Did you know that Europe has the biggest cryptocurrency economy worldwide? One year, they collected $1 trillion in crypto sales, which accounted for a quarter of crypto-related endeavors worldwide. The value of the crypto market in Europe hit a record $2.07 trillion by October 2021.
Despite cryptocurrency losing 58% of its value in the year 2022’s second quarter, the entity continues to be highly invested in Europe. Over 67% of people know about cryptocurrency as of 2019 which explains the 7.2% of crypto usage throughout Europe and parts of North America.
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More First-Time Crypto Investors in Europe
An average of 17% of Europeans invest in cryptocurrency. While this is a lower percentage than the global investment average of 23%, they are within 10% of the worldwide population that owns some form of cryptocurrency.
In one survey of almost 29,300 Europeans throughout the United Kingdom, Denmark, Ireland, Norway, and 16 other areas, they found that Europeans are considering investing more in crypto. Surveyors discovered that 41% of the respondents had done a cryptocurrency transaction for the first time in 2021. Within the participant pool, 40% of people that were continuing to invest in cryptocurrency in 2021 had started their crypto investment journey only just the year prior.
For those who did not know about cryptocurrencies or have not invested in them yet, 58% of the respondents stated that their goal was to invest in the entity within the next year after that survey’s completion.
Crypto Investment May Slow Down in 2022
In the same survey, surveyors found that only 7% of those who did not purchase cryptocurrency yet would be willing to invest in it within the next year. This is a much lower percentage than the global average of 21% of overall individuals that are going to start their crypto-investing journey within the next year.
What is the Technology Europeans Invest In Crypto?
Americans invest in crypto using blockchain technology. Europeans make their crypto investments utilizing Decentralized Finance (Defi), which is an entity looking to reduce the third-party need for financial interactions to occur.
By using Decentralized Finance, Europeans can:
- Lower the number of bank transactions by not going through a regulated third-party entity.
- More security in a digital wallet than keeping it all in a standard bank.
- Fund transfers are faster with this option rather than waiting days or sometimes even weeks that it takes for bank transfers to finalize.
- Transfer funds amongst your accounts quickly within minutes or even seconds without bank approval.
What Are the Most Popular Cryptocurrencies in Europe?
Large institutional organizations had higher Ethereum transactions throughout Europe compared to professional, institutional, and large and small retail entities from July 2020 to June 2021. Standard institutional organizations had the most Bitcoin transactions. Professional and standard institutional entities are almost tied for the largest number of stablecoins transactions. Finally, professional organizations transacted the most altcoins.
Surprisingly, overall transactions point to Ethereum and WETH being even more popular than Bitcoin. While 27% of overall crypto transactions amongst European investors are Bitcoin, an astounding 40% of crypto transactions involve Ethereum or WETH.
What is WETH?
WETH involves Ethereum, but it goes through a transfer process. You can swap Ethereum with various ERC-20 tokens with digital wallets such as Uniswap. If you prefer to switch back WETH, one of them is equal to one Ethereum token.
The Future of Cryptocurrency in Europe
Despite the projected slowdown of crypto investment in 2022, Europe may continue to be the biggest crypto economy worldwide. Let’s see what the rest of 2022 has to bring for European investors!
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