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7% of Spaniards are crypto-HODLers, regulator says

The top Spanish regulator – the National Securities Market Commission (CNMV) – estimates that 6.8% of Spain’s adult population has invested some of their wealth in cryptocurrencies. Most of them came from the higher income class, while those with lower salaries don’t find the asset class as attractive.

Still, the Iberian nation is lagging far behind other countries in terms of cryptocurrency adoption. A few months ago, a Gemini poll found that Brazil and Indonesia are the world leaders.

How popular is crypto among the Spaniards?

the CNMV interrogated 1,500 adults in Spain to find out what proportion of them has allocated some of their money to the digital asset market. According to the results, 6.8% have already bought bitcoin or altcoins, while the percentage varies between different demographics.

Young, educated and well-paid individuals are much more likely to be crypto investors. Nearly 36% of 35- to 44-year-olds admitted to being so, while only 7% of 55- to 70-year-olds have done the same.

In terms of education, 43.3% of crypto investors have college degrees while 28% lack that level of scholarship.

As in other countries, most HODLers receive solid salaries and have stable jobs. The CNMV found that 41% of those earning more than 3,000 euros have entered the crypto ecosystem, while 10.7% of Spaniards earning less than 1,000 euros allotted some money in the market.

Unsurprisingly, 66% of cryptocurrency investors in the Iberian country are male, while 34% are female.

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).

Falling behind the leaders

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

It is worth noting that the economic crisis in Brazil and Indonesia is significant while the majority of their populations lack basic access to financial services, which could explain the interest in the asset class. Buying cryptocurrencies can also be considered a hedge against inflation, as the Brazilian real and the Indonesian rupiah have recently depreciated.

Spain is also a long way from leading economies such as the US and the UK where the crypto adoption rate is 20% and 18% respectively.


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