Most Spanish crypto traders are HODLing their coins, and the majority favor Bitcoin (BTC) and USD Coin (USDC), a recent survey has found.
The survey was conducted by the Spanish crypto exchange and custody platform Criptan, and reported on by Europa Press and Zamora 24 Horas.
Spanish HODLing BTC and USD, Survey Finds
The study analyzed the behavior of crypto users in various parts of Spain. The survey compilers also provided demographic data about Spanish crypto investors, including gender, employment status, and age.
Bitcoin is by far and away Spain’s favorite cryptoasset, with 57% of traders favoring BTC above other tokens.
But just under a quarter of Spaniards favor the USD-pegged stablecoin USDC. Eurocoin adoption is also high in Spain, dominating almost 16% of portfolios, ahead of Ethereum (ETH) with just under 3%.
The survey also found that “most Spanish investors opt for a long-term strategy known as HODL [hold on for dear life], holding onto cryptoassets to capitalize on price rises over time.”
It also found that, on average, crypto traders typically “invest 3,100 euros [$3,354]” in crypto.
Most Spanish crypto traders (86%) are male, Criptan reported, with an average age of 38.
The vast majority (70%) work in salaried jobs, while 18% are self-employed and 7% are in full-time education.
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Regional Differences
In Spain’s largest autonomous region, Castile and León, traders typically “invest more than 4,400 euros [$4,752] in crypto,” the study found.
The vast majority of crypto traders in this region are male (88.5%), with an average age of 39, slightly higher than the national average.
Bitcoin is the “dominant asset” in the crypto portfolios of Castile-León residents for almost 60% of crypto holders. BTC was followed by USDC, with 19.2% and Ethereum, with 11.3%.
The same study found that crypto adoption was highest in Catalonia, where some 19.9% of residents trade coins.
Following close behind was the Madrid region, with 19.2%, and Valencia with 17.4%.
However, the figures differed in terms of the highest volume of individual investment, where Madrid was in first place, followed by Valencia. Catalonia placed third.
Some Areas Still Cautious on Crypto
However, some parts of Spain are decidedly less keen on crypto, with just 1.1% of residents in Extremadura and 0.8% of people in La Rioja buying coins.
Of the few Riojans who do buy coins, the average investment per person is around 2,200 euros ($2,376), the study’s authors found.
The data also shows that Spanish crypto traders are typically most active in November and December.
Investment volumes tend to bottom out in the months of January and September, however.
Spanish crypto adoption could be in for a further boost in the months ahead. Earlier this month, the major domestic banking player BBVA announced plans to begin allowing customers to trade BTC.
Shortly after, media outlets reported that CaixaBank, Kutxabank, and Renta 4 are also hoping to start allowing their customers to access the crypto markets via their mobile apps.
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