Spain’s top regulator – the National Securities Market Commission (CNMV) – estimates that 6.8% of adults in Spain have some of their wealth invested in cryptocurrencies. Most of them are from the upper income bracket, and those with lower salaries do not find the asset class attractive.
Still, the Iberian country is far behind other countries in the adoption of cryptocurrencies. A few months ago, a Gemini survey identified Brazil and Indonesia as the global leaders.
How popular are cryptocurrencies among Spaniards?
CNMV question 1,500 adults in Spain find out which of them allocate some of their funds to the digital asset market. According to the results, 6.8% of people have already purchased Bitcoin or altcoins, with varying percentages for different demographic groups.
Young, well-educated and well-paid individuals are more likely to become cryptocurrency investors. Almost 36% of 35- to 44-year-olds admit to being the same, compared to only 7% of 55- to 70-year-olds.
When it comes to education, 43.3% of crypto investors have a college degree, while 28% lack scholarships at that level.
Similar to other countries, most HODLers get a stable salary and a stable job. The CNMV found that 41% of those earning more than €3,000 have entered the cryptocurrency ecosystem, while 10.7% of Spaniards earning less than €1,000 have allocated some funds in the market.
Unsurprisingly, 66% of cryptocurrency investors in the Iberian country are men, while 34% are women.
Digital assets are considered a legal form of investment in Spain. Meanwhile, capital gains from the sale of cryptocurrencies are taxed in the range of 19% to 23% (depending on personal income).
lag behind the leader
The level of cryptocurrency adoption in Spain appears to be small compared to Brazil and Indonesia. According to a study conducted by trading venue Gemini, 41% of respondents from these countries are HODLers.
Notably, the severe economic crisis in Brazil and Indonesia, while most of their populations lack basic financial services, could explain the interest in the asset class. Buying cryptocurrencies can also be seen as a hedge against inflation as the Brazilian real and the Indonesian rupiah have been depreciating recently.
Spain is also far away from major economies like the US and UK, which have crypto adoption rates of 20% and 18%, respectively.
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