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The KuCoin report, based on a survey of adult crypto investors aged 18-60 in Germany, shows an increase in interest in cryptocurrencies, with 26% of German crypto users entering the crypto market in the last quarter.
Furthermore, 49% of German crypto users are primarily motivated by long-term wealth accumulation.
Dorian Vincelloni, KuCoin's head of European Business Development, commented on the latest findings.
โWe are delighted to present our latest Cryptoverse Report, which showcases Germany's distinctive position in the global crypto landscape,โ said Vincelloni. "The country's advantageous regulatory environment, marked by reduced uncertainty and a relatively crypto-friendly framework, has played a critical role in fostering cryptocurrency adoption among German citizens."
KuCoin Research Indicative of Global Cryptocurrency Use
Overall, GlobalData predicts that global crypto revenue will reach $1.1 trillion by 2030, up from $33 billion in 2022.
The metaverse, which encompasses a multitude of virtual worlds where cryptocurrencies are used to buy and trade, will become a $627 billion market, GlobalData analysts predict.
The surge in cryptocurrency revenue comes despite a series of bankruptcies that have negatively impacted the cryptocurrency market over the past year and culminated in the collapse of FTX, a centralized exchange, in November 2022.
KuCoin is a global cryptocurrency exchange headquartered in the Seychelles. In 2019, the company United with Simplex payment processor to allow the purchase of virtual currencies with credit cards.
Commenting on the report, Sven Wagenknecht, editor-in-chief and co-founder of BTC-ECHO, said: โPrices can fluctuate significantly on a temporary basis, but the report shows that the number of cryptocurrency users in Germany is constantly increasing.
โContrary to the widespread assumption that cryptocurrencies are only short-term speculation, the survey results reveal that around half of cryptocurrency investors want to hold their coins for the long term,โ Wagenknecht noted. "This fact is more than positive."
