The Dutch don’t scare easily when it comes to cryptocurrency, according to a survey by nu.nl. The 865,000 people who hold virtual coins have not converted them, despite the sharp fall in cryptocurrency prices since December.
One reason is that Dutch investors invest for the long term and in small amounts, according to Multiscope, a research company that recently surveyed Dutch cryptocurrency holders.
Dutch investors have invested around 200 euros in digital coins. More than 705 of the investors said they bought the coins for long-term returns.
While Dutch investors have high expectations for future returns, they have become more pessimistic about this in February due to recent pricing activity.
Investors were still counting on a return of 11 times their deposits as recently as mid-January. In February, they modified their expectations to six times their deposits.
Three-quarters of the survey respondents indicated their cryptocurrencies were still profitable as of Jan. 16. By Feb. 12, 51% indicated the value of their cryptocurrency was still higher than the amount deposited.
Six out of 10 respondents bought cryptocurrency from their current account. Only 1% used borrowed funds.
The Netherlands has long worked hard at embracing bitcoin. In 2014, Arnhem, one of the largest cities in the Netherlands, became the first place to have a supermarket that accepts bitcoin.
Not only that, but the Dutch have their very own digital currency, the Guldencoin, which was launched in 2014. Named after the guilder Dutch currency that the euro replaced, it has gained a significant level of acceptance among Dutch businesses.
The guilder was the currency of the Netherlands from the 17th century until 2002, when it was replaced by the euro. Between 1999 and 2002, the guilder was officially a “national subunit” of the euro.
Guldencoin is not the only Dutch cryptocurrency that references the traditional Dutch currency. There is also electronic Gulden.
It’s clear to see that while the Netherlands may be significantly smaller than other countries, that certainly hasn’t stopped it from embracing bitcoin and cryptocurrency.
Featured image from Shutterstock.