Crypto HODLers in Spain make up 7% of the population of the country, according to the national regulator.
The National Securities Market Commission (CNMV), the leading regulatory body in Spain, calculated that 6.8% of the country’s adult population had some of their wealth invested in cryptocurrencies. The majority of them came from the high-income group; people on lower wages do not find this asset class to be as alluring.
The Iberian nation is still far behind other nations in adopting cryptocurrencies. According to a Gemini survey conducted a few months ago, Brazil and Indonesia are the leading nations worldwide.
How widespread is cryptocurrency in Spain?
The CNMV polled 1,500 persons in Spain to see what percentage of them had invested money in the market for digital assets. According to the findings, 6.8% of respondents had already purchased bitcoin or an alternative cryptocurrency, albeit the percentage varies by demographic category.
People who are young, educated and well-off are significantly more inclined to invest in cryptocurrencies. Almost 36% of those aged 35 to 44 said they were, while only 7% of those aged 55 to 70 said the same.
Regarding education, 43.3 percent of cryptocurrency investors hold university degrees, while 28 percent do not.
Similar to other nations, the majority of HODLers have steady employment and earn respectable wages. According to the CNMV, 10.7% percent of Spaniards earning less than 1,000 euros have invested some money in the market, compared to 41% of those with salaries over 3,000 euros.
Unsurprisingly, men make up 66% of cryptocurrency investors in the Iberian nation while women make up 34%.
In Spain, digital assets are regarded as a legitimate type of investment. At the same time, taxes on capital gains from the selling of cryptocurrencies range from 19 to 23%.
Being outpaced by the leaders
In comparison to Brazil and Indonesia, Spain looks to have a low level of cryptocurrency acceptance. In a survey conducted by the trading platform Gemini, 41% of respondents from those countries are HODLers.
It is important to remember that Brazil and Indonesia are experiencing severe economic crises and that the absence of basic access to financial services in these countries may be the reason for the interest in this asset class.
Spain is a long way from advanced economies like the US and the UK, where adoption of cryptocurrencies is, respectively, 20% and 18%. As a reminder crypto HODLers in Spain make up 7% of the population as we’ve said above.
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