Young people in particular are doing it

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Cryptocurrency is particularly popular with younger people.

(Bild: ©Open Studio - stock.adobe.com)

Cryptocurrencies are also on the rise in Austria. Almost one in five (18%) have already invested in crypto, according to a YouGov survey of 1021 people aged 18 and over.

This form of investment is particularly popular among younger people. 28% of 28 to 43-year-olds (millennials) invest in cryptocurrencies, compared to 21% of the 18 to 27-year-old generation (Generation Z). Older people, on the other hand, remain somewhat more skeptical.

Among Generation Z, cryptocurrencies are the second most popular asset class together with exchange-traded funds (ETFs), in which 21% have also invested. They rank only behind gold and silver, in which 32% of this age group have invested money, according to the study, which was conducted on behalf of the crypto platform Bitpanda.

"The figures underline the growing optimism and increased confidence in the future of digital assets," said Martin Beranek, Commercial Director Switzerland & Austria at Bitpanda, according to the press release. For the two younger generations, the main reasons for investing in crypto assets are independence from traditional financial institutions (35%), high potential returns (34%) and anonymity (31%).

A quarter would like more stability
However, 24% of under 41-year-olds would also like to see more stability in the crypto market, while 23% want more legal regulations and government regulation to increase confidence in this form of investment. Better security measures against hacker attacks are also an issue for 22% of respondents.

Among the older age groups, cryptocurrencies are viewed much more critically. Among Generation X, 16% are invested in cryptocurrencies, compared to just 8% of Boomers.

From the end of 2024 (December 30), the crypto market in Austria will be more strictly regulated. This is when the EU regulation known as "Markets in Crypto Assets" (MiCA) will come into full force. The regulation governs the public offering of crypto assets, their admission to trading, own funds for issuers of crypto assets, the holding of an asset reserve for crypto assets, withdrawal and redemption options for retail investors, the provision of crypto asset services and measures to prevent and prohibit market abuse.