As Spain Fuels Inflation Worries, Bitcoin Declines Under $20k On A Sentiment Of Muted Growth

Spain Becomes the World’s Third Largest Crypto ATM Hub, Surpassing El Salvador

  • Spain ranks lower than the United States, the United Kingdom, Brazil, and Indonesia in terms of cryptocurrency adoption.
  • A recent study showed that younger and more educated individuals in Spain are more interested in digital assets.
  • Men make up 66% of cryptocurrency investors in Spain.

Spain has been declared the country with the third-largest number of bitcoin and cryptocurrency ATMs. The European country comes behind the United States and Canada with 215 ATMs, surpassing El Salvador. The Central American nation boasts 212 ATM installations and remains one of the most crypto-active nations.

Cryptocurrency adoption across Europe has taken a new turn since the year began. Crypto ATMs are fast becoming a regular sight in several parts of the region. MediaMarkt is reportedly leading the move to install crypto ATMs in countries such as Greece, Spain, Austria, and Germany. But Spain is witnessing an increase in digital payments.

Spain is confirmed to account for 0.6% of all crypto ATM installations worldwide. This data implies that Spain is the top contributor to crypto ATM installations in Europe, accounting for 14.65% of all installations on the continent.

Spain is followed by Switzerland, which has 144 ATMs, Poland (142 ATMs), and Romania (135 ATMs). Spain has reportedly installed 43 cryptocurrency ATMs in 2022 and has plans to add more than 100 more ATMs at the end of the year, bringing the total closer to 300.

The rise of crypto ATMs in Europe is not reflected in other parts of the world. Instead, there’s been a negative growth pattern in the installation of crypto ATMs since September 2022. According to calculations using data from the last 60 days, approximately seven crypto ATMs are being installed daily across the world.

Furthermore, Greece ranks sixth in terms of bitcoin ATMs, and due to a surge in tourist activities, the use of these ATMs is expected to increase, especially in the main city area.

Is Spain Becoming a Crypto Hub?

Cryptocurrency adoption in Spain appears to have taken a new leap and was reflected in a recent report that claimed that 6.8% of Spain’s adult population has made a huge investment in cryptocurrencies. The research was conducted by the Spanish regulator, the National Securities Market Commission (CNMV), and noted that these investments came from mostly the country’s upper class. However, people of low income did not find digital assets appealing.

The CNMV polled 1,500 people in Spain to see what percentage of them had invested money in the digital assets market. The data shows that 6.8% of respondents had already purchased bitcoin or other cryptocurrencies, albeit the percentage varies by demographic group.

Young people who are educated and well-off are significantly more inclined to invest in cryptocurrencies. Only 7% of individuals between the ages of 55 and 70 claimed to be interested, compared to about 36% of those between the ages of 35 and 44. In terms of education, 43.3% of cryptocurrency investors hold university degrees, compared to 28% who don’t.

Like in other nations, the majority of HODLers have steady employment and earn respectable wages. According to the CNMV, 10.7% of Spaniards earning less than 1,000 euros have invested some money in the market, compared to 41% of those with salaries of over 3,000 euros.

Interestingly, men make up 66% of the European nation’s crypto investors, while women make up 34%. Spain regards digital assets as legal investments and capital gains from crypto sales are taxed within the range of 19% to 23%.

Spain still ranks behind countries like Brazil and Indonesia in terms of crypto adoption. Brazil and Indonesia are suffering from serious economic crises, and the absence of basic access to financial services in these countries can explain the interest in this asset class. Locals in these nations see crypto as a form of hedge against inflation. Other countries, such as the US and the UK, presently have a higher crypto adoption rate than Spain.

Lawrence Woriji Verified

Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.

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