Nearly 40% Of Young Spaniards Open To Investing In Cryptocurrencies

A recent survey conducted among young Spaniards between the ages of 25 and 40 has revealed that nearly 40% of them would be open to entering the crypto market in the next few months. Additionally, 21% of the participants in the survey have already invested in Bitcoin or other altcoins. 

Flocking To Crypto 

The survey, conducted by Rebellion, to determine the level of interest among younger Spaniards in crypto and whether they were planning to jump into the cryptocurrency market anytime in the near future. The survey concluded that over one-third of the participants were keen on cryptocurrencies and would be open to investing in crypto. 

Digital assets have become the most popular investment products among individuals aged between 25 and 40 years, with over one-fifth saying that they have already allocated funds towards cryptocurrencies. 

Why Crypto Is So Popular 

The survey also shed light on why crypto is so popular amongst the younger generation, with 27% of respondents believing that crypto is a good investment. An additional 27% of the participants also praised bitcoin and other altcoins as the future of payments. However, a significant number of respondents did not know much about crypto, with 17% of respondents stating that they were not too aware of cryptocurrencies. 

CEO of Rebellion, Sergio Cerro, stated that digital assets and cryptocurrencies would become a significant factor that would have to be taken into account in the future, with companies needing to embrace the asset class as they continue to grow. 

“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.”

Taking Spain By Storm  

Blockchain technology has become increasingly popular in Spain, with other sections of Spanish society also looking at cryptocurrencies and utilizing them. According to another report, 25% of Spanish companies have been exposed to blockchain technology at some point or the other. 11% of companies in Spain were actively using blockchain technology, which is a significant growth, as blockchain technology was used only by 1% at the end of 2019.  

A further 46% of larger companies based in Spain favor the incorporation of distributed ledgers so as to improve their security. CEO of technology company REALSEC stated that the use of blockchain technology and its solutions are seeing a growing acceptance in Spain. However, they still needed to work towards the efficiency of blockchain solutions. 

Spanish Opposition Party Proposes Allowing Mortgage Payments With Crypto 

The Spanish opposition party, the Partido Popular, has proposed a bill that allows individuals to use cryptocurrencies to pay their mortgage loans. The bill also mooted the creation of a crypto assets council. While the use of cryptocurrencies as a means of exchange is legal in Spain, the proposed bill, called the “Digital Transformation Bill,” would regulate the use of cryptocurrencies by homeowners, allowing them to repay their mortgage using crypto should they choose to do so.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.