Ranked: Crypto Popularity Across European Union Nations
Depending on where you live, investors can have wildly different preferences when it comes to choosing asset classes.
For a modern example, we can see how different countries (and regions) act when it comes to cryptocurrency. Within the European Union—one of the regions dealing with faster crypto adoption—attitudes towards investing can vary considerably.
This graphic from Gilbert Fontana looks at crypto popularity amongst investors in the EU using data from the European Commission’s Eurobarometer. It compares exposure to cryptocurrencies relative to stocks, funds, and bonds.
Crypto Popularity in Europe in 2022
Given that crypto has experienced bubble-like asset rallies, including a dramatic rise to over a trillion dollars in value before crashing, it’s fair to say it’s well known by now.
But even with a vast rise in awareness, there are still discrepancies between the level of investment crypto receives amongst European Union nations. Let’s see which countries have the highest proportion of citizens invested in crypto:
| Country | Population Investing in Crypto | Population Investing in Traditional Assets |
|---|---|---|
| Slovenia | 18% | 22% |
| Croatia | 16% | 17% |
| Luxembourg | 14% | 36% |
| Bulgaria | 13% | 13% |
| Cyprus | 13% | 10% |
| Slovakia | 12% | 25% |
| Austria | 12% | 32% |
| Portugal | 12% | 23% |
| Czech Republic | 12% | 24% |
| Estonia | 12% | 30% |
| Netherlands | 12% | 19% |
| Lithuania | 11% | 14% |
| Ireland | 11% | 21% |
Topping the list is Slovenia, considered by some the most crypto-friendly nation in the world. According to the survey, 18% of the country’s population has some sort of investment in it. Cyprus also ranks high in its crypto-friendly rank and hits an investment figure of 13%.
Also notable is the Grand Duchy of Luxembourg, which despite having a small population of 640,000 also has a strong reputation as a global financial hub. When it comes to crypto, 14% of the population owns or has owned the asset, relative to 36% for stocks, bonds, or funds.
Crypto Unpopularity?
In regards to the countries with lower levels of crypto investment, one observation is that they tend to be wealthier and more developed EU nations. Here’s how the nations at or below the 10% crypto-investment threshold rank:
| Country | Population Investing in Crypto | Population Investing in Traditional Assets |
|---|---|---|
| Malta | 10% | 37% |
| Sweden | 10% | 60% |
| Greece | 10% | 11% |
| Finland | 9% | 42% |
| Hungary | 8% | 19% |
| Romania | 8% | 12% |
| Poland | 8% | 14% |
| Latvia | 8% | 11% |
| Spain | 8% | 27% |
| Denmark | 8% | 36% |
| Belgium | 6% | 32% |
| Germany | 6% | 33% |
| Italy | 6% | 31% |
| France | 5% | 22% |
At the “bottom” of crypto interest are France, Germany and Italy, also the EU’s largest economies. At a glance, this might suggest that citizens of stronger economies invest less in crypto.
However, it’s important to note that the countries with higher levels of crypto investment tend to have lower levels of wealth on average. Though less of their investors seem to engage in crypto trading, countries like France and Germany might have more comparable levels of crypto investment on a pure dollar-basis.
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