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Although cryptocurrencies are still not regulated in most places in Europe, the industry is booming. Remember the times when government officials and people from National Banks advised us to stay away from speculative assets like Bitcoin?
Well, the same people who said that are now voting to buy more Bitcoin. Remember China that banned crypto more than 19 times? Well, according to Bitcoin Treasuries, China holds around $190K BTC valued at around 12 billion US dollars at today’s market.
As cryptocurrencies grew from speculative assets to assets worth billions of dollars, every country started to get interested in them. Why? Well, the idea is to capitalize on the idea of cryptocurrency and invest in the future (if Bitcoin rises to $1 million), they want to have higher economic power.
Countries like El Salvador (which was the first country in the world to use Bitcoin as legal tender), are heavily invested in this technology. But did you know that there are also countries in Europe that are still buying Bitcoin under the radar?
Yes, cryptocurrencies like Bitcoin may still be in the legal grey area, but that doesn’t stop governments and individuals from trading with cryptocurrencies. After all, crypto can be used for many things, such as decentralized gambling, hedging against inflation, store of value, or purchasing goods.
So, the question is, where we can spot the highest crypto activity among European countries (both individuals and organizations)?
Let’s find out.
Which Countries Are Buying Bitcoin?
1. Germany
The first place is reserved for Germany, which is without a doubt one of the most crypto-friendly countries. Now, although cryptocurrencies are legal in Germany, they are not considered legal tender or currency. Instead, they are considered as financial instruments or assets.
But that doesn’t stop millions of Germans from buying cryptocurrencies like Bitcoin. It is also worth mentioning that the German government is probably one of the most popular government bodies in Europe that constantly makes HUGE crypto moves on the blockchain.
They’ve transferred around $425 million in Bitcoin from one wallet to another, and they also sold a lot of crypto this year which was seized from a hacker, which eventually crashed the market.
So, there is a lot of crypto action happening in Germany, and according to data by Arkham, Germany is one of the top three government crypto holdings in the world.
German institutional investors have been getting in on the action too. Not to mention, Frankfurt, home to the European Central Bank, hosts quite a few blockchain startups and Bitcoin-related businesses.
Why are Germans so into Bitcoin? Stability. In a country obsessed with sound money principles, Bitcoin’s appeal lies in its decentralized, deflationary nature.
2. Switzerland
No surprise here. Switzerland, particularly the region of Zug (known as “Crypto Valley”), is a hotbed for crypto activity. Swiss law treats Bitcoin more like an asset rather than currency, and it’s well-regulated. That’s why many Bitcoin investors from across Europe funnel their transactions through Swiss platforms. With giants like Bitcoin Suisse, Switzerland has firmly embedded itself as a global crypto hub.
3. The United Kingdom
Post-Brexit, the UK is taking a somewhat cautious but bullish stance on Bitcoin. Despite regulatory ambiguity, Bitcoin trading remains popular. Platforms like eToro, which serves most of Europe, list the UK as one of their largest markets for Bitcoin ETFs. London also hosts a large number of crypto hedge funds and exchanges, making it a key player in Europe’s Bitcoin scene.
It is also worth mentioning that the UK was big on buying Bitcoin at a government level, but according to data from Arkham, the UK official crypto wallet hasn’t moved since 2021. This might be a diversion as they may have opened another wallet away from the eyes of the public.
The ongoing discussion over Bitcoin’s legal framework in the UK hasn’t slowed down its investors from diving in.
4. The Netherlands
The Dutch have always been early tech adopters, and Bitcoin is no exception. The Netherlands is home to several crypto exchanges, and Amsterdam’s Bitcoin meetups draw in crowds. Dutch regulators, though cautious, have allowed Bitcoin to flourish as a legitimate investment. Plus, more Dutch citizens are exploring crypto as an alternative to traditional finance, especially among younger investors.
5. France
France initially had a lukewarm approach to crypto but has warmed up significantly in recent years. The French government now actively supports blockchain startups, and there’s been a steady rise in Bitcoin adoption.
French citizens can easily access Bitcoin through mainstream platforms, and companies like Ledger (a major producer of crypto wallets) hail from France. The government is also exploring the introduction of its own digital currency, which could bolster Bitcoin’s mainstream acceptance.
But What About the Regulations?
Now, we all know that governments and regulators can be a bit, shall we say, finicky when it comes to crypto. Europe is no exception.
While countries like Germany and Switzerland have relatively clear guidelines, the European Union as a whole has been slow to finalize comprehensive crypto regulations. The Markets in Crypto-Assets (MiCA) regulation, expected to be fully implemented in 2024, will standardize crypto oversight across the EU.
Does this mean people will stop buying Bitcoin? Nope, not likely. In fact, the clearer the regulations, the more confident institutional investors feel in putting their money into Bitcoin. MiCA could actually ramp up Bitcoin buying across Europe. Investors thrive on certainty, and while volatility is par for the course with Bitcoin, knowing the rules makes it more palatable.
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