Majority of Germans still sceptical despite Bitcoin all-time high

Bitkom: Majority of Germans still sceptical despite Bitcoin all-time high

According to a recent survey by the IT industry association Bitkom, only a fraction of Germans can still imagine investing in Bitcoin or other cryptocurrencies.

According to a survey by IT industry association Bitkom, only a fraction of Germans remain Bitcoin Bank reviews interested in cryptocurrencies such as Bitcoin, according to a Bitkom release on 16 December.

Hardly any interest among private investors

Although Bitcoin is currently marking new highs again and seems to have overcome the long dry spell since its previous all-time high in 2017, only less than a fifth (18 per cent) of all Germans could imagine investing in cryptocurrencies, Bitkom said.

Although 76 per cent of Germans have now heard or read about cryptocurrencies such as Bitcoin, Ether, Ripple & Co, which corresponds to an increase of eight percentage points within one year. However, 66 per cent of Germans still considered cryptocurrencies to be complicated for investment and 65 per cent only suitable for speculators looking for a quick price gain.

According to Bitkom, 30 percent overall and 43 percent among 16-29 year-olds think „that cryptocurrencies are a secure alternative to the established monetary system“. One in four respondents (28 per cent) also think cryptocurrencies are suitable as a long-term investment.

Patrick Hansen, Head of Blockchain at Bitkom, interprets the results as follows:

„Bitcoin is now seen less as a means of payment and more as an alternative investment like gold. Other cryptocurrencies have a different focus, for example on payment transactions between machines in the Internet of Things. Cryptocurrencies don’t replace classic money, they complement it.“

Cryptocurrencies like Bitcoin are in the process of „leaving their niche existence in finance“, Hansen continues. This can be seen, for example, „in the fact that large payment service providers are integrating cryptocurrencies or companies are investing Bitcoin as a capital reserve“.

Increasing interest among institutional investors

While the majority of private investors remain on the sidelines, institutional market participants are now showing great interest. As a research report published jointly by Cointelegraph Consulting and Crypto Research Report on 5 November shows, the proportion of professional investors who either already own digital assets or intend to buy them in the future is now 60 per cent.