According to a recent poll by the German Consumer Centres of Hesse and Saxony published Monday, Nov. 5, some 25% of young Germans want to buy cryptocurrency.
These two federal states have a population of around 10 million and the published poll is the result of surveying 1,000 Internet users in the 18–39 age group about cryptocurrencies.
Over half of the respondents said they had heard about crytpocurrencies , however, some 77% of those who know about them said they would be unlikely to invest in them.
Older Germans see crypto as a risk
One of the things stopping them appears to be the risk factor with 70% of the group stating that they see crypto as ‘risky’ or ‘very risky’. But, when you drill down into the results, what you notice is that age is a major factor in the perception of risk.
For example, the older respondents, those aged 30–39, are more likely to see crypto as ‘dangerous; around 58% of this age group are more risk averse in relation to crypto. However, when you look at those aged 18–29, only 28% of them see risk as a dissuasive factor. Indeed, this group was more likely to invest in crypto.
The German government is sceptical about crypto
The German government has been quite sceptical about crypto to date. In September, German Finance Minister Olaf Scholz stated that cryptocurrencies would not be able to replace fiat currencies, adding that they did not have “an economically significant importance”.
Millennial Germans most in favour of crypto
It is also worth noting that the Consumer Centres’ poll also warned about the risks of investing in crypto in its text, which may have skewed the results. So it seems that while Germans in general are keeping their distance from cryptocurrencies, the country’s younger generation is less cautious and more open to exploring the digital asset sector. This is something that is being seen in other countries, including the USA, where a poll of millennials showed that they are more likely than any other age group to buy cryptocurrency and 36% of them stating they preferred using crypto to the US dollar.