7% of Spanish Are Crypto HODLers, Says Regulator

The National Securities Market Commission (CNMV), Spain’s top regulator, estimated that 6.8% Spanish adults have invested part of their wealth into cryptocurrencies. The majority of them came from high-income households, while people with lower incomes do not find the asset class attractive.

Despite this, the Iberian nation ranks far behind other countries when it comes to cryptocurrency adoption. Gemini conducted a survey a few months back and found that Indonesia and Brazil were the global leaders in cryptocurrency adoption.

What is the Popularity of Crypto among Spanish?

To find out how much of the 1,500 Spanish adults have contributed to the digital asset market, the CNMV surveyed them. The results show that 6.8% of respondents have purchased altcoins or bitcoins. However, the percentages vary among demographic groups.

Crypto investors are more likely to be young, educated, well-paid people. Nearly 36% of people between 35 and 44 admitted to being crypto investors, while only 7% of those aged 55-70 have done so.

Referring to education, 43.3% have a university diploma, while 28% do not have that degree.

Like other countries, most HODLers have steady jobs and receive solid salaries. The CNMV discovered that 41% of people with a paycheck exceeding 3,000 euros have entered the crypto market, while only 10.7% of Spanish earn less than 1,000 euros have invested in crypto.

It is not surprising that 66% of cryptocurrency investors in Iberian are men, and 34% are women.

In Spain, digital assets are legal forms of investment. Capital gains made from selling cryptocurrencies is subject to a tax range of 19% to 233% depending on your personal income.

Not following the leaders

Spain’s adoption of cryptocurrency seems to be low compared with Brazil and Indonesia. A study by Gemini, a trading platform, found that 41% of those polled are HODLers.

Noting that Brazil and Indonesia are in a significant economic crisis, the majority of their people lack basic access to financial services, could explain why the asset class is so popular. The purchase of cryptocurrencies could be used as a hedge against inflation, since both the Brazilian real (and the Indonesian Rupiah) have fallen in value recently.

Spain is also far from the leading economies such as the USA or the UK where crypto adoption rates are respectively 20% and 18%.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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