Although far behind the largest crypto markets in the total number of users and crypto adoption growth, Europe saw much crypto trade last year. In fact, the value of crypto trades per user in European countries was generally among the highest in the world, with Italy and the United Kingdom as the absolute leaders.
According to data presented by BitcoinCasinos.com, Italy and the United Kingdom had the highest value of crypto trades per user of all Western countries, reaching $112,000 and $92,000 in Q4 2022.
UK’s Value of Crypto Trades per User is 25% higher than in the US
Nearly two-thirds of $42.7bn worth of global crypto trading volume in 2023 will come from the United States, India and Japan. The world’s three largest crypto markets count 120 million users. However, when looking at the value of crypto trades per user, they are far from Italy and the United Kingdom.
According to Statista Global Consumer Survey, Italy had the highest value of crypto trades per user of all Western countries. With 2.9 million crypto users and $318.4bn in total trade volume, the value of crypto trades per user in the country stood at $111,000 in Q4 2022. This likely hints toward large-scale or institutional investors putting money in digital currencies rather than individual consumers.
The United Kingdom ranked at the high second place with over $91,700 worth of crypto trades per user. Statistics show that the UK’s crypto trades per user value was 25% higher than in the United States, which ranked third with nearly $73,300 worth of transactions. France, Germany, and Canada followed, with $66,500, $50,500, and around $47,000, respectively.
Statista survey showed the world’s largest crypto nation, India, saw a much smaller value of crypto trades per user than the Western countries. Although more than half of all crypto users come from India, the country saw only $13,000 worth of crypto trades per user.
UK’s Crypto User Count Jumped 45% in 2022
While crypto adoption remained a non-western trend, with consumers from countries in Asia and South America most likely to own or use cryptos, Europe’s largest crypto markets also witnessed a double-digit user growth in 2022.
According to a Statista survey, the number of crypto users in the United Kingdom surged by 45% to 4.7 million in 2022. France saw a 46% year-over-year increase and 3.8 million crypto users.
Still, Germany has the most crypto users of all European countries. According to Statista, around 5.9 million people in Germany used or owned cryptocurrency in Q4 2022, almost 28% more than in the same quarter a year before. Italian crypto user count jumped by 10.4% year-over-year and hit 2.9 million last year.