Spanish Citizens Embrace Cryptocurrency as a Long-Term Investment
The adoption of cryptocurrency in Spain is rapidly increasing, with 15% of the population now involved, compared to 10% in 2019. Bitnovo, a Spanish cryptocurrency company, conducted research to understand how Spanish citizens perceive the growth of cryptocurrency in the country. Here are the key findings:
Cryptocurrency Adoption in Spain
- Spain ranks 22nd internationally in cryptocurrency adoption.
- 60.7% of Spanish citizens are motivated to buy cryptocurrencies for long-term investments.
- 35.7% use cryptocurrencies to make payments.
- 21.4% engage in short-term speculation.
- 17.9% buy cryptocurrencies out of curiosity.
Cryptocurrency as a Payment Method
- Cryptocurrency is the second-most-used payment method in Spain.
- 1.4% make payments with credit or debit cards.
- 50% use cryptocurrencies for payments.
- 39.3% use Bizum.
- 35.7% use bank transfers.
Motivation Behind Cryptocurrency Purchases
The majority of Spanish people see cryptocurrency as a long-term investment asset for savings. The motivations for buying cryptocurrencies are as follows:
- 60.7% for long-term investments
- 35.7% for making payments
- 21.4% for short-term speculation
- 17.9% out of curiosity
Crypto Regulations in Spain
Currently, there is a lack of internal regulations for the crypto industry in Spain. However:
- If there are issues regarding AML, the European MiCA regulations should be applied.
- If a cryptocurrency is defined as a security, it falls under the jurisdiction of the CNMV, the financial regulator.
Hot Take
The research conducted by Bitnovo highlights the growing adoption and acceptance of cryptocurrency in Spain. Spanish citizens are increasingly seeing cryptocurrency as a long-term investment option, and it is becoming a popular payment method. However, the regulatory landscape in Spain is still developing, with the need for clearer regulations and guidelines to ensure the sustainable growth of the crypto industry in the country.
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