Ten percent of the adult population in Norway owns crypto

Arcane Research and Ernst & Young surveyed 1,000 Norwegians and found that the rate of crypto ownership increased from 3 percent at the beginning of last year to 6 percent.

Almost two-thirds of all respondents stated that they first purchased cryptocurrency in 2021. However, the gender gap still exists, with male ownership increasing from 6 to 14 percent. The total number of crypto owners in Norway is now at 420,000, which constitutes 10 percent of the adult population.

Bitcoin is the most popular asset, with 67 percent of all Norwegian crypto owners holding the largest cryptocurrency on the market. Ethereum follows with 42 percent.

It is not surprising that the younger population is more open to crypto than older generations. Only 4 percent of the population over 40 years old reported owning crypto.

Regarding other cryptocurrencies, ripple and cardano have recorded a higher level of adoption among altcoins than   the average. Arcane attributes this to the fact that the largest Norwegian crypto exchange Firi offers ripple, cardano, litecoin, and dai alongside bitcoin and ethereum.

There are also some signs that conditionally indicate growth in decentralized finance (DeFi) and the non-fungible token (NFT) market. Only 1 in 10 percent is involved in these markets, but 19 percent have knowledge of NFTs.

The survey results are not particularly surprising. Adoption levels in Norway are nowhere near those of Nigeria and Malaysia, but they are in line with the global trend of increasing adoption.

After a decline in interest following the ICO boom in 2017, interest in crypto among the general public has increased, supported by the growth of DeFi, and especially NFTs. More financial advisors are also supporting crypto.

Governments around the world have taken note of these increased levels of adoption, enacting laws to ensure that investors and token issuers remain compliant, which has been one of the main topics of discussion in 2022, with all from the U.S. to the U.K. working on a regulatory framework.