A High Demand for Cryptocurrencies in Germany: KuCoin Report

A report released by KuCoin indicates that the richest country in Europe, Germany, is coming around to cryptocurrency. The report shared statistics that are indicative of a positive future for cryptocurrencies in Germany.

According to the report, 44% of Germans are “motivated to invest in cryptocurrencies to be a part of the future of finance.” The report also mentioned that over a third, around 37% of German cryptocurrency investors “have been trading cryptocurrencies for over a year.”

Furthermore, the statistics also showed that there is a high number of German women that are interested in cryptocurrency, as “women account for 53% of the crypto-curious.” This could be indicative of females in Germany being more interested in the future of finance than the current legacy system.

The CEO of KuCoin, Johnny Lyu, explained the state of German cryptocurrency investors in a recent interview saying, “Cryptocurrencies are very popular among the supporters of the accumulation strategy, especially among the younger generation. They prefer to save for retirement on their own and diversify their savings through the use of cryptocurrencies.”

Lyu also mentioned that although there exists a high demand for cryptocurrencies in Germany, the country has not yet put any specific regulations around the use of digital currencies. The report stated that the local regulator has had only “some success in regulating crypto.”

Germany was however the first country to recognize Bitcoins as “units of value” and that Bitcoin could be classified as a “financial instrument”. Also, Germany’s political standing relative to cryptocurrencies was a talking point during the recent parliamentary elections.