For years central banks have been discussing whether cryptocurrencies represent a financial stability risk. The usual conclusion is there’s potential for risk owing to cryptocurrency volatility, but adoption is relatively low and linkages to traditional finance (TradFi) are limited. In its latest financial stability report, the European Central Bank (ECB) still notes limited adoption, but sees a growing appetite for digital assets and the potential for significantly more interconnectedness. One of its biggest concerns is a lack of visibility into the activities of non bank financial institutions, which it considers as creating a blind spot for potential contagion.
According to a November 2024 ECB survey, 9.7% of households owned some crypto-assets, but the amount is pretty small for most: 54% reported holding under €1,000 and 91% said they invested less than €20,000. Overall the ECB extrapolated this to total holdings of €75 billion or about 3% of the total market capitalization for cryptocurrencies. This only accounts for 0.23% of EU household financial assets. The figures vary significantly between regions. For example, 21% of Portuguese households reported owning crypto, compared to 6% for France.
These ECB figures contrast with crypto industry surveys. For example, a very recent report from crypto exchange Gemini says that 21% of French survey respondents hold crypto in 2025, up from 18% in 2024. The ECB found around 7% of Italian households have invested, compared to Gemini’s 19%. Part of the difference could be methodology. The ECB asked the survey respondent about themselves or household members, whereas Gemini’s survey just asked the respondent. However, the ECB’s methodology is likely to inflate its figures because some respondents reply affirmatively even though they personally are not crypto holders.
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