A new study published by the National Securities Market Commission (NSMC) of Spain sheds light on how many Spaniards are buying and how many are aware of cryptocurrencies. Released on August 4, the survey shows results collected from May to June 2022 from 1,500 participants.
The results show that 75% of the participants have heard of cryptocurrencies or at least know about these digital assets at some level. Despite these results, the survey states that “general knowledge” about these assets is “very limited”.
The result shows that more than 45% of the respondents have heard of cryptocurrencies and 22.2% claim to understand the basis of these digital assets. In contrast, only 24% of respondents say they are not familiar with or knowledgeable about digital assets.
Furthermore, 32% of those surveyed claim to be familiar with the current regulatory status of cryptocurrencies in Spain. Social media platforms are one of the main sources of cryptocurrency information for survey participants.
Currently, 7% of these investors are active in the crypto market, with most people allocating around 5% of their capital. 52% of those surveyed said they increase their positions when the market is trending down and only 10% invest “regularly”.
Most of these investors are young people under the age of 34. The rest of the participants said they are interested in investing in cryptocurrencies (10.2%), while the majority (82.9%) said they will not buy digital assets.
The survey also found that the majority of crypto investors in Spain have advanced studies. 43.3% of those surveyed attended university while 28% claimed to have finished high school. In this sense, the study states that 64.3% of investors in digital assets belong to the upper-middle class, with 12.3% in the upper class and 17.3% in the lower-middle class. .
Crypto investors in Spain, where are they located
Furthermore, the survey found that the majority of investors register more than €3,000 in monthly income (41%) while 18.3% register between €2,000 and €3,000 in monthly income.
These results suggest that the majority of people who invest in Spain are rich or have incomes well above the minimum wage. Crypto investors are spread throughout the territory, but the majority seem to be located in the capital of the country, Madrid, and in Catalonia, a major state with Barcelona as its main city, as seen below.
The majority of respondents said they have invested in cryptocurrencies because they offer high returns (36.5%), while others said they believe in the underlying technology (29%). A large proportion (34%) of survey participants use digital because they believe it is the payment method of the future.
The survey concluded the following about the unique profile of crypto investors and how they tend to do their own research and seek information directly from the source of the asset/project they are interested in:
Unlike the general population where investors turn to their advisor, cryptocurrency investors seek information on potential investments more autonomously, mainly through informative documents on the product they are interested in, specialized press and online forums.