Although crypto adoption remains mostly a non-western trend, many European countries have seen crypto ownership grow among their population.
According to data presented by BitcoinCasinos.com, Switzerland has the highest crypto adoption rate of all European countries, reaching 21% in 2023.
Switzerland`s Crypto Adoption Rate is Twice Larger as that in UK, Germany, or France
Although crypto adoption rates vary across European countries, in most of them, between 12% and 16% of the population uses or owns digital coins, according to Statista Global Consumer Survey. That puts Switzerland`s 21% rate way above Europe`s average, also seen in countries like the United Kingdom, Germany, and France.
Thanks to its supportive regulatory framework, the growing community of blockchain enthusiasts, and state-of-the-art infrastructure, the country has made a name for itself as a crypto-friendly nation.
The Netherlands has the second-highest crypto adoption rate in Europe of 19% in 2023, 2% higher than the third-ranked Norway. Belgium and Ireland round the top five list, with 16% of their population using or owning digital coins as of this year. In comparison, the United Kingdom and Germany hit a 12% crypto adoption rate in 2023, while France and Italy followed with 11%, respectively.
The Statista survey also showed Russia saw the biggest year-over-year crypto adoption growth in Europe, with 14% of its population now using cryptocurrencies, up from 10% a year ago. Switzerland and Poland follow with a 3% increase each. Most other European countries saw between 1% and 2% crypto adoption growth in the last year.
United Kingdom Generates 20% of Europe`s Crypto Revenues
After a challenging 2022, the European crypto market revenue is expected to double and hit over $9.9bn this year. Around 20% of that value will come from the United Kingdom, Europe`s leading crypto market and the second-largest globally behind the United States.
Germany ranked as the second-largest crypto market in Europe, with over $1.6bn in revenue, and Russia follows with $1.3bn.
Statista expects the growing adoption of cryptocurrencies in Europe to continue this year, with more people than ever using or owning digital coins. Last year, there were 98.5 million crypto users in European countries, up from 71.5 million a year before that. Statistics show Europe`s crypto user count is expected to jumpy by a massive 43% year-over-year and hit 141 million in 2023. This figure is forecast to grow by another 32% in the next four years, with almost 187 million people using cryptocurrencies by 2027.