Young Spaniards’ preferred investing plan is to put money into crypto assets, with 38% saying they will do so in the next months.
According to a recent study, 38% of Spaniards between the ages of 25 and 40 intend to invest in cryptocurrencies in the coming months. Furthermore, 21% of the participants had already invested in bitcoin or other cryptocurrencies.
Are Spaniards Buying Bitcoin in Large Numbers?
The Spanish neobank Rebellion ran a poll to see if young Spaniards were considering jumping on the cryptocurrency bandwagon anytime soon. According to the findings, more than a third of the participants said yes.
Investing in digital assets is the most popular investment option among residents aged 25 to 40, with over one-fifth saying they had already put money into it. Pension funds and deposits came in second with 19 percent.
The poll also highlighted the most compelling reasons for young people to embrace cryptocurrency. Twenty-seven percent of those polled think it’s a “good investment,” while another 27 percent think bitcoin and altcoins are “the future of payments.” Still, there is room for growth in this area since 17% of respondents said they have no understanding of cryptocurrency.
Sergio Cerro, the CEO of Rebellion, believes that digital assets will be a major “element to consider in the future.” However, he emphasized that now is the right moment for businesses like his to invest in 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.”
Spain is being invaded by blockchain technology.
Young Spaniards aren’t the only ones that support the crypto sector in their country. According to another study, 25% of Spanish firms have had some experience with blockchain technology. While the number of active users was only 11% at the end of 2019, it was still a considerable increase from the 1% at the end of 2019.
Furthermore, 46% of major firms in Spain favor integrating distributed ledger technology in the future to improve their security.
Although the usage of blockchain solutions is gaining traction in the Spanish sector, according to Jess Rodrguez, CEO of the technology firm REALSEC, there is still a need to improve its efficiency as the new economy forces businesses to adopt new business models based on digital innovation. In this context, by 2020, blockchain will be regarded as an effective technique that helps reduce costs and risks and is one of the primary technical techniques for incorporating many businesses.