The number of cryptocurrency owners in the eurozone has more than doubled in two years, with the majority treating these digital assets as investments, a survey by the European Central Bank (ECB) revealed on Thursday.
According to the ECB’s study on payment habits across the euro area, 9% of respondents reported owning cryptocurrencies like Bitcoin or Ethereum in 2024, a notable increase from 4% in 2022. This surge comes despite the inherent volatility of digital currencies and recent controversies, including the collapse of major industry players such as the FTX exchange platform.
Bitcoin, the world’s most prominent cryptocurrency, recently surged past the $100,000 mark following the U.S. election victory of Donald Trump. Trump’s pledge to make the United States the “bitcoin and cryptocurrency capital of the world” is believed to have fueled the dramatic price rally.
While cryptocurrencies have seen rising adoption, the ECB has maintained its critical stance on these assets. The central bank expressed concerns about their stability and long-term viability, particularly in light of their speculative nature.
Regional Variations in Crypto Ownership
Among the eurozone’s 20 member countries, 13 reported cryptocurrency ownership rates exceeding 10%, according to the Frankfurt-based ECB. Slovenia led the pack with 15%, followed by Greece at 14%. Meanwhile, Germany, the bloc’s largest economy, lagged behind with only 6% of respondents owning crypto assets. The survey highlighted that cash remains relatively popular in Germany.
The study also identified a clear demographic trend, with younger individuals more inclined to invest in cryptocurrencies. Those aged 25 to 39 were the most likely to hold crypto assets, followed by the 18 to 24 age group.
Crypto as an Investment Tool
The survey underscored that cryptocurrencies are primarily viewed as investment vehicles rather than as a medium of exchange. In the Netherlands, 90% of crypto owners stated they used digital assets solely for investment purposes, a sentiment echoed by 82% of respondents in Germany.
Despite the growing interest in cryptocurrencies, cash continues to dominate eurozone payment habits, accounting for 52% of point-of-sale transactions. However, this figure marks a decline compared to 2022, reflecting the gradual shift towards digital payment methods.
The ECB’s biennial study offers a snapshot of changing consumer behavior, highlighting both the growing appeal of cryptocurrencies and the enduring presence of traditional payment methods in the euro area.
