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FRANKFURT: Nearly one in 10 European households has invested in cryptoassets, an ECB study published Tuesday said, highlighting high demand for the risky investments.

“As many as 10 percent” of survey respondents in six large eurozone countries, including Belgium, Germany, Spain, France, Italy and the Netherlands, said they owned cryptoassets.

The proportion of crypto owners varied between the countries, with the figure as low as six percent in France and above 14 percent in the Netherlands.

Financial oversight bodies have been increasing their scrutiny of the crypto market as the asset class has grown, while recent volatility has highlighted the risks involved for investors.

Interest rate hikes in the United States and the Russian invasion of Ukraine provided the backdrop for steep drops in the price of bitcoin and other crypto assets.

Cryptocurrency “is worth nothing”, European Central Bank President Christine Lagarde said in the Netherlands on Sunday.

“It’s based on nothing. There is no underlying asset to act as an anchor of safety,” she said, counselling potential investors not to follow “hype”.

Cryptoverse: Is the end of the bitcoin winter nigh?

The majority of holdings were worth “less than 5,000 euros” ($5,358), the report said, with the tendency towards smaller stashes.

High- and low-income households were relatively more likely to hold crypto than middle-income households.

“On average, young adult males and highly educated respondents were more likely to invest,” the report said.

An increasing number of institutional investors were also involved in the risky asset category, with 56 percent of those surveyed saying they had some exposure, up from 45 percent in 2020.

The total size of the crypto market reached a high of over 2.5 trillion euros “in late 2021” and was still “seven times bigger than it was at the start of 2020” despite recent drops, the report said.

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SAMIR SARDANA May 27, 2022 11:24pm
Govtts face an existential threat from Bitcoin & Cryptos ! It is not that it rivals the USD The threat is that it BYPASSES THE banking system ! The threat is that trade & commerce will BYPASS THE BANKING SYSTEM ! If A sells to B in POS store or online or by a wire transfer - the money goes to his bank - irrespective of FX chosen. Once the money hits the banks - then the trail is set ! EVEN IF THE PAYER IS NOT TRACEABLE - the recipient comes in the Direct & Indirect tax net (and FATF) - which feeds the government & politicians. So in a trade through BTC or other CrC (Crypto Coin),the Govtt loses the entire revenue on that supply chain & value chain - FOREVER - & that will catalyse more & more of such trades.In fact it will start a BTC supply chain- wherein commerce - will NOT PAY ANY TAXES TO the government. The advantage to the buyer of goods is that ,he pays NOVAT or taxes - so it is 10-20 % cheaper,& he has anonymity of payment.dindooohindoo
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SAMIR SARDANA May 27, 2022 11:33pm
Govtts face an existential threat from Bitcoin & Cryptos ! The threat is BTC trade & commerce will BYPASS THE BANKING SYSTEM !dindooohindoo If A sells to B in POS store or online or by a wire transfer - the money goes to his bank - irrespective of FX chosen.Once the money hits the banks - then the trail is set ! EVEN IF THE PAYER IS NOT TRACEABLE - the recipient , comes in the Direct & Indirect tax net (& FATF) - which feeds the government & politicians. So in a trade through BTC or other CrC (Crypto Coin),the Govtt loses the entire revenue on that supply chain & value chain - FOREVER - & that will catalyse more of such trades.In fact it will start a BTC supply chain - with its tech platforms - wherein manufacturing - will NOT PAY ANY TAXES TO the government. THIS WILL BANKRUPT THE STATE & THE BANKS (AS LIQUIDITY WILL EXIT BANKS) & WILL HIT BANK SOLVENCY & THE MONETARY POLICY OF THE FED -AS INTEREST RATES & CREDIT POLICY,WILL NOT BE A LEVER FOR ECONOMIC OUTCOMES !
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