December 7, 2022

The largest Spanish regulator – the National Securities Market Authority (CNMV) – estimated that 6.8% of the adult population in Spain had invested part of their wealth in cryptocurrencies. Most of them were in the high-income category, while those with lower salaries do not find the asset class attractive.

However, the Iberian nation still lags behind other countries in terms of cryptocurrency adoption. A few months ago, the Gemini survey determined that Brazil and Indonesia are at the fore in the world.

How popular is cryptography among Spanish?

CNMV question 1,500 adults in Spain to find out which part of them has devoted some of their money to the digital asset market. According to the findings, 6.8% have already bought bitcoin or altcoins, while the proportion varies between different demographic groups.

Young, educated and well-paid individuals are more likely to be crypto investors. Roughly 36% of people aged 35-44 admitted it, while only 7% of those aged 55-70 did the same.

In terms of education, 43.3% of crypto investors have university diplomas, while 28% lack this level of scholarship.

Similar to other countries, most HODLers receive stable salaries and have stable jobs. CNMV found that 41% of those with salaries above €3,000 have entered the cryptocurrency ecosystem, while 10.7% of Spaniards earning less than €1,000 have put some money into the market.

Not surprisingly, 66% of crypto investors in the Iberian country are male, while 34% are women.

Digital assets are a legal form of investment in Spain. At the same time, capital gains from the sale of cryptocurrency are taxed in the range of 19% to 23% (depending on personal income).

Falling behind the leaders

The level of cryptocurrency adoption in Spain seems minimal compared to Brazil and Indonesia. According to a study conducted by the trading site Gemini, 41% of individuals surveyed from those countries are HODLers.

It should be noted that the economic crisis in Brazil and Indonesia is significant, while the majority of the population lacks basic access to financial services, which may explain the interest in the asset class. Buying cryptocurrencies can also be considered a hedge against inflation due to the recent depreciation of the Brazilian Real and the Indonesian Rupiah.

Spain is also far from the leading economies, such as the USA and the UK, where the cryptocurrency adoption rate is 20% and 18%, respectively.

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