Spain’s top regulator – the National Securities Market Commission (CNMV) – estimates that 6.8% of Spain’s adult population have some of their wealth invested in cryptocurrencies have invested. Most of them were in the upper income bracket, while those with lower salaries do not find the asset class as attractive.
Still, the Iberian nation lags far behind other countries in terms of cryptocurrency adoption. A few months ago, a Gemini poll found that Brazil and Indonesia ranked highest in the world.
How popular is crypto among Spaniards?
The CNMV questioned 1,500 adults surveyed in Spain to find out how many of them have invested part of their wealth in the digital asset market. According to the results, 6.8% of respondents already have Bitcoin or bought altcoins, with percentages varying across demographics.
Young, educated, and high-earning individuals are much more likely to be crypto investors. Almost 36% of 35-44 year olds admitted to being such investors, while only 7% of 55-70 year olds have done the same.
As for education, 43.3% of crypto investors have a college degree, while 28% do not have such a level.
Similar to other countries, most HODLers earn solid salaries and have stable jobs. The CNMV found that 41% of those earning over €3,000 entered the crypto ecosystem, while 10.7% of Spaniards earning less than €1,000 invested some funds in the market.
Unsurprisingly, 66% of cryptocurrency investors in the Iberian country are male, 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 cryptocurrencies are taxed in a range of 19% to 23% (depending on personal income).
Fall behind the leaders
Cryptocurrency adoption in Spain appears to be low compared to that in Brazil and Indonesia. According to a study study conducted by the Gemini trading venue, 41% of the people surveyed from these countries are HODLers.
It is worth noting that the economic crisis in Brazil and Indonesia is significant, while the majority of their population does not have basic access to financial services, which could explain the interest in this asset class. Buying cryptocurrencies could also be used as a hedge against the inflation should be considered as the Brazilian real and Indonesian rupiah have both depreciated recently.
Spain is also far from leading economies like the US and the UK, where the crypto adoption rate stands at 20% and 18%, respectively.
Source: Crypto News Deutsch