Norges Bank

Norges Bank Papers

Survey on crypto-assets in Norway

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Norges Bank Papers

Ownership and knowledge of crypto-assets:

  • 96% of the Norwegian population aged 16 and over are aware of crypto-assets.
  • 11% of the population owned crypto-assets at the time of the survey.
  • 15% of the population have owned or own crypto-assets.
  • Bitcoin is the crypto-asset most people are aware of, followed by Ether, Dogecoin and Litecoin.
  • 73% of those who know about crypto-assets rate their own knowledge of crypto-assets as "very little" or "quite little".
  • The most common reasons for not owning crypto-assets were lack of interest, lack of knowledge and
    high risk.

Former and current crypto-asset owners:

  • The crypto-assets that most people owned at the time of the survey were Bitcoin, Ether, Ripple, Cardano and Solana.
  • 67% of current crypto-asset owners have holdings with a market capitalisation
    of NOK 50,000 or less.
  • 2 out of 3 current crypto-asset owners have 5% or less of their financial savings in crypto-assets.
  • The most common way to finance the purchase of crypto-assets is by using your own disposable income.
  • 33% of current crypto-asset owners plan to hold the same level of crypto-assets in the next few years, while 30% plan to increase their holdings. 10% plan to reduce their holdings, while 27% are unsure/don't know.
  • The most popular trading venues for crypto-assets are centralised crypto exchanges abroad and in Norway (45% and 41% of respondents in this group, respectively). Only 6% reported using DeFi (decentralised finance) to trade crypto-assets.
  • 41% of former and current crypto-asset owners are very satisfied or fairly satisfied with their investment in crypto-assets, while 19% are fairly dissatisfied or very dissatisfied.
  • 52% of those who report negative experiences with crypto-assets point to a drop in value. 23% of those with negative experiences point to a lack of applications as a means of payment in the traditional economy, and 22% point out that they have experienced theft/fraud.

DeFi, stablecoins and NFT (non-fungible token):

  • Of those who were aware of DeFi, a high proportion (73%) had never used DeFi.
  • The three main reasons for buying stablecoins are to trade other cryptocurrencies (44%), to store value (33%) and to learn more about and/or test the technology (23%).
  • 1% of the population has purchased NFT.
Coverimage of the publication Survey on crypto-assets in Norway

Norges Bank Papers present the analyses and background supporting Norges Bank in the execution of its mandate.

ISSN 1894-0293 (online)

Published 5 June 2024 10:00
Published 5 June 2024 10:00