According to a recent research, 38% of Spaniards between 25 and 40 years old plan to enter the cryptocurrency market in the coming months. Moreover, 21% of the participants have already invested in bitcoin or some altcoins.
Are Spaniards Flocking into Crypto?
The Spanish neobank Rebellion conducted a survey to determine whether young Spaniards were thinking of jumping on the cryptocurrency bandwagon in the near future. Per the results, more than one-third of the participants answered “yes.”
Investing in digital assets is the most contracted investment product among locals aged between 25 and 40 years old as around one-fifth admitted they have already allocated funds in them. Pension funds and deposits (19%) ranked second.
The survey also revealed the top reasons for youngsters to catch the crypto tide. 27% of the participants believe that this is a “good investment,” while 27% praised bitcoin and the altcoins as “the future of payments.” Still, knowledge on the matter needs improvement as 17% answered they know nothing about crypto.
Sergio Cerro – the CEO of Rebellion – opined that digital assets would be a significant “factor to take into account in the future.” He stressed that now is the time for companies like his to embrace the asset class:
“The world of payments is experiencing a change and now is the time to decide if we want to participate in this change or not. It is a matter of time before large institutions and organizations begin to accept them as a form of payment.”
Blockchain Technology Invades Spain
Young Spaniards are not the only chunk of the local society to be supportive of the crypto industry. According to another report, 25% of Spanish companies have had exposure to blockchain technology at some point. While the active users stood at 11%, it still represents a significant growth compared to the 1% at the end of 2019.
Additionally, 46% of the large companies in Spain are in favor of incorporating distributed ledger technoly to increase their security in the future.
Jesús Rodríguez, CEO of the technology company REALSEC – pointed out that although the use of blockchain solutions has a growing acceptance in the Spanish industry, there is still a need to work on its efficiency:
“The new economy imposes adopting new business models based on digital innovation. In this context, in 2020, blockchain has begun to be perceived as an efficient technology that contributes to reducing costs and risks and as one of the main technological strategies that want to incorporate a large number of companies.”