An estimate of ‘The National Securities Market Commission (CNMV)’, the Spanish financial regulator, shows that less than 7% of Spanish adults have invested in crypto. The majority of this group has a high income. Lower income Spaniards are not really interested in crypto.
The CNMV estimate is based on an investigation what they have done. A total of 1,500 Spaniards completed a questionnaire. This showed that ‘only’ 6.8% has invested money in cryptocurrencies. It is mainly young, well-educated Spaniards with a good salary who see something in bitcoin (BTC) and others cryptocurrencies. Of all crypto investors, 36% are between 35 and 44 years old. A large part of the investors has a university degree, namely 43.3%.
Income was also considered. It can be seen that 41% of crypto investors receive a salary of more than $3,000 per month. In addition, at 66%, the vast majority are male.
Crypto adoption in Spain
In the field of crypto adoption, Spain still has quite a bit to do. Especially if you compare it with other countries. An investigation by crypto exchange Gemini earlier this year showed that Brazil and Indonesia are frontrunners in this regard. Of all respondents from those countries, 41% are found to own crypto.
Both countries have a much worse economy than Spain. That could well explain the interest in those countries. Currencies from both countries have fallen sharply in value and cryptocurrencies could form a protection against inflation.
However, even when we look at more prosperous countries such as the United States and the United Kingdom, Spain is still far behind. The percentages in those countries are 20% and 18% respectively. Dutch research previously showed that almost 2 million Dutch people have crypto.
It is also not the case that crypto is not alive at all in the southern European country. In November of last year it was already read how Spanish bank Santander was going to launch Spain’s first bitcoin exchange fund.