Popular science fiction writer and media commentator William Gibson is famous for having said that the future is already here; it’s just unevenly distributed. The same can easily be said for Web3 and the technologies that underpin it. Of those, none have generated as quite as many headlines as cryptocurrencies.
Some laud popular coins like Ethereum and Bitcoin as the future of money, while others adopt a more sceptical and speculative stance. No matter where you come down on blockchain digital assets, there’s no denying they’re a major focus of investment in 2023.
Of the major trading blocs around the world, the EU and closely affiliated economies have thus far taken a middling approach to crypto adoption. In so doing, it finds itself lagging behind East Asia Summit nations (with the notable exception of China and its blanket ban on crypto mining) and the Americas—but still ahead of much of the rest of the global economy.
This middling distribution is further borne out across the continent itself. A recent study by a leading crypto analytics platform has been able to arrive at a definitive ranking of the top nations operating within the burgeoning European crypto trading market today, and it paints a compelling picture of individual nations’ openness to tech disruption.
It also demonstrates keenly where Hungary—lauded as a hotbed for fintech startups within the EU—fits into the wider frame of Web3 commerce on the continent. Here, established investors are no strangers to making use of the best online trading platform at their disposal, such as Equiti, to back their preferred commodities.
But what specific currencies are most popular here, and do they buck the trend set by the top crypto-friendly nations in Europe in 2023, a toplist headed up by the Netherlands? Let’s take a look below.
A nation that has always prided itself on being at the forefront of global commerce, it should come as no surprise that the Netherlands leads the pack when it comes to crypto adoption in Europe. The study, conducted by Crypto Dua, demonstrates that Bitcoin, followed by Dogecoin, are the most popular coins for investment here, with Cardano bringing up the rear.
Cardano’s inclusion is curious as, among the top ten countries, it only appears among the Netherlands’ top three. Cardano’s original USP was its low energy requirements, brought about by utilising a Proof of Stake (PoS) verification method rather than the resource-intensive Proof of Work (PoW) that backs Bitcoin and, until recently, Ethereum.
This is highly suggestive of a public appetite in the nation to embrace this new technology without sacrificing green credentials.
Best of the Rest
The rest of Europe’s top ten most eager crypto-adopting nations follow the same pattern with their top three: Bitcoin, followed by Dogecoin and then Ethereum. Dogecoin’s presence in this metric could be thought to be skewed by its ‘memeification’ bolstered by the likes of big-name advocates such as Twitter and Tesla CEO Elon Musk.
In effect, Doge represents the bullish current in the market, and this has ensured it has remained the second most popular coin across the majority of the 46 countries covered in the survey.
When we turn to Hungary, we find that it ranks 26th among the countries covered, putting it at around the 55th percentile. This is reflective of Hungary’s position as a rapidly growing economy with a focus on fintech, though one that lacks the long-term institutional depth of Western European nations.
Notably, Hungary outcompetes all other former Soviet economies, with the exception of Czechia and Poland. What’s more, with the lowest corporate tax rates of any OECD nation, Hungary could be primed to ascend the rankings rapidly with government backing.
Hungary’s eagerness to compete is nowhere more apparent than in its choice of favourite coins—Bitcoin, Dogecoin and Shiba Inu. The latter two speak to a bullish investment culture that could ultimately result in Hungary establishing itself as a Web3 centre on the continent.