Crypto turbulence leaves majority of investors unimpressed
Published: Wednesday, Nov 8th 2023, 06:00
Updated At: Thursday, Nov 9th 2023, 00:54
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Negative headlines have not shaken the confidence of the vast majority of crypto investors. In Switzerland, Germany and Austria, among other countries, only just under a fifth of crypto investors have reduced their investments since fall 2022.
According to a new survey, an average of 18% of private crypto investors in Germany, Switzerland, Austria and four other countries have reduced their investments since fall 2022. The consulting firm Strategy&, part of the international auditing company PwC, published the survey on Wednesday.
According to the survey, Austrians are particularly cautious, with 20% saying that they have reduced their crypto investments. In Switzerland, the figure was 16 percent and in Germany 15 percent. Strategy& surveyed 3,798 private investors in August, including 1,000 in Germany and 500 in each of the two neighboring Alpine countries. The other respondents lived in Poland, Turkey, Saudi Arabia and the United Arab Emirates.
Crypto-optimists were in the majority everywhere. On average across all seven countries, considerably more investors - 34% - sold part of their crypto portfolio in order to get back in at a lower price. Fourteen percent sold nothing at all and even invested additional money, while the remainder kept their shares without buying or selling.
Collapse of the cryptocurrency exchange
In the fall of 2022, the US cryptocurrency exchange FTX collapsed. Before the collapse, the company had been one of the largest trading venues for digital currencies such as Bitcoin. The FTX collapse led to a global slump in cryptocurrency prices, and last week a New York court found founder Sam Bankman-Fried guilty of billion-dollar fraud.
Even before the scandal, cryptocurrency had already fallen sharply in value. The best-known digital currency Bitcoin, for example, had reached its all-time high of over 60,000 dollars in the fall of 2021; a year ago, the value of a Bitcoin was then below 17,000 dollars after the FTX collapse. Since then, the price has roughly doubled again.
"The crypto hype is not over, despite all the market slumps and distortions within the scene," said Philipp Wackerbeck, Head of Financial Services at Strategy&. Many investors are planning to expand their crypto portfolios and are focusing on holding their positions for the long term. However, the turbulence has not completely fizzled out: according to the survey, investors' willingness to switch trading platforms has increased.
©Keystone/SDA
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