Europe Blockchain and Cryptocurrency Market Analysis Report 2023: Europe Witnesses Gradual Adoption of Digital Assets Amidst the Fall of the Crypto Market

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Digital asset use and adoption is gradually increasing throughout Europe

In the UK a low percentage of surveyed respondents claimed to own cryptocurrency as of March 2022, while also revealing a large gender gap in terms of crypto ownership. Among those who owned cryptocurrency, most of them preferred to own Bitcoin, followed by Bitcoin cash. The share of crypto owners in Germany was only a few percentage points higher compared to the share of crypto curious respondents who planned to invest in crypto in the future as of 2021.

Moreover, among the share of respondents who had already invested or traded in crypto, close to half intended to increase their investments in the next 6 months. Germany witnessed a low gender gap when it came to crypto curious respondents, with more than half of women respondents being crypto curious compared to men.

While a small percentage of respondents in France had already invested in NFTs or cryptocurrency, Bitcoin remained the popular currency among those who had already invested and those who intended to invest in the future, as mentioned in the new report.

Furthermore, compared to 2021, the share of adults in France who became aware of cryptocurrency increased tremendously in 2022. With Bitcoin being the preferred cryptocurrency in Switzerland as of April 2022, more than half of crypto investors were interested in buying and holding crypto.

Europe saw an acceleration in the introduction of tighter regulations relating to crypto

The adoption of cryptocurrency worldwide is increasing gradually, and Europe is no exception to this trend. In H1 2022, more than half of surveyed crypto owners indicated plans to increase their current crypto holdings over the next 12 months, with the population within the age range 18-39 years estimated to be more interested in doing so as compared to older generations. In H1 2022, Bitcoin and Ethereum were among the most favored cryptocurrencies, as spelled out in the new report.

However, the decline in value of the cryptocurrency market worldwide beginning in the spring of 2022 led to the loss of investor enthusiasm and negative asset price movement across Europe as well. With the fall of FTX and the bankruptcy of BlockFi, law makers in Europe came to the consensus to establish licensing and supervision rules as of 2024, as mentioned in the new report. Authorities in the EU were of the view that the new crypto rule book in Europe will enable consumer protection; maintain market integrity as well as financial stability.

Although, the crypto crash impacted cryptocurrency growth worldwide, Europe did not face severe consequences in the aftermath of the fall. In Europe, countries such as Cyprus were most affected by the fall of FTX, while countries such as Germany, Netherlands and France saw limited impact due to the national regulations that saved them from experiencing a severe loss.

Questions Covered:

1. Which were the most owned cryptocurrencies among crypto owners in Europe as of April 2022?

2. What were the top reasons for people in Europe to not invest in cryptocurrency in H1 2022?

3. Which were the most preferred cryptocurrencies among crypto owners in Switzerland as of April 2022?

4. What were the top reasons for investing in cryptocurrency among investors in Turkey as of March 2022?

Countries Covered

Austria

France

Germany

Switzerland

Turkey

Key Topics Covered:

Europe:UK,Germany,France,Austria,Switzerland,Turkey

Cryptocurrency Market Overview, incl. "Crypto Winter", December 2022

Share of General Knowledge About Cryptocurrency, by Country, in % of Respondents, June 2022

Share of Respondents Who Made a Crypto Investment, by Channels Used for Making an Investment, in %, June 2022

Share of Households Who Might Own Cryptocurrency, in %, 2021

Share of Consumers Who Believe Cryptocurrency is the Future of Money, in %, February 2022

Breakdown of Crypto Asset Owners Who Are Likely to Change Their Crypto Asset Portfolio Over the Next 12 Months, in %, H1 2022

Share of Crypto Asset Owners Who Are Likely to Change Their Crypto Asset Portfolio Over the Next 12 Months, by Age, in %, H1 2022

Breakdown of Planned Activities With Crypto Asset Holdings, in % of Crypto asset owners, H1 2022

Share of Most Owned Cryptocurrencies, in % of Crypto-owners, April 2022

Share of Respondents Who Currently Do Not Hold Cryptocurrency, in %, H1 2022

Top Reasons for Not Owning Cryptocurrency, in % of Respondents without Crypto Holdings, H1 2022

Global Trends

Cryptocurrency Market Overview and Trends

Share Of Institutional Investors Who Invested in Digital Assets, in %, June 2022

Share of Institutional Investors Having a Positive Perception of Digital Assets, in %, 2021 vs June 2022

Share of Institutional Investors Who Found the Concept of Exchange-Traded Fund Bitcoin Appealing, by Regions, in %, June 2022

Breakdown of Crypto-Owners Who Bought Cryptocurrency for the First Time in 2021 vs Who Bought it Earlier, in %, February 2022

Breakdown of Respondents Who Are Crypto-Curious, by Gender, in %, February 2022

Share of Top Barriers That Hinder the Purchase of Cryptocurrency, by Regions, in % of Respondents, February 2022

Cryptocurrency Adoption and Ownership, by Country, in % of Crypto Owners, 2021

Share Of Cryptocurrency Owners Who Buy and Hold Cryptocurrency for It's Long-Term Investment Potential, in %, February 2022

Cryptocurrency Transaction Value, in USD billion, 2018-2023f

Total Number of Cryptocurrency Owners, in millions, January 2022 - December 2022

Total Number of Ethereum Owners, in millions, January 2022 - December 2022

Total Number of Bitcoin Owners, in millions, January 2022 - December 2022

Total Number of Cryptocurrency Owners, by Regions, in millions, 2023e

Share of Merchants Who Currently Accept Cryptocurrency As a Form Of Payment, in %, March 2022

Share of Merchants Who Plan To Adopt More Crypto Innovations in the Next 12 Months, in %, March 2022

Share of Merchants Who Plan To Make Innovations Related To Accepting Cryptocurrency in the Next 12 Months, in %, March 2022

Breakdown of Businesses With Plans for Making Innovations Related to Accepting Cryptocurrency, by Current Acceptance Status, in %, March 2022

Share of Finance Executives Who Believe Holding Bitcoin is a Financial Risk Due to Its Volatility, in %, 2021

Fall in the Value of Cryptocurrencies, by Type, in %, October 2021

Breakdown of Crypto ATMs That Offer Buy Only Services vs That Offer Both Buy and Sell Services, in %, September 2022

Total Number of ATMs Supporting Different Cryptocurrencies, September 2022

Breakdown of Crypto ATM Manufacturer Share, in %, September 2022

A selection of companies mentioned in this report includes

Ally

Amazon

Apple

Asian Bank

Goldman Sachs

HSBC

JPMorgan Chase

Mastercard