21 Apr 2023
Norwegian Crypto Adoption Survey 2023
The Norwegian ownership rate of cryptocurrencies declined from 10% to 8% in 2023, a 20% (2 pp) decline. This decline closely resembles the result of our 2019 survey, where the ownership rate declined from 5% to 4% after the brutal bear market of 2018.
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In Short
We find a decline in the Norwegian ownership rate of crypto. Nonetheless, we also find vast demographic differences within the Norwegian ownership concentration of crypto. We find that nearly a quarter of all respondents believe they will acquire crypto within the next ten years, with a strong concentration among respondents aged 39 and younger. This generational divide is a global phenomenon and far from unique to Norway. We further compare the Norwegian numbers with global survey data and web traffic data and find that the tendency in Norway reflects the global trend. India represents an outlier in terms of web traffic trends.
Takeaways
- 8 percent of all Norwegian adults own crypto
- 345,000 Norwegians own crypto - A decline of 75,000 from 2022
- Widening gender gap 13% of all men own crypto, vs. 4% female
- Firi, Coinbase and Binance dominate the Norwegian crypto market
- 1 million Norwegian crypto owners by 2033?
- Two thirds of Norwegian crypto investors own BTC
- Reduced retail activity is a global phenomenon
- Indian web traffic to crypto exchanges increases 28%, U.S. web traffic falls 33%
- Growth in Norwegian DeFi and NFT usage in 2023
