Germany ready to welcome crypto industry
Last Updated on 6 November 2023 by CryptoTips.eu
Although earlier this year we thought that it was France (and its President Macron) who were looking to welcome the crypto industry that needs to escape from China and the United States into their country, according to the latest data it turns out to be Germany.
Earlier this week there was the news that Deutsche Bank was ready to hold Bitcoins for its institutional clients, and if we look at this year’s Blockchain report for Germany, it’s clear that Berlin is ready to welcome crypto with open arms .
🚀 The German Blockchain Report 2023 is out!— CV Labs (@CV_Labs) September 13, 2023
- Germany: 2.4% global blockchain funding
- 72% of funding into startups
- DeFi leads with 32%
🔍 Inside: Trends, funding, expert insights
Download the report at: https://t.co/kKfJ2NtJYM#GermanBlockchainReport
Lastly the popularity of Annalena Baerbock, the German Minister of Foreign Affairs and leader of the Green party, is also part of the reason.
Millenials and Gen-Z
Like everywhere else in the world, in Germany it is mainly Millenials and Gen-Z who are ready to invest in crypto. It turns out that 28% of Gen-Z already use crypto for investments or online payments.
49% of German crypto-hodlers thinks of it as a long-term investment. They are convinced that crypto will continue to exist, even if it experienced a severe downturn in 2022.
Deutsche bank knows all too well that these generations will be the future leaders of the country and is therefore ready to make the shift to digital currencies. Even though the international banking world still views crypto with suspicion, they stated that they will keep crypto and traditional banking matters separate.
Our product design, and the nature of custody for clients, will make sure that there isn’t the risk of contaminating the bank’s other activities.
Said Paul Maley, Deutsche Bank’s global head of securities services.
Finally, there is the popularity of Annalena Baerbock, the green foreign minister in the cabinet of Chancellor Olaf Scholz. Back in 2021, the Greens won their biggest political victory ever and have since become the second largest party in the German government.
Baerbock is the symbol par excellence for Gen Z and Millenial girls and women in Germany. Her popularity is greater than even that of Scholz.
Funnily enough, the largest donation for the Green election victory was made by a man (Moris Schmidtz) who became wealthy thanks to Bitcoin, a fact that has haunted Baerbock ever since. The Green party in Germany is therefore considered very crypto-friendly.