Spaniards use cryptocurrencies more as savings than as a means of payment, says report 

Bitcoin Trends
Key facts:
  • According to Bitnovo, there are Spaniards who have bought cryptocurrencies “just out of curiosity.”
  • Bitcoin and cryptocurrency adoption has grown steadily in Spain, the report suggests.

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Spanish bitcoin (BTC) and cryptocurrency users often rely on these digital assets to save. They also see them as a store of value to ward off inflation. It is a trend that exceeds the use of crypto assets as means of payment. 

This is how the most recent report from the Bitnovo BTC and cryptocurrency exchange reveals it, focused precisely on the adoption of these assets among Spanish users.

According to the data from the study, which was based on consulting different Spanish investors, 53.6% of those surveyed say that they use cryptocurrencies as a way to save.  

In addition, 60.7% of the Spaniards consulted said they felt motivated to buy cryptocurrencies, thinking about long-term investments. According to Bitnovo, users consider these assets to be the appropriate way to safeguard their capital.  

The data from the exchange also shows that 35.7% of Spanish users use cryptocurrencies as a means of payment. While 42.9% use them for investments or trading.  

Bitnovo indicates in its report that the Spanish also use cryptocurrencies for short-term speculation, hoping to make a profit in a short time. This is the main motivation of 21.4% of those consulted by the exchange.  

Meanwhile, 17.9% of the people consulted said that they acquire cryptocurrencies only out of curiosity., demonstrating interest in continuing to delve into this emerging ecosystem.  

The adoption of cryptocurrencies in Spain advances

The results of the Bitnovo survey coincide with other data offered by analysis companies, which confirm that the adoption of bitcoin and cryptocurrencies on Spanish soil remains constantly growing.  

For example, the blockchain analysis company Chainalysis places Spain at number 34 in its global cryptocurrency adoption ranking, which lists some 146 countries where crypto assets are present.  

This figure is corrected by CoinMarketCap, a cryptocurrency price monitoring site, which places Spain in the top 20 countries in the world with the largest number of bitcoin and cryptoactive users. As reported by CriptoNoticias, a report from that server indicates that Spain is the 14th country where cryptocurrencies have the greatest presence.  

Other data is offered by the Organization of Consumers and Users (OCU), which also surveyed several Spaniards. The findings of the study were that young people between the ages of 16 and 30 in Spain show great enthusiasm for cryptocurrencies such as bitcoin and ether.