Two-thirds of Germans know about Bitcoin

The number has doubled in two years, survey shows

by Viko
18 February • 1,5 min
In News

Germans appear to be among the nations that are most aware of the crypto world, with 64% of the people having heard of Bitcoin, a survey made by the German Federal Association for Information Technology, Telecommunications and New Media (Bitkom) shows.

In 2016, the awareness was 36%, while in 2013 it was just 14%, Bitkom said in a statement - link to statement) on its website on Thursday.

The poll, carried out among 1009 respondents, indicated that 4% of them already possess Bitcoins, while another 19% know how to buy the most prominent virtual currency.

According to Bitkom’s CEO Bernhard Rohleder, cryptocurrencies show how the digital age re-shapes the financial word and it’s not just about digital money, but the Blockchain technology that is revolutionary.

Many Germans, however, are still concerned about the unstable nature of cryptocurrencies, which gain and lose value in a matter of minutes. As much as 72% of the questioned said they do not know if Bitcoin has any practical use at all, so they are not interested in that kind of investment.

Repeating warnings from European financial authorities about the high risks involved in cryptocurrencies and the highly speculative nature of the crypto market are not likely to help this opinion to change.

However, compared to other countries, Germans have relatively high percentage of Bitcoin awareness, with a recent survey showing that some 56% of Russians have heard of Bitcoin, while as much as 70%-80% of Chinese are estimated to have no awareness of Bitcoin at all.