Cryptocurrency payment adoption is rapidly increasing in Spain

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The use of cryptocurrencies is rapidly escalating in Spain and around the world.

When making payments, many Spaniards choose cryptocurrencies as their main means of payment.

Bitnovo carried out research to understand how the cryptocurrency ecosystem is evolving in the country.

The investigation showed that 71.4% make payments with credit or debit cards, 50% with cryptocurrencies, 39.3% with Bizum, and 35.7% with bank transfers.

Positioning cryptocurrencies as the second-most-used payment method by Spaniards in the country.

Bitnovo also tried to understand the motivations of the Spanish when acquiring cryptocurrencies, the research indicated that 60.7% of Spaniards are motivated to buy cryptocurrencies to have long-term investments, 35.7% to make payments, 21.4 % for short-term speculation, and 17.9% buy cryptocurrencies out of curiosity.

According to data provided by Stadista, Spain ranks 22nd internationally in cryptocurrency adoption, with 15% of the population compared to 10% in 2019.

Finally, the investigation carried out by Bitnovo revealed curious data regarding the use that Spaniards give when acquiring cryptocurrencies; it indicated that 53.6% of Spaniards use cryptocurrencies for savings, 42.9% for investments or trading, 35.7% for payments, and 10.7% for remittances.

The research carried out by the company indicated that the Spanish see cryptocurrencies as a means of saving with a long-term vision.

In this sense, we can see how the cryptocurrency ecosystem is growing rapidly as one of the payment methods chosen by the Spanish, managing to surpass bank transfer as a payment option.