The crypto industry has seen massive growth and adoption in recent years as more and more major companies are accepting crypto as payment, allowing people to actually use their digital assets in their everyday life. Crypto assets have also been referred to as a hedge against inflation, encouraging investors to make long-term decisions on their crypto investments.
Spain, in particular, is one of the countries leading the industry in terms of crypto holders’ prospects. According to recent data, over 60% of Spanish citizens plan to hold onto their crypto assets for the long term.
Details Of The Report: Holding Crypto For The Long Term
In a recent report shared with Bitcoinist, Bitnovo found out that around 60.7% of Spanish residents are planning to buy cryptocurrency and hold it for the long term. This shows that the idea of cryptocurrencies is officially spread from tech-savvy investors to becoming a mainstream financial instrument for the general public.
The report also found that crypto payments in Spain are getting more popular, with 35.7% of respondents using crypto to make payments. When asked why they buy cryptocurrency, 21.4% of respondents said it was for short-term speculation, while 17.9% said it was out of curiosity. The report also indicated that 53.6% of Spaniards use cryptocurrencies for savings, 42.9% for investments or trading, and 10.7% for remittances.
Total market cap sitting at $1.13 trillion | Source: Crypto Total Market Cap on Tradingview.com
Cryptocurrencies are now the second most popular payment method in Spain, overtaking bank transfers. 50% of respondents can pay for goods and services using cryptocurrencies, 71.4% use credit or debit cards, 39.3% use Bizum, and 35.7% use bank transfers. You can now buy everything from airline tickets to pizza with crypto.
The Future Of Cryptocurrencies In Spain
The Spanish government has taken a cautious approach to cryptocurrencies so far, as the industry is still without a clear-cut regulation. However, with the European Parliament recently adopting the Markets in Crypto-assets (MiCA) Regulation, a regulatory framework for crypto assets seems to be in the works. These regulations will likely focus on broader aspects like anti-money laundering laws and consumer protections.
Spain currently ranks 22nd in cryptocurrency ownership rates in 52 countries. According to Statista’s cryptocurrency adoption ranking, about 15% of the Spanish population currently holds or owns some form of cryptocurrency, a 5% increase from 2021.
Of course, there is risk involved with any investment, especially with the volatility of crypto assets. That said, owning crypto for the long term suggests that many Spanish investors see the potential value of digital assets in the future.
Featured image from Currency.com, chart from Tradingview.com