About 2.5 million people, around 6.4 percent of Poland's adult population, hold cryptocurrencies, and the most commonly chosen asset is Bitcoin (BTC), the survey showed.

Cryptopolitan, a blockchain media outlet, reported on May 20 local time that the survey was conducted on commission from the National Bank of Poland (NBP), Poland's central bank. It aimed to assess the number of local investors and market conditions ahead of the introduction of the European Union's crypto regulatory framework MiCA (Markets in Crypto-Assets).

The survey put the share of Polish adults holding cryptocurrencies at 6.4 percent. The NBP explained that the actual holding rate could be 5 to 8.1 percent based on a 95 percent confidence interval. That translates to about 1.9 million to as many as 3.0 million people. Pollster Ipsos conducted the survey of 1,000 respondents.

The figure is lower than estimates by existing market research firms. Earlier, Dutch-licensed fintech firm ARI10 and USE Research estimated in a report early this year that more than 35 percent of Poles, about 10 million people, hold digital assets. The NBP also acknowledged its own findings as a "highly conservative estimate."

Bitcoin accounted for the largest share by asset held. Some 3.5 percent of all respondents held Bitcoin, while 2.2 percent held Ethereum (ETH). The share investing in other altcoins was 3.1 percent.

The share holding stablecoins was relatively low. Respondents holding stablecoins, including Tether (USDT) and Circle's USDC and EURC, accounted for 0.9 percent of the total.

Investor characteristics followed a pattern similar to other European Union countries. Men were more likely than women to hold cryptocurrencies, and younger people tended to be more active in investing in digital assets.

Some in the market also point out that tax return data may show the actual market size more accurately than surveys. Polish crypto media outlet Bitcoin.pl reported that only about 20,000 Poles stated in tax returns last year that they held cryptocurrencies. The outlet added that whether the real number of holders is closer to 2 million or 10 million, it is clear that crypto has already moved beyond a niche market.

The survey is also drawing attention because it was carried out after the collapse of major local exchange ZondaCrypto. Regulatory debate continues in Poland as problems at major trading platforms overlap with political turmoil over the introduction of MiCA.

In this situation, the National Bank of Poland's survey is expected to serve as a benchmark for gauging the size of the local crypto investor base and the flow of funds.

The report in particular assessed that Bitcoin is serving as a representative entry asset for Polish investors. As a result, in Poland's future MiCA adoption process, discussion on investor protection and the overhaul of trading infrastructure is likely to increasingly centre on Bitcoin and major cryptocurrencies.