An estimated 7.5 million Spaniards already own bitcoin and other cryptocurrencies according to an investigation by the Center for Governance of Change at the IE University of Spain.
In the study 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 of any of them.
On the reasons why the Spaniards would be buying bitcoin and other cryptocurrencies, 60% of the owners said they do it as an investment mechanism , another 12.8% use them to make purchases, while 27.2% Employ for both.
On the other side are the reasons why even millions of people do not acquire cryptocurrencies. The first is that 37.9% consider them risky. However, it is striking that the second important reason is that the population does not know how to buy them, with 35.3%, which represents an important segment of citizens who need more knowledge on how to proceed. The rest of the reasons for not acquiring them include the fact of not seeing advantages over the current money (24.9%) and that are not useful for making purchases (19.8%).
Cryptocurrency user types
The report does not provide details about the methodology or the length of the investigation . However, the document indicates that it was based on surveys of Spanish residents. As for the type of Spanish citizen who has cryptocurrencies, this would be, in 51%, of people between 18 and 34 years of age with a high annual economic income, which would range between 100,000 to more than 500,000 euros.
Another aspect that stands out in the investigation 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. 49% of participants said they would be willing to use them, but if the cryptocurrency was “well designed”, efficient and if it maintains a stable value over time.
In this same line and after last year’s announcement of Facebook to launch its stable 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 respondents admitted that they do not trust Facebook to boost a cryptocurrency of this type.
The negativity could be related to the scandal about the handling of data from Facebook and the users of its social network, a case that set off alarms on a global scale about the correct use of people’s digital information.
The study concludes that although there is progress, there is still much to do in the field of cryptocurrencies in Spain. The researchers thus summarize the scenario they predict for bitcoin in this territory of the Iberian Peninsula:
All this suggests that cryptocurrencies, especially those that are privately issued, have a long way to go before they can compete or overcome traditional forms of money such as cash, credit cards and debit cards backed by central banks and Commercial in Spain.