Attitudes of Crypto Holders

BE SURE For the questions we ask and answer Attitudes of Crypto Holders Ad hoc research for AFM © Ipsos 2021. All rights reserved. Contains Ipsos' Confidential and Proprietary information and may not be disclosed or reproduced without the prior written consent of Ipsos.

© Ipsos 2021 2 BE SURE Introduction 2 Introduction 3 Results 11 Research Methodology and Background Characteristics Background Cryptocurrencies have been in the news a lot in recent years. Prices rose to record highs, but also fell significantly. Despite all the news reports, not much is yet known about crypto holders and their attitudes towards these digital payment methods. In this research, we focus on the different cryptocurrencies people own, how they came to invest in them, and their perception of the risks surrounding cryptocurrencies.

Guide This report combines the results of two studies: • The autumn measurement of the Consumer Monitor (Q3 2021) in which questions about cryptocurrencies were asked to 148 investors who own cryptocurrencies in addition to traditional investments. These respondents are referred to as 'Investors' in the legend of this report. • A separate ad hoc study in which the same questions were asked to 254 respondents who own crypto but no other investments. These respondents are referred to as 'Non-investors' in the legend of this report. The results presented are representative for gender, age, and education for Dutch crypto holders aged 18 and older. The ratio of investors and non-investors in this study is also representative of the ratio of these groups among all crypto holders in the population. All differences described in the report are significant. Contents

© Ipsos 2021 BE SURE Results

© Ipsos 2021 4 Yes No Don't know One in twelve Dutch people invests in cryptocurrencies. Young people and men have relatively more crypto Do you own crypto? Do you own cryptocurrencies? Base: GfK monthly screening August 2021: n=33,900 3% 89% 8% Total 2% 3% 86% 92% 12% 5% Male Female 5% 2% 2% 91% 89% 85% 3% 9% 13% Lowly educated Middle educated Highly educated • Among Dutch people aged 18 and older, one in twelve (8%) owns cryptocurrencies. This amounts to 1.18 million Dutch people. • Approximately half (51%) of crypto holders state that they also own traditional investments (e.g., stocks, investment funds, bonds, index trackers, etc.) in addition to their cryptocurrencies. 2% 2% 2% 4% 81% 85% 89% 93% 16% 13% 9% 3% 18 to 34 years 35 to 44 years 45 to 54 years 55 years and older

© Ipsos 2021 5 66% 50% 36% 24% 21% 14% 14% 13% 9% 7% 19% 73% 53% 41% 24% 16% 14% 15% 15% 12% 6% 19% 58% 46% 29% 24% 27% 14% 12% 11% 7% 8% 19% Bitcoin (BTC) Ethereum (ETH) Cardano (ADA) Ripple (XRP) Dogecoin (DOGE) Litecoin (LTC) Stellar (XLM) Binance Coin (BNB) Bitcoin Cash (BCH) Tether (USDT) Other Total Investors Non-investors Bitcoin and Ethereum are the most popular cryptocurrencies Which of the following cryptocurrencies do you personally own? Which of the following cryptocurrencies do you personally own? • Bitcoin (BTC) and Ethereum (ETH) are the most popular cryptocurrencies. Two-thirds (66%) of crypto holders own Bitcoin and half (50%) own Ethereum. • Crypto holders who also have other investments own Bitcoin more often than crypto holders without investments (73% vs. 58%). The originally joke-intended Dogecoin (DOGE) is then bought more often by crypto holders without other investments (27% vs. 16%). • There is a wide variety of cryptocurrencies available, which is also evident from the open answers. One in five (19%) respondents owns other cryptocurrencies than the options presented. Specifically, Verge (XVG), VeChain (VET), and Polkadot (DOT) are often mentioned. Base: All respondents with crypto n=402; respondents ad hoc research: n=254; / Indicates that this target group owns the crypto significantly more/less often than the other target group Consumer Monitor Q3 2021: n=148

© Ipsos 2021 6 Almost half of crypto holders have invested less than €500 What amount in euros have you invested in total in cryptocurrencies? What amount in euros have you invested in total in cryptocurrencies? 7% 8% 6% 8% 9% 6% 7% 9% 5% 11% 17% 6% 23% 26% 21% 30% 23% 37% 14% 9% 19% Total Investors Non-investors Less than € 100 € 100 to € 500 € 500 to €2,500 € 2,500 to € 5,000 € 5,000 to € 10,000 € 10,000 or more Don't know / prefer not to say • Almost half (43%) of crypto holders have invested less than €500 in total in cryptocurrencies; only 14% have invested €5,000 or more. • 56% of crypto holders without investments have invested less than €500 in cryptocurrencies, while this is the case for 31% of crypto holders with investments. • Young people (18-34 years) and older people (55+) invest lower amounts in cryptocurrencies than the intermediate age group (35-54 years). A possible explanation for this is that young people have less money to invest in cryptocurrencies, while older people may have less trust in cryptocurrencies or prefer to invest in other forms of investment. Base: All respondents with crypto n=402; respondents ad hoc research: n=254; respondents Consumer Monitor Q3 2021: n=148 7% 9% 8% 6% 5% 7% 17% 5% 5% 9% 5% 7% 6% 11% 12% 13% 28% 19% 17% 23% 31% 34% 26% 35% 18% 11% 18% 12% 18 to 34 years 35 to 44 years 45 to 54 years 55 years and older

© Ipsos 2021 7 37% 32% 27% 23% 19% 14% 10% 3% 4% 27% 33% 38% 23% 28% 16% 12% 4% 3% 46% 30% 16% 23% 10% 13% 7% 2% 6% On the advice of friends/acquaintances The price development The underlying technology/innovation Chosen impulsively After seeing/reading news reports Ratings of analysts On the advice of well-known people via social media After receiving an email from a provider Other Total Investors Non-investors Investors base their purchases on different reasons and information than crypto holders without investments What reasons play a role for you to invest in crypto? How did you come to the choice of the specific cryptocurrencies you own? • Both crypto holders with and without other investments mention 'taking a gamble' and low savings interest most often as reasons to invest in crypto. • Crypto holders who also have other investments invest more often in cryptocurrencies than crypto holders without other investments because they believe in the underlying technology (41% vs. 20%), due to the excitement (37% vs. 23%), or because they expect to make quick profits (25% vs. 16%). • The choice for specific cryptocurrencies is often based on the advice of acquaintances (37%) or price development (32%). Crypto holders without other investments base their choice more often on the advice of acquaintances than crypto holders who also invest (46% vs. 27%), while the latter group more often chooses based on the underlying technology (38%) or news reports (28%). It appears that crypto holders with investments are better informed before they buy cryptocurrencies than people who only own cryptocurrencies. How did you come to the choice of the specific cryptocurrencies you own? 54% 42% 31% 30% 21% 17% 11% 7% 7% 53% 38% 41% 37% 25% 17% 9% 10% 8% 56% 45% 20% 23% 16% 16% 13% 4% 7% Taking a gamble Low interest on savings account Belief in underlying technology Excitement of investing I expect to make quick profits Supplement to pension/income, paying off mortgage, children's future or future care costs More and more people in my circle of acquaintances have joined in As a payment method to purchase other goods or services Another reason Total Investors Non-investors Base: All respondents with crypto n=402; respondents ad hoc research: n=254; respondents Consumer Monitor Q3 2021: n=148 / Indicates that this target group mentions the reason more/less often than the other target group

© Ipsos 2021 8 One in eight crypto holders would come into (major) financial problems if prices collapse Suppose that in a month the prices of your cryptocurrencies collapse and you are left with less than 10%. Do you in that case: • If the prices of cryptocurrencies collapse and one is left with less than 10% of the value, this has no significant financial problems for three-quarters (76%) of crypto holders. However, for one in eight (12%), this would cause (major) financial problems. • Three out of ten (31%) crypto holders who have invested €5,000 or more in cryptocurrencies state that a collapse of prices will cause (major) financial problems for them. For crypto holders with a portfolio of €500 to €5,000, this is 12%. • We saw earlier that investors invest larger amounts in cryptocurrencies more often than crypto holders without other investments (slide 6). If prices collapse, this also causes (major) financial problems for investors more often. One in five (19%) would then have a problem that they find difficult or barely manageable, compared to 4% of crypto holders without investments. Base: All respondents with crypto n=402; respondents ad hoc research: n=254; respondents Consumer Monitor Q3 2021: n=148 76% 70% 83% 12% 11% 13% 10% 17% 3% 1% 1% 1% Total Investors Non-investors A financial problem that you find difficult to manage A financial problem that you can barely manage A small financial problem that you don't really feel No significant financial problem 89% 69% 48% 4% 20% 20% 3% 11% 31% 3% 1% 1% Up to €500 invested €500 to €5,000 invested €5,000 or more invested Financial consequences if prices collapse

© Ipsos 2021 9 Three out of ten crypto holders consider a collapse in the value of their coins hardly a risk Can you indicate for the following situations how large or small you estimate the risk when investing in cryptocurrencies? Can you indicate for the following situations how large or small you estimate the risk when investing in cryptocurrencies? Base: All respondents with crypto n=402 Total • Cryptocurrencies are known for the high volatility of prices. Crypto holders therefore see the collapse of their coins by far as the greatest risk when investing in cryptocurrencies. Two-thirds (68%) consider this a (large) risk and almost four out of ten (38%) consider it a large risk. • At the same time, given the many news reports about value increases and decreases, it is striking that three out of ten (30%) crypto holders consider a collapse not or only as a very small risk. This may be because people often invest relatively small amounts in cryptocurrencies and a price drop often (76%) does not constitute a significant financial problem (slide 8). Large risk Limited risk Very small risk No risk Not applicable 38% 12% 13% 12% 15% 17% 11% 8% 31% 37% 32% 32% 25% 23% 21% 21% 15% 32% 35% 36% 34% 28% 24% 24% 14% 14% 14% 14% 21% 23% 20% 28% 2% 5% 6% 5% 5% 9% 25% 18% Collapse of coin value Theft of coins Bankruptcy of crypto exchange/ trading platform Fraud Ban on cryptocurrencies Loss of required password Loss of hardware where wallet is stored Hard crash of device with wallet

© Ipsos 2021 10 Large risk Limited risk Very small risk No risk Not applicable 38% 12% 13% 12% 15% 17% 11% 8% 31% 37% 32% 32% 25% 23% 21% 21% 15% 32% 35% 36% 34% 28% 24% 24% 14% 14% 14% 14% 21% 23% 20% 28% 2% 5% 6% 5% 5% 9% 25% 18% Collapse of coin value Theft of coins Bankruptcy of crypto exchange/ trading platform Fraud Ban on cryptocurrencies Loss of required password Loss of hardware where wallet is stored Hard crash of device with wallet Crypto holders with investments see greater risks than crypto holders without other investments Can you indicate for the following situations how large or small you estimate the risk when investing in cryptocurrencies? Base: All respondents with crypto n=402; respondents ad hoc research: n=254; respondents Consumer Monitor Q3 2021: n=148 Total Investors Non-investors 45% 15% 19% 15% 21% 23% 14% 10% 27% 40% 35% 37% 30% 21% 22% 26% 14% 28% 30% 35% 29% 25% 24% 19% 13% 11% 12% 9% 18% 19% 19% 28% 1% 6% 5% 4% 1% 11% 21% 18% Can you indicate for the following situations how large or small you estimate the risk when investing in cryptocurrencies? 29% 9% 7% 9% 9% 11% 8% 7% 34% 35% 28% 27% 20% 24% 19% 16% 17% 36% 42% 38% 38% 32% 23% 30% 16% 16% 15% 20% 25% 27% 22% 29% 3% 4% 8% 6% 8% 6% 29% 18%

© Ipsos 2020 Research Methodology 11

© Ipsos 2021 12 BE SURE Devices Method Research Methodology ad hoc research Crypto Sample Fieldwork Online research (CAWI) 12 questions in total Approximately 2.5 min. completion time Attitudes of Crypto Holders Monday 23 August to Monday 30 August 2021 500 invitations sent Consumer Panel Sample of Dutch crypto holders (18+). The sample is weighted to reflect Dutch crypto holders (18+) based on the monthly screening (Aug. '21). This group is weighted for gender, age, education, and whether they have other investments besides crypto. 254 fully completed questionnaires 51% response rate Because more and more online questionnaires are filled out on a mobile device (smartphone/tablet), it is important that both the question wording (short and concise) and the programming (mobile friendly) are adapted to this. 49% of respondents filled out the questionnaire via a PC, 4% via a tablet and 47% via a smartphone. Robin Hardeveld Kleuver Industry Consultant Financial Services +31 6 81 87 27 31 robin.hardeveldkleuver@ipsos.com Bryan van der Boom Project Manager +31 20 6070 714 bryan.vanderboom@ipsos.com

© Ipsos 2021 13 BE SURE 40% 21% 20% 19% 18 to 34 years 35 to 44 years 45 to 54 years 55 years and older Demographic Data Crypto Holders – I 69% 31% Male Female 75% 25% Male Female 63% 37% Male Female Gender Total Gender Investors Gender Non-investors Age Total Age Investors Age Non-investors 49% 21% 19% 11% 18 to 34 years 35 to 44 years 45 to 54 years 55 years and older 31% 21% 22% 26% 18 to 34 years 35 to 44 years 45 to 54 years 55 years and older Base: All respondents with crypto n=402; respondents ad hoc research: n=254; respondents Consumer Monitor Q3 2021: n=148

© Ipsos 2021 14 BE SURE 11% 54% 35% Low Middle High Demographic Data Crypto Holders – II Education Level Classification Low No or primary education / LBO / VMBO (vocational or occupational) / MBO 1 / VBO / MAVO/ HAVO or VWO (promoted to 4th class)/ VMBO (theoretical or mixed) / (M)ULO Middle MBO 2, 3, 4 or MBO before 1998 / HAVO or VWO (diploma completed) / HBS/ MMS High HBO or university propaedeutic / HBO or university bachelor/candidatus Education Total Education Investors Education Non-investors 7% 48% 45% Low Middle High 15% 60% 25% Low Middle High 23% 17% 52% 8% Low Middle High Unknown Income Total Income Investors Income Non-investors Classification of gross household income per year Below average Up to € 36,500 Average € 36,500 to € 43,500 Above average € 43,500 or more 19% 10% 69% 2% Low Middle High Unknown 27% 23% 35% 15% Low Middle High Unknown Base: All respondents with crypto n=402; respondents ad hoc research: n=254; respondents Consumer Monitor Q3 2021: n=148