Crypto Adoption in Europe Lags Behind Rest of the World

A recent study has found that Europe is lagging behind the global average for cryptocurrency adoption and why many people still shy away from crypto. In this slogging thread, our community discusses their thoughts on crypto adoption.

This Slogging thread by Mónica Freitas, Limarc Ambalina, Sara Pinto and Jack Boreham occurred in slogging's official #technology channel, and has been edited for readability.

Mónica FreitasApr 12, 2022, 5:31 PM

Crypto adoption in Europe lags behind most of the world - but this EU country is the most responsive
https://www.euronews.com/next/2022/04/04/crypto-adoption-in-europe-is-lower-than-other-parts-of-the-world-a-new-survey-finds

Mónica FreitasApr 12, 2022, 5:32 PM

"Europe is lagging behind the global average for cryptocurrency adoption but one European country in particular was the most "curious" in the world to learn more about crypto, a global survey suggests.

While around 17 per cent of Europeans have taken to cryptocurrencies, a percentage similar to other developed nations, they lag behind the global average of around 23 per cent.

Adoption in the US was 18 per cent, and in Australia 20 per cent. That’s according to https://www.gemini.com/state-of-crypto."

Mónica FreitasApr 12, 2022, 5:34 PM

"The survey found that globally 41 per cent of crypto owners made their first purchase in 2021. In Europe, 40 per cent of those who own crypto first invested last year.

Out of the countries surveyed, Ireland had the highest number of "crypto curious" consumers in the world who were interested in learning more or were likely to buy crypto in the next 12 months, at 58 per cent.

The number in Germany and the UK respectively was 53 per cent and 49 per cent."

Mónica FreitasApr 12, 2022, 5:36 PM

"Respondents who don’t own crypto were asked why they haven’t yet bought it.

Some 35 per cent of those in Europe said they had concerns about security, and 34 per cent said they didn’t know how to buy or hold crypto.
Europeans who also said it was because they didn’t trust it stood at 33 per cent, which was a higher percentage than in other parts of the world.

While 2021 was a breakthrough year for crypto adoption, 2022 could be slower in Europe. Only 7% of those in Europe who haven’t yet bought crypto were planning on buying it, as opposed to 21% globally."

Mónica FreitasApr 12, 2022, 5:39 PM

Why do you think Ireland is so far ahead of crypto than other countries in Europe? And why is Europe still so far behind when compared to the global average? What measures could be taken to attract more people to crypto?

Limarc AmbalinaApr 13, 2022, 5:04 AM

That's interesting I wouldn't have expected Ireland to be at the top. Europe has been leading the world in data privacy regulations with the GDPR, so I'm wondering if such strict restrictions could be the reason for slower adoption.

Limarc AmbalinaApr 13, 2022, 5:05 AM

In other places, it is still the wild west and crypto is booming.

Sara PintoApr 13, 2022, 10:27 AM

Mónica Freitas, wow, seems like 2021 was a great year to enter and expand into the cryptocurrency world. But I get why people are still hesitant to do it. The lack of education can easily hold someone to embark on it, and that probably explains why most Europeans are holding back.

Sara PintoApr 13, 2022, 10:36 AM

Mónica Freitas, I'm still fairly new to this world, but I think there's already a lot of safety to have a wallet. So, I'm not sure what measures can be taken. But I do think that marketing behind can make a difference by changing how crypto is perceived.

Jack BorehamApr 13, 2022, 10:53 AM

Just proves that, people need to adopt. Sara Pinto and Mónica Freitas you've got to start adopting! If you want to be rich.

Sara PintoApr 13, 2022, 1:56 PM

Jack Boreham, hahaha. Investing has been on my mind for quite some time, but I still feel like I don't know enough to do it, and that definitely holds me back. I need to do more research.

Mónica FreitasApr 13, 2022, 2:43 PM

Limarc Ambalina that's interesting. Maybe it's a bit difficult to navigate crypto with so many restrictions. Maybe as web3 advances and other forms of cybersecurity develop, these measures will also change.

Mónica FreitasApr 13, 2022, 2:45 PM

Sara Pinto, agreed. I think there such be more educational initiatives to make crypto understandable for everyone. Once people understand it, they won't be so scared to try it out. And I also think people are afraid to lose money on it as they don't know enough about it.

Mónica FreitasApr 13, 2022, 2:46 PM

Jack Boreham, we need a crash course. Host one and we'll join.

Jack BorehamApr 14, 2022, 6:52 AM

Sara Pinto and Mónica Freitas deal. Let's do it, will send you a call invite.

Sara PintoApr 14, 2022, 11:00 AM

Mónica Freitas, exactly. It all comes down to what's known about crypto and what info reaches the population.

Sara PintoApr 14, 2022, 11:01 AM

But I'm more than willing to learn, haha. We should create a whole event, like crypto 101.

Mónica FreitasApr 14, 2022, 1:21 PM

Jack Boreham *impatiently waiting*

Mónica FreitasApr 14, 2022, 1:23 PM

Sara Pinto, maybe if brands and companies understand that this gap affects them, they'll put out educational resources.

Mónica FreitasApr 14, 2022, 1:24 PM

Sara Pinto, that's a great idea. Maybe something Hackernoon could start doing, who knows...

Sara PintoApr 15, 2022, 10:21 AM

Mónica Freitas, I think companies are adapting to this new concept, so maybe it won't take as much time as we think it will before it becomes more talked about in other environments.

Mónica FreitasApr 18, 2022, 11:26 AM

Sara Pinto, fingers crossed!

Jack BorehamApr 20, 2022, 5:46 PM

Mónica Freitas, just fitting you guys into my schedule 😁😉