still quite limited. Only 1.4 percent of those surveyed claimed to be highly experienced in cryptocurrencies.

The majority of those surveyed either don’t know anything about cryptocurrencies or have only occasionally heard or read about them. This dominant group included about 70% of those surveyed.

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While some reports claim that a sizable number of Spaniards have made investments in cryptocurrencies recently, this one suggests that cryptocurrencies are still a niche investment option.

Only 6.8% of those surveyed said they have at some point invested in cryptocurrency. Additionally, more than 80% of respondents said they have not invested in cryptocurrencies and do not intend to do so in the future.

But the majority of seasoned cryptocurrency investors only put 5% or less of their total assets into cryptocurrencies, suggesting that they utilize them more as diversification assets than as their primary investment vehicles.

Additionally, the survey reveals that even these investors think cryptocurrencies are risky investment opportunities. According to 66.3 percent of those surveyed, cryptocurrencies are riskier than other investment assets.

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Regulators in Spain have strongly criticized cryptocurrency. On June 4, Pablo Hernandez de Cos, governor of the Bank of Spain, claimed that the cryptocurrency market was larger than the subprime mortgage market before the 2008 financial crisis and that, although now weak, its connections to traditional finance could eventually prove dangerous.

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