Czechs are more inclined to hold their funds in cryptocurrencies than in euros
Like many other nations that do not have the luxury of issuing the national currency, the Czechs may consider investing some of their savings in foreign, "convertible", legal means of payment, such as the dollar or the euro. Surprisingly, the new study shows that none of these two is the number 1 choice for the investment of their savings. A study carried out this month reveals surprising results.
The survey shows that Bitcoin is more popular than the Euro, but there is still a large percentage of people who are distrustful of cryptocurrencies. Nevertheless, cryptocurrencies such as Bitcoin and Ethereum have become the most popular cryptocurrencies in the Czech Republic when it comes to investment opportunities. At the moment, 11% of respondents are considering the purchase of cryptocurrency.
Since the "liberalization" the Czech crown (CZK) has been doing quite well. It strengthened against the euro after the Czech central bank raised its limit in April. Almost one third of Czechs (30%) now believe in their free movements, according to the study. The second most trusted traditional currency in the Czech Republic is the Swiss franc (26%).
Left unchecked, the Czech crown may lose its value at some point. When the national currency falls, the prices of imported goods inevitably go up. Thanks to the liquid crown, the Czechs can more often than not look for alternative investment sources to diversify their investments and spread the risk of losing their savings.
Bitcoin also as cash
The euro may sound like an obvious choice, but it has never been too popular among Czechs. A few years ago, the government in Prague suspended indefinitely plans to adopt a common European currency. Multiple surveys indicate very low public support for entering the euro zone, well below 20%. The Ipsos survey for Topforex also showed that the euro fell to third place among trusted currencies in the Czech Republic.
When respondents were asked if they planned to buy foreign currency in cash, more than half said they had no intention. A third of those who want to buy claim that they would buy the euro. Many neighbors from their country, such as Slovakia, have adopted the euro, and visiting the Czechs will require European cash. 8.4% of respondents said, however, that they plan to obtain a cryptocurrency - twice as many as those who said they intend to buy US dollars in the near future (4.2%).
Last year, the National Bank of the Czech Republic tried to diminish the importance of cryptocurrencies and their possibilities of marginalizing traditional money. Financial authorities have claimed that banks have no reason to be afraid of Bitcoin.
A few months ago, the Czech media informed about the first sale of real estate for Bitcoins in the country. The Russian bought a flat in Prague for 35 Bitcoins, said Hospodářské Noviny Jaroslav Kováč, founder of the company that signed the contract. Realtor also said that he negotiated other transactions using BTC with interested Czech and foreign customers. Earlier last year, the largest retail online store in the country began to accept payments at BTC.
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