Key Takeaways:
- Germany’s savings banks, a 1 trillion-euro industry, is looking to offer BTC and crypto in 2022
- Mainstream Adoption of Crypto Grows
Germany’s Savings Banks Group to Offer Bitcoin
Germany’s savings banks, an industry worth more than 1 trillion euro, is looking to offer bitcoin and cryptocurrency products in the coming year. More precisely, the project, now in the making, could soon make it possible for over 50 million customers to purchase and hold bitcoin.
The savings banks group is Germany’s biggest financial group. On their behalf, a spokesperson said demand for cryptocurrency among clients is surging. “The interest in crypto assets is huge,” the German Savings Association said.
In detail, Sparkassen, as they are called, is currently working to implement bitcoin trading for its wide range of clients.
To this end, the project is expected to go through voting from the group’s committee in early 2022. If the vote passes, bitcoin trading will be available later in the year. It’s important to note that the group has 370 branches. With this in mind, the passing of the project would not require every branch to implement it. Rather, they will independently decide whether or not to offer bitcoin trading.
The news was first reported by the German magazine Capital.
Mainstream Adoption of Crypto Grows
The step comes amid increased inflation pressures worldwide as customers are seeking to shelter their savings. In that context, financial institutions are swiftly turning to bitcoin as a way to have exposure to one more asset class.
Cryptocurrencies, as a fast-emerging market, are seen as an opportunity to find a hedge against inflation. In addition, digital currencies are characterized as assets that present lucrative investment opportunities.
Bitcoin, for example, has gained about 70% this year. For comparison, UK’s FTSE100 index is up less than 10% since January. In addition, bitcoin is considered a fairly young but quickly growing market. This said, many investors are turning to it in efforts to stay relevant and up to date with market developments.
Against this backdrop, be sure to check our bitcoin buying guide. In it, you will find all you need to know before making your first bitcoin investment.