In a new survey German retail bank Postbank has found that every third German considers cryptocurrencies as an investment.

The survey was conducted as part of the Postbank Digital Study 2018 on 3,100 Germans and took place between the end of February and the end of March.

In a press release dated May 29, Postbank said that a total of 29 percent of Germans consider digital currency as an interesting investment, underscoring the interest of those in the younger age groups. According to the survey results, in the 18-34 age group, nearly one in two (46 percent) is interested in cryptocurrencies as an investment – despite often negative reports.

“It is noteworthy that Germans are still interested in cryptocurrencies as a financial investment despite high losses and obvious risks," says Dr. Thomas Mangel, Postbank Chief Digital Officer. "There is certainly a real risk that people will lose money just because they follow a hype."

Furthermore, six percent of those belonging to 18-34 age groups have already invested in cryptocurrencies and another 14 percent plan on doing so in the next 12 months.

Speaking of cryptocurrency awareness, the survey finds that due to media hype, many Germans believe that they are familiar with cryptocurrencies – because they have already read or heard so much about them. Around 20 percent of respondents certified themselves with a good or very good knowledge of cryptocurrencies. 29 percent of respondents in the 18-34 age group consider themselves "crypto connoisseurs".

"Due to the media hypes, many people overestimate their knowledge about the opportunities and risks of cryptocurrencies as an investment," said Mangel.