Cryptocurrency in Sweden: Insights from the Latest Study

The study confirms the notion that cryptocurrency mostly attracts young people as almost half of them are under 30 years old, and another 40% between the ages of 30 and 50. Additionally, the study highlights differences in crypto ownership between urban and rural areas, with Stockholm having a higher ownership rate at 10%. It's also noted that those with higher education and income levels are more likely to invest, which aligns with traditional investment patterns.

Another belief that can be confirmed is that men are three times as likely to invest in cryptocurrencies than women. However, there's a silver lining as more women reported purchasing their first coins in the last two years, indicating a potential narrowing of this gap. The survey also reveals that a majority of Swedish crypto owners bought their first coins during the COVID-19 crisis.

The study confirms the joke in the cryptocurrency community that people tend to buy cryptocurrency when the price is high. It’s unfortunate that most people entering the space suffer the consequences of falling prices at their first investment.

But let’s be clear: we are a product of our own actions and volatility is driven by greed.

Looking ahead, there's optimism among Swedish investors, with 20% expressing their intention to acquire cryptocurrencies within the next decade. If these projections materialize, Swedish crypto ownership could amount to 1.6 million by 2034. However, I think it’s a low prediction. I would like to give thanks to K33 Research and EY for conducting this much needed study.

Yes, in Sweden cash is dead and it has entered the realm of digital currencies with the e-krona pilot project and has explored the technical and legal aspects of a digital currency. But, in general, the government is paying little attention to the potential of blockchain technology and cryptocurrencies.

So, what’s needed in Sweden?

Sweden is experiencing a situation similar to many other nations. The entire web3 space needs to focus on improving user experience, effectively working to hinder illicit activity such as scams, and the traditional finance sector should meet with fintech firms and discuss how the technology best can be used for the common good. I hear that the tax authority (Skatteverket) has employed staff who are knowledgeable about cryptocurrency, and I hope traditional finance institutions follow suit. I have yet to hear a positive word about the potential of blockchain technology from the government, even though we are experiencing one of the biggest and fastest technological developments of mankind. I hear from multiple companies that operating a crypto company in Sweden is difficult, and traditional financial institutions and the central bank are clearly hindering the adoption of cryptocurrency. The study confirms the fact that millennials lead the way in cryptocurrency adoption, and I see a need for Sweden to become more open to the potential of blockchain technology for the common good. It’s not just as a circus ride in price volatility.