The Nordic Countries Crypto Adoption Survey 2024

Introduction

One of our favourite parts of our educational initiatives is sharing insights on cryptocurrency regulation and adoption across the globe.?

So today, we are focusing on the Nordic countries, encompassing Denmark, Norway, Sweden, Finland, and Iceland, as well as the Faroe Islands, Greenland, and ?land. This article will be particularly valuable for those doing business in this area or perhaps considering entering the market.?

Let’s take a look.

Crypto Ownership Across the Nordic Countries

The 2024 Nordic Crypto Adoption Survey, conducted by EY reveals that 1.5 million people in the Nordic countries own crypto, equating to 7% of the adult population.

Norway leads with the highest ownership rate at 9.2%, followed by Sweden, Denmark, and Finland, each with around 6.5-6.8% ownership rates.

Demographics

It’s no surprise that cryptocurrency owners in the Nordic countries tend to be younger, with over 70% of them being under the age of 40.

This trend reflects a consistent global pattern where younger generations are more likely to adopt new technologies.

The gender gap remains significant in the Nordic countries, where 11% of adult men own crypto, compared with just 3% of women.

This disparity is not unique to cryptocurrency; across all asset classes, men are more likely to invest and generally invest larger amounts. The gender gap in investment is therefore not exclusive to crypto.

Growth During the COVID-19 Pandemic

Cryptocurrency gained mainstream attention during the COVID-19 pandemic, with two-thirds of Nordic crypto owners purchasing their first coins in 2020 or later.

This surge was driven by increased online activity, economic uncertainty, and the search for alternative investment opportunities during the pandemic.

Future Projections

The survey projects that by 2034, 22% of the entire adult population in the Nordics will own cryptocurrency, potentially increasing the number of crypto owners to 4.6 million.

This optimistic forecast is driven by growing awareness, technological advancements, and the potential for regulatory clarity through frameworks like the Markets in Crypto-Assets Regulation (MiCAR).

Geo-specific Insights

Norway

Norway stands out in the survey for its higher crypto ownership rate and the significant use of local exchanges.

The local exchange Firi is the market leader, used by 37% of Norwegian crypto owners. This preference for local exchanges can be attributed to supportive banking policies and a regulatory environment that fosters trust and reliability in local digital asset platforms.

Sweden

While Sweden has the most crypto owners in the Nordics due to its larger population, Swedish investors show a preference for traditional investment vehicles like ETPs/ETFs (26% compared to 8% in Norway) over direct crypto ownership.

This suggests that Swedes still prefer investments in securities over cryptocurrency, a trend that contrasts with the preferences of younger adults in Norway.

Denmark and Finland

Danish and Finnish crypto owners are more inclined to use international exchanges for their transactions.

This behaviour indicates a broader trust in established global platforms and highlights a potential gap in the local crypto infrastructure.

Conclusion

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For more detailed insights and data, you can access the full report here