44% of Germans are open to investing in crypto: report – CoinJournal

A recent report by global crypto exchange KuCoin suggests that 44% of Germans are motivated toward cryptocurrencies as an investment.

This percentage of the population also believes cryptocurrency is the future of finance, the exchange noted in its Into The Cryptoverse 2022 report.

The insights gleaned from the study are reflective of Germanys set of clear rules applicable to cryptocurrencies, a summary of the report indicated.

Notably, Germany was the first country to recognise Bitcoin as a unit of value, classifiable as a financial instrument. That happened in 2013 and is a development that appears to have had a big impact on adoption rates in the country.

As a result of regulatory developments, 44% of respondents said they are looking to buy and invest in crypto. Per the report, almost half of the population is convinced crypto is going to be the future of finance.

16% of Germans aged 18-60 own cryptocurrencies or have traded them over the past six months, with 41% of these investors planning to increase their investments in 2022. A further 13% are said to be crypto-curious.

In terms of gender, men account for 69% of cryptocurrency investors, while 53% of the crypto-curious are women.

Overall, 77% of these crypto-curious investors are reportedly looking into potential digital assets to buy. According to KuCoin, this is a statistic that points to the very high levels of crypto literacy in the country.

The report suggests that the growing adoption of crypto investment in Germany is down to the growing appeal of digital assets as a source of passive income. And this ability to generate returns on crypto investments is seeing cryptocurrency investing going mainstream in the country.

Per the study, 35% of investors take positions for passive income opportunities. Meanwhile, 30% see crypto as a reliable store of value and 29% say crypto assets provide a means to financial independence.

In terms of specific investments for passive income, an average of 24% of investors prefer staking crypto to holding bank savings accounts. Crypto lending comes next at 13%.

The report on Germany is the second in KuCoins Into The Cryptoverse 2022 lineup, coming after Turkey. The exchange plans to release further reports throughout 2022.

Global trends on ownership and usage of crypto for 2021 showed that Nigeria topped the global charts, with Singapore, Thailand and the Philipines also up there. Asia, Africa, and South America are showing the fastest growth.

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44% of Germans are open to investing in crypto: report - CoinJournal