The figure would represent 16% of the population, estimated at 46.9 million inhabitants. The study concludes that cryptocurrencies still have a way to go to compete with cash.

The Center for the Governance of Change at Spain’s IE University did a research study in which it was estimated that 7.5 million Spaniards already own Bitcoin and other cryptocurrencies.

In the study, which is entitled “Cryptocurrencies and the future of money”, it was noted that 81.7% of Spaniards already know about cryptocurrencies, but that only 16% of the population, estimated at 46.9 million inhabitants, would own some of them.

Regarding the reasons why Spaniards would be buying Bitcoin and other cryptocurrencies, 60% of the holders said that they consider them an investment mechanism, another 12.8% use them to make purchases, while 27.2% employ them for both purposes.

On the other side are the reasons why even millions of people do not acquire cryptocurrencies. First of all, about 37.9% consider them to be risky. However, it is noteworthy that the second important reason is that about 35.3% of the population does not know how to buy them, which is an important segment of citizens that need to learn more about how to proceed. The other reasons for not acquiring them include not seeing their advantages over fiat money (24.9%) or usefulness for making purchases (19.8%).

Types of Cryptocurrency Users

Even though the report does not provide details about the methodology or the duration of the research process, it indicates that it was based on surveys of Spanish residents. Concerning the type of Spanish citizens who have cryptocurrencies, about 51% of them would be between 18 and 34 years old with a high annual income, which would range between 100,000 and over 500,000 euros.

Another prominent aspect of the research is that the interviewees were asked if they would be willing to use a cryptocurrency issued by a private company or groups of associated companies, and not by a central bank that directs its use. It should be noted that 49% of the participants said that they would use them if the cryptocurrency was “well designed” and efficient and if it maintained a stable value over time.

After last year’s announcement by Facebook to launch its stablecoin Libra in 2020, the researchers wanted to know if the Spanish would trust this company to issue a cryptocurrency under a private blockchain. In this section, 87% of the respondents admitted to not trusting Facebook to promote a cryptocurrency of this type.

It could be said that the refusal is linked to the scandal over the handling of data from Facebook and the users of its social network. This case activated alarms on a global scale about the correct use of people’s digital information.

Despite the progress, the study concludes that there is still much to do in the field of cryptocurrencies in Spain. In this way, the researchers summarize the scenario that they predict for Bitcoin in this European country.

By Alexander Salazar


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