When you invest in or trade Bitcoin, attention is almost exclusively focused on one element: the evolution of the BTC price. Rises, corrections, support, resistance… everything seems to hinge on that. Yet, for a European investor, an essential dimension of performance often goes under the radar: the currency in which Bitcoin is quoted and traded.
In this article, we will dissect this exchange-rate risk that is often ignored, understand how it concretely impacts performance, visualize its effects through numerical examples, and explain why, for a European investor, trading Bitcoin directly in euros can offer a clearer read, without completely eliminating currency risk.
Bitcoin and the dollar: the exchange-rate risk often overlooked
Like many commodities and major US indices, Bitcoin is primarily priced in dollars. This is the case for gold, oil, but also for indices like the S&P 500 or the Nasdaq Composite. Once you are invested in these markets from the euro area, you are exposed not only to market risk but also to currency risk on exchange rates.
For a long time, this exchange-rate risk was largely ignored by European investors. And that is understandable because between 2008 and 2022, the euro fell from about 1.60 dollars to 1.00 dollar, even briefly trading below parity in 2022. During these fourteen years, the structural decline of the euro against the greenback mechanically boosted the performance of American assets for a European investor.
Marc’s comment:
For more than 14 years, the currency risk worked in our favor. It amplified gains. We eventually forgot about it.
But the year 2025 reminded us of an essential reality: a currency can move in both directions. The dollar weakened against the euro for much of the year. As a result, a portion of the performance achieved on the US markets was erased, or even completely offset, once converted to euros.
This affected US stocks, US indices, US Treasuries held by international investors, and more broadly all dollar-denominated assets. Even gold, though its rise cannot be attributed solely to the dollar, was influenced by this currency backdrop.
Bitcoin obviously did not escape this dynamic.
Because it is predominantly priced in dollars on international markets, every European investor must incorporate this variable into their analysis. The currency risk is not automatically unfavorable. But it exists, and it can become a driver of underperformance.
It is a risk that is today difficult to ignore.
The currency risk: a driver of performance (or underperformance)
Currency risk is a simple mechanism, but often misunderstood.
When a European investor buys an asset primarily priced in dollars (like Bitcoin), their final performance depends on two variables:
- The evolution of the asset’s price
- The evolution of the euro-dollar exchange rate
These two elements can move in the same direction… or in opposite directions.
If Bitcoin advances and the dollar strengthens against the euro, euro-denominated performance will be amplified. Conversely, if Bitcoin advances but the dollar declines, part of the gain may be erased at the time of conversion.
The currency risk is therefore neither good nor bad in itself. It is an additional factor of performance, or underperformance.
Of course, one should bear in mind that Bitcoin is a highly volatile asset, and daily or weekly BTC movements are typically much larger than the fluctuations of major currencies like the euro or the dollar. Currency market movements are, by nature, far more modest than those of cryptocurrencies.
This means that, in most cases, Bitcoin’s price movement remains the primary engine of performance.
But “less volatile” does not mean “without impact.” Over a year, or over a full market cycle, the movement of a currency can substantially modify the final result for a European investor.
The question then becomes strategic:
- Do we want to shoulder this double risk (Bitcoin + currency)?
- Or would we prefer to invest only in Bitcoin, minimizing currency exposure as much as possible?
There is no universal answer. Some investors consider currency risk as an integral part of exposure to international markets. Others prefer to neutralize this risk to isolate more clearly the performance of the underlying asset.
The key is to be aware of it. Because an ignored risk is not a non-existent risk, it is simply a risk endured.
When currency risk becomes visible in performance
Over the last 12 months, Bitcoin shows negative performance in dollars.
In this case, currency risk does not come to reduce a gain… but can amplify the loss. If, in parallel, the dollar weakens against the euro, a European investor experiences an even larger decline than what is observed in USD.
The table below makes this effect concrete across different periods.
| Period | BTC Performance in USD | EUR/USD Variation | USD vs EUR Variation (implicit) | BTC Performance in EUR (calculated) |
| 1 month | -26.23 % | 1.00 % | -0.99 % | -26.96 % |
| 6 months | -42.56 % | 3.50 % | -3.38 % | -44.50 % |
| 12 months | -31.23 % | 14.00 % | -12.28 % | -39.68 % |
| 5 years | 43.69 % | -4.00 % | 4.17 % | 49.68 % |
We can see, however, in our table that over five years, Bitcoin is positive in dollars and the euro has slightly weakened over the period. The currency risk thus worked in favor of the European investor, amplifying long-term performance.
Trading Bitcoin in euros: a more readable solution for Europeans
For an investor based in the euro area, handling Bitcoin directly in EUR mainly simplifies reading its performance and avoids some undesirable currency-related effects.
Advantages of investing in Bitcoin in euros
- Performance immediately readable in euros : no need to mentally estimate the impact of the EUR/USD rate
- Fewer surprises at conversion : the displayed gain corresponds to the actual cash gain
- Elimination of exchange fees (EUR → USD → crypto), often invisible but real
- More straightforward execution : no double conversion on deposits and withdrawals
- Competitive conditions on the BTC/EUR pair, notably via Bitvavo, which offers reduced fees and good euro liquidity
- Asset coherence : for an investor whose income and expenses are in euros, tracking performance in their reference currency feels more natural
Disadvantages of investing in Bitcoin in euros
- Bitcoin remains a global asset influenced by the dollar : even if the display is in EUR, the global market dynamics are still strongly correlated to USD flows
- The currency risk does not disappear entirely : it becomes less visible in execution, but it continues to exist through global price formation
- Global liquidity still largely concentrated on BTC/USD, even if the euro pair is now well developed, notably on Bitvavo with excellent conditions
In short, trading Bitcoin in euros does not remove all dollar influence, but it offers a clearer, more transparent, and often more economical reading for a European investor.
How to trade Bitcoin in EUR in practice?
Concretely, to invest directly in Bitcoin in euros, simply choose a platform offering the BTC/EUR pair, fund your account in euros (SEPA transfer) and place your orders as on any financial market.
In Europe, Bitvavo has established itself as one of the reference players for this type of execution. The platform has clearly positioned itself with a single objective: to offer European investors the best possible conditions to trade cryptocurrencies in euros.
Bitvavo has also distinguished itself by the competitiveness of its terms on euro markets, making it today one of the most attractive European brokers for those who want to avoid dollar-related frictions.
In practice, the approach is simple:
- Open an account on Bitvavo
- Fund the account in euro via SEPA transfer
- Buy Bitcoin directly on the BTC/EUR pair
- Track performance in euro, with no intermediate conversion
For a European investor seeking clear execution, controlled fees and an environment suited to the euro area, trading Bitcoin in EUR via Bitvavo represents today one of the most effective solutions available on the European market.
All of our information is, by nature, generic. It does not take into account your personal situation and does not constitute personalized recommendations for the purpose of executing transactions, and cannot be equated with financial investment advice, nor with any inducement to buy or sell financial instruments. The reader is solely responsible for the use of the information provided, with no recourse against the publisher Cafedelabourse.com. The publisher’s liability cannot be engaged in any case in the event of error, omission, or unsuitable investment.
