A recent survey on crypto adoption in Norway reveals a decline in the number of Norwegian adults owning cryptocurrencies, from 10% to 8% in 2023.
The survey, conducted by EY and K33 Research, also highlights significant demographic differences in crypto ownership and provides insights into the future adoption of digital assets in the country.
The changing landscape of crypto ownership in Norway
Despite the overall decline in crypto ownership, the survey reveals that nearly a quarter of all respondents believe they will acquire crypto within the next ten years.
Interestingly, this interest in crypto investment is concentrated among respondents aged 39 and younger. The generational divide in crypto ownership is a global phenomenon and not unique to Norway.
Currently, about 345,000 Norwegians own cryptocurrencies, a decrease of 75,000 from 2022. The gender gap has widened, with 13% of men owning crypto compared to just 4% of women. Firi, Coinbase, and Binance dominate the Norwegian crypto market.
The study compares Norway’s crypto adoption rate to global survey data and web traffic trends, finding that the Norwegian trend is in line with global patterns. However, India stands out as an outlier, with its web traffic to crypto exchanges increasing by 28%.
Magnus Jones, Nordic Blockchain and Innovation Leader at EY, believes that the decline in crypto ownership is expected due to the turbulent year for cryptocurrencies.
However, he also notes that both Norwegian and international users are becoming more advanced in their use of cryptocurrencies and are preparing for long-term growth. This includes an increased use of decentralized finance (DeFi) and non-fungible tokens (NFTs).
Future prospects for crypto adoption in Norway
According to the survey, young Norwegians are particularly interested in investing in cryptocurrencies. It is estimated that around 245,000 Norwegians under the age of 40 own cryptocurrencies, compared to 207,000 who own stocks.
The long-term trend suggests that crypto ownership among young people has more than doubled since 2019.
The survey indicates that 23% of the Norwegian population, equivalent to 1 million Norwegians, plan to buy cryptocurrency over the next decade.
This presents a potential scenario of 1 million Norwegian crypto owners by 2033, with younger generations leading the charge in digital asset investment.
Bottomline is while the Norway crypto adoption survey 2023 shows a decline in overall ownership, it also highlights the growing interest in cryptocurrencies among younger generations.
This generational divide, combined with increasing adoption of advanced crypto mechanisms like DeFi and NFTs, suggests that the future of crypto adoption in Norway could be bright.
