A survey indicates that 45% of Czech citizens plan to invest in cryptocurrencies, driven by rising interest and notable proposals, including a potential investment from the Czech National Bank in Bitcoin. However, concerns about cyber fraud and volatile markets persist, as investment-related scams surge amid the popularity of digital currencies.
A recent survey indicates that nearly half of Czech citizens are contemplating investments in cryptocurrencies, signifying a notable surge in interest in digital assets amid ongoing concerns over financial risks. Conducted by the security firm Eset, the poll reveals that 45% of respondents in the Czech Republic intend to purchase cryptocurrencies in the future, while 27% have previously owned crypto.
Czechia’s momentum in the cryptocurrency sector is exemplified by a proposal from Aleš Michl, the governor of the Czech National Bank, to invest billions of euros from the country’s foreign reserves in Bitcoin. This innovative step would place Czechia as the first Western central bank to hold crypto assets, driven by burgeoning interest in the crypto market influenced by political developments, including a new U.S. digital asset working group initiated during Trump’s administration.
Data reported by Anycoin, the leading cryptocurrency exchange in Czechia, indicates that local trading of cryptocurrencies surpassed CZK 10 billion in 2024—more than double the trading volume from 2022 and 2023. Notably, Bitcoin is the prominent currency, accounting for every second cryptocurrency sold in Czech markets.
Despite these advancements, industry experts like Petr Lajsek from Purple Trading caution against the volatility and loosely regulated nature of the cryptocurrency market, describing it as a “digital wild west” filled with both opportunities and risks. They stress that cryptocurrency investment may not be suitable for everyone.
The rising popularity of digital currencies has simultaneously attracted cybercriminal attention. Eset’s threat report has shown that investment fraud soared by over 335% from June to November 2024, marking the Czech Republic as one of the most targeted areas for such threats.
According to Eset’s Ondřej Novotný, many individuals view cryptocurrencies as a viable savings alternative, but the fear of financial risk and cyber fraud inhibits potential investors. Approximately 25% of survey respondents cited these concerns as their reasons for abstaining from cryptocurrency purchases.
Cybercrime is escalating in the Czech Republic, with internet-related offenses representing about 10.5% of total criminal activities. Investment-related scams predominate, particularly schemes involving high-yield returns connected to cryptocurrencies, as reported by Zuzana Pidrmanová of the Police Presidium’s prevention department.
Experts warn that many scams originate from social media platforms and can evolve into voice phishing, commonly referred to as “vishing.” Furthermore, fraudulent activities frequently exploit false endorsements from celebrities or reputable brands to deceive potential victims.
