Coinbase: widespread awareness of cryptocurrencies in Europe

Coinbase has released the results of research commissioned from Qualtrics regarding cryptocurrencies in Europe.  

Cryptocurrencies in Europe according to Coinbase: Spain on top

Qualtrics surveyed over 8,000 consumers in major European markets, and found that on average there is widespread awareness about cryptocurrencies in the Old Continent. 

The country with the highest awareness of cryptocurrencies in Europe is Spain, where as many as 80% of consumers say they are familiar with the asset class. 

However, the Spanish result is in some ways anomalous, given that the UK came second with 66%, followed by the Netherlands (64%), Germany (60%), Italy (58%) and France (56%).

Interestingly, however, all the major Central and Western European countries scored well above 50%. 

In addition, almost half of the respondents (47%) said they had discussed cryptocurrency with friends and/or family.

The UK cryptocurrency market

In particular, the analysis then delved into the UK market, finding that as many as 55% of UK consumers who own cryptocurrencies plan to increase their holdings in this market in the coming year. 

Furthermore, only 51% of Britons who have bought cryptocurrencies have done so in 2019 or in the following years. 

In terms of ownership, it was found that in Britain, 29% of those who declare cryptocurrencies, either own them or have owned them in the past, but in other countries, this percentage is higher, with the Netherlands at 38% and Spain at 46%.

These percentages are in line with those who say they feel they have a good knowledge of cryptocurrencies other than Bitcoin, which in the UK is 30%. Almost half of those who say they have a good knowledge of more traditional assets (57%).

Consumers inclined to buy crypto

The research would also show that as consumers gain a better understanding of cryptocurrencies they become more inclined to buy more of them. 

Coinbase commented on these findings stating:

“Our findings highlight a widespread awareness of cryptocurrency across Europe, which is beginning to materialise itself in day-to-day conversations and plans to increase investment in the asset class. This familiarity and interest in the asset demonstrate the industry’s potential to revolutionise the financial system, with its rapidly growing range of new services such as payment and remittance options for consumers.

It is however undeniable that more education around the digital currency still needs to be done to make this a reality. Coinbase has long committed to driving this forward; it will remain our priority to continue helping consumers learn more about the industry so as to ensure they can profit from the markets effectively and meet their future financial needs, all in a safe and responsible manner”.