European Central Bank Reports Doubling of Crypto Ownership Despite Volatility
The popularity of cryptocurrencies across the eurozone has soared, with the percentage of consumers owning digital assets more than doubling in the past two years, according to a survey published by the European Central Bank (ECB) on Thursday.
The ECB’s biennial study of payment habits revealed that 9% of euro area residents now own cryptocurrencies like bitcoin or ether, up from 4% in 2022. The primary driver for this surge appears to be investment purposes, with respondents showing a “clear preference for using crypto assets only as a means of investment,” the ECB said.
The increasing interest in digital assets comes despite their notorious volatility and high-profile collapses within the industry, such as the downfall of the FTX exchange platform. However, bitcoin’s recent rally to surpass $100,000—a milestone achieved earlier this month—has renewed optimism among investors. The surge followed Donald Trump’s U.S. presidential election victory and his pledge to transform the United States into the “bitcoin and cryptocurrency capital of the world.”
Crypto Ownership Varies Across Eurozone Nations
Among the 20 euro area countries, 13 reported cryptocurrency ownership rates exceeding 10%, with Slovenia (15%) and Greece (14%) leading the pack. Germany, the eurozone’s largest economy, lagged behind, with only 6% of respondents owning digital assets. In Germany, cash remains relatively popular, still dominating at the point of sale in 52% of transactions.
The survey further highlighted that younger demographics are the most likely to adopt cryptocurrencies, with individuals aged 25 to 39 representing the largest group of owners, followed by those aged 18 to 24.
In some countries, such as the Netherlands, an overwhelming 90% of cryptocurrency owners reported using these assets solely for investment purposes, a sentiment echoed by 82% of respondents in Germany.
Bitcoin’s Milestone Fuels Market Optimism
Bitcoin’s historic climb above $100,000 this month has been hailed as a pivotal moment for cryptocurrencies. The total market value of digital assets now hovers near $3.8 trillion, nearly double its size at the start of the year, according to data from CoinGecko.
“We’re witnessing a paradigm shift,” said Mike Novogratz, founder and CEO of Galaxy Digital. “Bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream. This momentum is fuelled by institutional adoption, advancements in tokenisation and payments, and a clearer regulatory path.”
President-elect Trump’s embrace of cryptocurrencies during his campaign has added to the optimism, with plans to nominate Paul Atkins, a crypto policy veteran, to head the U.S. Securities and Exchange Commission. Trump has promised to create a national bitcoin stockpile and establish the U.S. as a global leader in digital assets.
“We were trading basically sideways for about seven months,” said Joe McCann, CEO of Miami-based hedge fund Asymmetric. “Then immediately after Nov. 5, U.S. investors resumed buying hand-over-fist.”
As bitcoin and other cryptocurrencies continue to gain momentum, the ECB’s report highlights a significant cultural shift in financial habits across Europe, with digital assets poised to play an increasingly prominent role in the global economy.
