Kaupr / English / Norwegians' ownership of cryptocurrency is the highest in the Nordic region; over 1 million crypto owners are expected within 10 years.
Norwegians' ownership of cryptocurrency is the highest in the Nordic region; over 1 million crypto owners are expected within 10 years.
Anders Helseth from K33 (t.v.) and Mads Ribe fra EY have presented the findings from the Norway and Nordic Crypto Adoption Survey.
A recent survey conducted by Norstat for the consulting and law firm EY and the analytics company K33 Research has revealed a growing trend in ownership of digital assets among Norwegian adults, with 395,000 or 9% of the population reported to own some form of digital currency. Over the past year, the number of owners has increased by 50,000, with Bitcoin (76%) and Ethereum (39%) dominating among cryptocurrencies.
The younger generation largely contributes to this trend: Over three quarters of Norwegian cryptocurrency owners are under 40 years old, with a significant increase in the age group 15 – 29 since 2023. Additionally, men are particularly active, being nearly three times more likely to own cryptocurrency compared to women.
"Norwegian ownership of cryptocurrency has increased since 2023 and is the highest in the Nordic region. In line with public attention on value appreciation, nearly two-thirds of Norwegian cryptocurrency owners came on board after 2019, so one can say that cryptocurrency became mainstream during Covid," says Anders Helseth, who heads the research department at K33 Research.
Future Growth
The survey also highlights a strong future growth, indicating that as many as 1 million Norwegians, or approximately 20% of the country's adult population, could own cryptocurrency within the next decade.
"Considering the positive reception and rapid adaptation to cryptocurrencies among Norwegians, especially the younger generation, we anticipate potentially more than a doubling of the number of Norwegians who say they will own digital assets over the next ten years. This is a clear signal of a diversified investment culture that institutional investors as well as authorities should take note of, particularly with the EU's Markets in Crypto Assets Regulation (MiCAR) expected to be implemented in Norway within the next year," says Mads Ribe, Associate Partner at EY Tax & Law and head of the law firm's technology initiative.
This advancement in adaptation to digital currency underscores Norway's position at the forefront of financial evolution, indicating a promising future for blockchain-driven economy.
Crypto Adoption Week
The findings from the Crypto Adoption Survey, conducted by EY and K33, were first revealed during Crypto Adoption Week 2024, which took place from the 8th to the 11th of April 2024, with Kaupr and the Nordic Blockchain Association as partners. During the week, Kaupr organized four live events where the results from each Nordic country were presented and discussed with a local panel. The presenters for all the live events were Mads Ribe from EY and Anders Helseth from K33. The discussion panel in the live event for Norway and the Nordics included the following local experts: Sophia Adampour from Verse Gallery, Stig Aleksander Kjos-Mathisen from NBX, Torkel Rogstad from Bare Bitcoin, Nikolai Nyrud Gobel from DNB, Torbjørn Bull Jensen from K33 / Arcario and Jakob Mikkel Hansen from Nordic Blockchain Association. Morten Myrstad, founder and editor in Kaupr, was the moderator of all the live events during the week.
You can watch a recording from the Norwegian and Nordic live event below. You can also watch the recordings from the other live events during Crypto Adoption Week on Unleash Digital, on YouTube and on the video tab on Kaupr.io. For updates about other events from Kaupr you can subscribe for the newsletter Unleash Updates. Please also follow and interact with Kaupr on Linkedin, X / Twitter, Facebook and Instagram.