7% Of Spaniards Own Cryptocurrency

Spain’s top regulator – the National Securities Market Commission (CNMV) – estimates that 6.8% of Spain’s adult population has invested part of their wealth in cryptocurrency. Most are high-income, while those with lower salaries do not find any asset class attractive.

However, the Iberian nation is still far behind other countries in cryptocurrency adoption. A few months ago, a Gemini survey determined that Brazil and Indonesia rank as the global leaders.

CNMV questioned 1,500 adults in Spain to find out which of them had allocated some money to the digital asset market. According to the results, 6.8% bought Bitcoin or altcoins, while the percentage varied across different demographic groups.

Young, educated, well-paid individuals are more likely to become crypto investors. Nearly 36% of 35- to 44-year-olds admitted to doing so, while only 7% of 55- to 70-year-olds did. Regarding education level, 43.3% of crypto investors have a university diploma.

Similar to other countries, most HODLers receive stable salaries and have stable jobs. CNMV found that 41% of those with a salary above 3,000 euros have joined the ecosystem of cryptocurrencies, while 10.7% of Spaniards earning less than 1,000 euros have allocated some funds to the market.

Unsurprisingly, 66% of crypto investors in the Iberian nation are men, while 34% are women. Digital assets are considered a legal form of investment in Spain. At the same time, capital gains from the sale of cryptocurrency are taxed between 19% and 23% (depending on personal income).

Spain’s crypto adoption seems small compared to Brazil and Indonesia. According to a study conducted by the Gemini exchange, 41% of the people polled from those countries are HODLers.

It should be noted that the economic crisis in Brazil and Indonesia is severe. At the same time, most of their populations lack primary access to financial services, which may explain the interest in this type of asset. Buying cryptocurrency can also be seen as a hedge against inflation as the Brazilian real, and the Indonesian rupiah has depreciated recently.

Spain is also behind the top economies, such as the US and UK, where crypto adoption rates are 20% and 18%, respectively.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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