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Top cryptocurrency-producing nations in Europe are Slovenia and Turkey

New analysis shows that Turkey is Europe's leading country for crypto adoption, while Slovenia is the most 'crypto-obsessed'.

Young people in Turkey are increasingly turning to cryptocurrencies as the lira becomes more volatile. Credit: Marcelo Mollaretti via Shutterstock.

Slovenia is Europe’s most ‘crypto-obsessed’ country, new research from cryptocurrency analyst Crypto Gambling shows via an analysis of search volumes for popular cryptocurrency terms across European countries (measuring that figure against population size to see which nations had the most crypto searches per 100,000 people). 

Slovenia comes out on top, with one-in-20 people making a crypto-related search each month in 2023. In second place is Luxembourg, with some 2,634 cryptocurrency searches per 100,000 people. Next is the Netherlands, followed by Finland and then Turkey. 

That said, it is Turkey that is leading Europe’s crypto adoption path, offering the most opportunity for people to start trading and investing in cryptocurrencies, according to another recent study that compares nations’ crypto adoption rate, number of crypto ATMs and number of Google searches for crypto.

As Turkey grapples with economic turmoil and soaring inflation rates, reaching 38.21% in June 2023, its citizens are turning to cryptocurrencies for financial refuge. The plunging value of the Turkish lira is precipitating an ongoing surge in Bitcoin, as it offers a safe haven from government interference and inflationary forces. Younger investors in Turkey are particularly interested in crypto, while older generations gravitate toward traditional assets such as gold or US dollars.

Despite Ankara’s efforts to stifle Bitcoin usage, Turkey’s adoption rate continues to climb, with the country now boasting one of the highest global cryptocurrency adoption rates in the world, with Bitcoin at the forefront.

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