Almost half of Germany’s population is motivated to invest in cryptocurrencies according to a report published by KuCoin.
KuCoin is a global cryptocurrency exchange launched in September 2017 with over 600 digital assets. It currently offers spot trading, margin trading, P2P fiat trading, futures trading, staking and lending to 10 million users in 207 countries and regions around the world. In 2018, KuCoin received $20 million in round A funding from IDG Capital and Matrix Partners. According to CoinMarketCap, KuCoin is currently one of the top 5 cryptocurrency exchanges.
KuCoin has released the German version of its Into The Cryptoverse 2022 report, which explores crypto adoption rates in Germany and local people’s participation in the decentralized industry.
The statistics compiled in the Into The Cryptoverse 2022 report provide important insights into the impact of adopting a clear set of rules applied to cryptocurrencies in 2013 on adoption rates in Germany. The country was the first to recognize that Bitcoin is a “unit of value” and can be classified as a “financial instrument”.
Johnny Lyu, CEO of KuCoin on the state of crypto investors in Germany:
“Cryptocurrency is very popular in Germany, especially among the younger generation. They prefer to save themselves for retirement and diversify their savings through the use of cryptocurrencies.”
The growing appeal of cryptocurrencies as a means of passive income is showing that digital assets and their ability to generate returns on investments in them have become mainstream. The report shows that 44% of Germans are motivated to invest in crypto to be part of their “financial future”, 35% do it for passive income opportunities, while 30% consider cryptocurrencies An element is a trusted store of value. The remaining 29% hope to become financially independent with the help of cryptocurrencies.
The report states that 69% of crypto investors are men, while women make up 53% of crypto-curious people.
DThis is what Dr. R.Erdem ERKUL, founder and president of Cerebrum Tech, said:
“For the future of finance, Germany is focusing on cryptocurrencies.”
Recently, India is planning to levy GST when trading cryptocurrencies, the reason being that the number of crypto users in the country may be increasing sharply.
The taxation of cryptocurrencies is gaining a lot of attention and it is believed that this move by the government will drive crypto talent out of their country. In Germany, the number of crypto users is also growing quite rapidly, but Germany will not follow the same path as India, because Lyu believes that “the country has established a good foundation to create a favorable environment favorable benefit for investors using cryptocurrencies”.