Recent study results show that more than young Germans are interested in investing in cryptocurrencies.
The poll, conducted by the German Consumer Centers of Hesse and Saxony, published the results this week which indicates the interest that the German population has towards cryptocurrencies such as Bitcoin, Ethereum and Ripple.
According to the German Consumer Centre, over half of internet users (55%) claimed to know about cryptocurrency, but only one-third of that group was able to explain the concept in their own words. Furthermore, 11% of the group said that they would be willing to invest while another 11% claimed to be undecided about crypto-markets. A whopping 77% of the group said that they could not imagine putting funds into the cryptocurrency market.
When it came to the demographics of the study, younger people (individuals between 18 and 29 years) seemed to be more on board the idea of buying digital assets. In this age group, almost one third (28%) of the group could imagine buying cryptocurrencies.
Wolf Brandes, Team Leader Market Guards Finance, commented on the study with a word of caution against diving into an investment without researching the project first:
“[Y]ounger investors should not invest lightly. The associated risks extend to the total loss of invested money. In addition, we have been observing for some time that dodgy providers are particularly active in social media. They seem to lure targeted younger consumers, for example, with a promising investment around the new cryptocurrencies. Behind this are often multilevel compensation plans, which are probably pyramid schemes – or the money invested is simply gone and the provider can no longer be reached.”