Nearly a tenth of Czechs have invested in cryptocurrencies

Eight percent of Czechs, almost exclusively men, have invested in some cryptocurrency, according to the results of a survey carried out by the agency STEM/MARK, published this week.

The best-known cryptocurrency in the Czech Republic is Bitcoin, followed by Ethereum and Litecoin.

The survey was carried out in March among 487 respondents between the ages of 15 and 60.

The share of respondents who invested in cryptocurrencies or are thinking about it, has nearly doubled since 2018, when the agency carried out a similar survey. At the same time, the number of people who have never heard of cryptocurrencies has dropped to 24 percent over the past three years.

“Around 25 percent of Czech men have considered investing in crypto-currencies,” Jan Burianec of STEM/MARK agency, who carried out the research, told the Czech News Agency. In the age group below 30, it is nearly 30 percent.

The survey also suggests that some 13 percent of Czechs considered investing in cryptocurrencies, but later changed their mind. Among the reasons they mentioned were risk, distrust and instability.

The youngest generation has the greatest trust in cryptocurrencies. Three quarters of respondent below the age of 30 agreed that cryptocurrencies will be frequently used in the future. To the contrary, only one fifth of young respondents said they didn’t trust them.
For most Czechs, Bitcoin is synonymous for cryptocurrency.

According to Mr. Burianec, the number of people who know about Bitcoin has increased by 20 percentage points in the last three years.

The volume of trade in Bitcoin and other cryptocurrencies in the Czech Republic has increased by 50 percent on the previous year to half a billion crowns. The trend is fuelled by the increasing value of Bitcoin and a growing demand.