However, there are some parts of the world where the adoption rate continues to wax strong. The popularity of cryptocurrency is gaining pace, with people using it as a prefered investment option. This is evidenced by the number of supported citizens throughout the EU that will soon be receiving their MCO Visa Cards, Crypto.com's flagship payments product. The popularity and mass adoption of cryptocurrencies have skyrocketed over the past few years. Since joining Crypto.com in January, Mariana Gospodinova has had one objective: accelerate crypto adoption in Europe. 25. This came after investors lost their funds to a crypto startup. The war in Ukraine, US inflation printing a 40-year high and the collapse of Terra, Three Arrows Capital and Celsius have all contributed to fearful crypto markets. 4. 74% of crypto owners in the U.S. are men, and 26% are women. The report, titled "Geography of Cryptocurrency", compared the countries' cryptocurrency adoption based on three . The adoption of crypto in Nigeria is growing at an exponential rate. All the things about Cryptocurrency Adoption Rate and its related information will be in your hands in just a few seconds. Bitcoin constituted 47% of the total market capitalization of cryptocurrencies in 2021 Top Countries USA (46 million) India (27 million) Pakistan (26 million) Nigeria (22 million) Vietnam (20 million) Owners Demographics 63% male, 37% female 72% are aged under 34 71% have a Bachelor's degree or higher Individuals under the age of 35 years dominated crypto ownership in the country. (Image: Reuters) 7 / 8 According to data by Chainalysis, the global adoption of cryptocurrencies increased by 880%. . The country has a crypto adoption score of 0.28. Even before the invasion of Ukraine by Russia, the country has been one . Now, to put this in . Those aged 55+ are the age group least likely to own crypto, and they make up only 9% of crypto owners. Ever since El Salvador made the daring decision to adopt Bitcoin as legal tender, the crypto scene has been abuzz with speculation about which country could be next. Middle Income Countries Take The Lead. A recent Chainalysis report goes into the worldwide adoption trend, which found that middle income countries are driving adoption. Influx of talent into the UAE Active in NFTs and the metaverse How long before crypto is used for payment in the UAE? According to the IPOS survey, men dominate crypto adoption. Here are the 10 best countries for cryptocurrency: El Salvador Singapore Slovenia Portugal Switzerland Germany Malta Estonia The Netherlands Canada But what makes these countries best for crypto? The country has been a hotspot for science and engineering developments that started during the Soviet Union. . The crypto ownership rate in the UK is 8%, which is lower than the global average of 15%. The next 3 countries are Pakistan, Nigeria, and Vietnam, with 26 million, 22 million, and 20 million users, respectively. Based on Chainalysis' global index score, crypto adoption slowed in the first two quarters of 2022 compared to the highs of the second and fourth quarters of 2021. The study, titled "Global State of Crypto Report," found that 41 percent of Indonesians, aged between 18 and 75 years old with an income of more than $14,000 per year, own crypto assets. The last figure we can use to measure Bitcoin's adoption rate is which countries have the most crypto ATMs. The government is Bitcoin-friendly and so many citizens try to shield the wealth they have with Bitcoin. Here are the leading factors driving Africa's crypto adoption. (CoinMarketCap, 2021) Cryptocurrency Rankings Among the cryptocurrencies that currently exist, Bitcoin had the biggest share (66%) of market capitalization in 2020. As in number 2 place, we have India with 27 million users. The index rates the top 20 nations and gives an impartial assessment of whether countries have fully [] This is notable because the citizens of Turkey are currently suffering from one of the highest inflation rates in the world. Crypto ATMs Adoption Rate By Country. Latin America is the second fastest-growing crypto market at 40%, followed by North America at 36%. Rounding out the top 10 are China, Kenya, the United States, South Africa, Nigeria, Colombia, and Vietnam. In the report on global crypto adoption Vietnam, India and Pakistan have received the highest index scores (for reference, the highest index score is 1). Its population is clearly interested in finding an alternative to stuffing U.S. dollars in their mattresses to shield their wealth. As the cryptocurrency industry continues evolving the way that we understand ownership and value transfer, the adoption rates continue rising. Among developed countries, cryptocurrency use was most widespread in English-speaking countries - first and foremost the United States, but also the UK, Canada, South Africa and Australia.. REUTERS/Seun Sanni - RC25UI99E935. Of the 154 countries that the firm analyzed, it found that Ukraine, Russia, and Venezuela lead the world in terms of crypto adoption. In the Top 20, there is no single country from the EU. They represent about 46% of the crypto holders. However, in terms of overall values traded, the continent is still playing catch-up to other regions. Thursday, 15 September 2022 16:49. The Chainalysis report found that of the top 20 countries that are leading crypto adoption across the globe, the vast . Following Nigeria are Malaysia and Australia, and most of the ownership focuses on the top 10 cryptocurrencies by market cap. Turkey rose to the 17th country in the world in terms of crypto adoption according to this data. And in a few months' time, she has done just that. This is due to the increasing number of peer-to-peer transactions in Kenya. Since then, adoption has moved in waves - it fell in Q3, which saw crypto price declines, rebounded in Q4 when we saw prices rebound to new all-time highs, and has fallen in each of the last two quarters as we've entered a bear market. The global average was between 42.6% to 50.5%. Ukraine Adoption remained higher . Sources Other countries on the list of crypto adoption predictions are the Philippines (86%), Thailand (64%), Malaysia (61%) and India (50%) with Nigeria leading the top five with an expected 100% crypto adoption. The country's Securities and Exchange Commission (SEC) proposed licensing of cryptocurrencies as a legal tender in January 2019. An Ultimate List Of The 6 Best Crypto Resources 2021; What Are The Environmental Impacts Of Cryptocurrency? By definition, a crypto ATM allows a person to . The 2020 global crypto adoption index score is taken from Chainalysis' 2020 Geography of Cryptocurrency Report. XRP adoption among crypto owners stood at 23.1%. According to the Global Crypto Adoption Index by Chainalysis, cryptocurrency is most widely spread in developing countries such as Vietnam, India, Pakistan, Ukraine, and Kenya. According to World Bank statistics, remittance costs to Vietnam average about 7% as of 2020. Gemini's study surveyed nearly 30,000 adults across 20 countries between November 2021 and February 2022, exploring the attitudes, drivers and adoption of this new asset class and how it's being deployed across the world. The 6 Best Blockchain Platforms That New Investors Should Know; All To Know Before Taking Part In Cybercash; Dogecoin Price Prediction: How Can DOGE Break Out And Rally Soon? Exorbitant fees, in addition to the unbanked population's lack of access to money . Most of the largest crypto hedge fund managers with a location in Europe in 2020, were either from the United Kingdom or Switzerland - the country with the highest cryptocurrency adoption. Central and Souther Asia,. India leads the way at 29%, with Germany at the other end of the spectrum with 6%. The United States of America and the United Kingdom are two countries in this index with high incomes. With the recent bear market, there has been a decline in the adoption rate, and it has leveled out in the last couple of months. Venezuela ranks 7th, and the USA occupies the 8th place. We finally gave each country a normalised score out of ten for these factors before taking an average of the scores for our final . Others use cryptocurrency as an investment. Chainalysis used three metrics to score countries for the adoption index this year: the total value of crypto received by a country, crypto exchanged by non-professional crypto investors (counting . Top 10 countries with most crypto adoption. We've studied regulatory laws, taxes, adoption rates, and other facts and figures from different countries as part of our methodology . Advertisement. That gives the country an overall adoption rate of 4.1%. The country currently has more than 50% monthly active adult crypto traders, as a lot of citizens now prefer to store their money in digital currencies over fiat cash, due to the constant devaluation of the Naira. The Chainalysis report found that of the top 20 countries that are leading crypto adoption across the globe, the vast majority were middle income countries. That said, Vietnam's high adoption rate is a puzzling phenomenon, begging the question: Why is crypto adoption so high in the country? Nigeria has the largest crypto-using population, with about a third of individuals reporting that they have worked with cryptocurrency before. Asia region saw the biggest increase with peer-to-peer (P2P) platforms being the biggest drivers of crypto usage. According to the firm, global crypto adoption has grown by . Still, it's important to note that global adoption remains well above its pre-bull market 2019 levels," As a key takeaway, the blog suggests that emerging markets dominate the Global Crypto Adoption Index. According to recent findings from Chainalysis, Vietnam, India, and Pakistan dominate the Global Crypto Adoption Index for the second year in a row. However, despite the turbulence, we continue to see crypto Continue reading Crypto Adoption . Scores are weighted based on the purchasing power parity per capita of each country and hinges on the following metrics; total crypto activity, trading activity of non-professionals, and P2P (peer-to-peer) exchange volume. Argentina regularly appears high up in the Bitcoin Google searches. According to CoinMarketCap, the market capitalization of all . The African bitcoin and crypto market has grown by over 1,200% in terms of value received over the past year, according to Chainalysis. According to data provided by Statista, as of 2020, the countries with the highest adoption rates of cryptocurrency (by the percentage of the population that owns cryptocurrency) are Nigeria (31.9%), Vietnam (21.1%), and the Philippines (19%). About 6% of people in the US own or have used crypto, while 32% of people in Nigeria say the same. Ukraine. No cryptocurrency taxes. The African nation has experienced consistent adoption growth despite some disapproval from officials. Cryptocurrency adoption in Africa grew 1200% between July 2020 and June 2021, making it the fastest adoption rate in the world. 4. High crypto adoption rate drives UAE's digital economy (2022) Table of . This is among the highest rates of any country in Asia. The research sought to identify countries with the most significant crypto adoption rate by ordinary citizens rather than institutions. The crypto ownership rate in the US is 12%, which is lower than the global average of 15%. Rather than gross transaction volume, the index rates 154 nations based on peer-to-peer exchange trading activity. Global Crypto Adoption Index ranks 154 countries by key crypto activity metrics. While this still leaves the region just behind the transaction volume growth rate in Central, Northern and Western Europe, Asia is home to three of the highest crypto adoption countries in the entire world. Crypto Adoption Rates 2022 has begun as one of the most humbling beginnings to a year for crypto assets. A companion report cited data for 2021 indicating that among the world's top 20 economies, the highest percentages of residents who own cryptocurrency are in: Ukraine, 12.7%; the Russian . The U.S. slid. In Africa, Nigeria is the leading country in terms of cryptocurrency adoption . Kenya has the fifth-highest global crypto adoption rate. In January, Crypto.com published a report predicting crypto adoption rates to increase threefold this year, from 296 million to 1 billion. Men in the U.S. are more likely than women to own crypto. Picture taken September 1, 2020. (Ecofin Agency) - The drop in cryptocurrencies' value has not dented their adoption. At the second place we also see Colombia, with the same adoption rate of 18%. Vietnam is the most adopted country to crypto achieving an overall index score of 1. Crypto Guides A Guide For Trading The Major Cryptocurrencies Successfully; How To Read Cryptocurrency Charts: Investors Must Know ; Step By Step Guide . And India(0.37), Pakistan (0.36), Ukraine (0.29), and Kenya (0.28) followed it. Malaysian men are much more likely to own cryptocurrency than women. . Blockchain data platform Chainalysis has published its 2021 Cryptocurrency Adoption Index, which ranks 154 countries by crypto adoption. Image: Chainalysis Crypto adoption: Nigeria ranked Africa's 1st. Ethereum (ETH) distantly follows at 8%. The list of crypto adoption predictions for 2030 places Nigeria in top spot (100%) with the Philippines (86%), Thailand (64%), Malaysia (61%) and India (50%) coming behind respectively. The country shared the top spots with Brazil among the 20 countries surveyed by Gemini. The "Global Crypto Adoption Index" by Chainalysis, considering three metrics described below and ranking countries by them, lists the following as Top 5: Except for the US on 8 th place, the ranking only consists of developing nations and emerging markets, including, maybe unexpectedly, Venezuela on place 7 and Afghanistan on 20. Globally, ownership sits at 15% for the September 2022 report, following 15% in the previous report. (E-Crypto News, 2021) In 2020, all cryptocurrencies combined had a market capitalization of $758.06 billion. Source: Gemini's 2022 Global State of Crypto Report. The current growth rate of crypto users is over 100% per year, significantly higher than that of the internet in the 90s and early 2000s. Malaysia, which ranks fourth for cryptocurrency adoption overall (29%), has the highest number of Ethereum investors (7%), well above the global average of 3%. Of those who planned to invest in crypto, 57% were men compared to 43% of women. The cryptocurrency market's rate of adoption is astonishing. According to Chainalysis, Pakistan is ranked 11th on the list regarding on-chain value received. The index scores countries on a scale from 0 to 1 based on their level of adoption. Ukraine Developing countries like Ukraine led the way in cryptocurrency adoption, according to Chainalysis. Last month, the annual CPI inflation rate in Turkey hit +79.6%. Both of these countries have an adoption rate of 16%. The number of crypto owners is taken from Triple A's Cryptocurrency Across the World report and is taken as a percentage of the total population.. The top 20 contains 10 countries from lower middle income, 8 from upper-middle income, and 2 from high-income countries. With more than 100 million people around the world invested in them and the number of Blockchain wallet users worldwide at an all. In 2020, Peru was the leading country in South America when it came to cryptocurrency adoption with 16%. Compared to the previous year, this represents a growth of 706 percent. The country has reached one of the highest rates of cryptocurrency usage in the world, placing third on our Global Crypto Adoption Index, as many Venezuelans rely on cryptocurrency to receive . Three African countries are among the top 20 global countries with the highest adoption rate. Content Ethereum to US dollar (ETH/USD) UAE has high trust in crypto Exchanges relocate to Dubai How does geography help the UAE's crypto sector? The United States is ninth on that list, since only about 6% of individuals have used this form of currency. In South East Asia, in countries such as the Philippines and Indonesia, we find similar figures," he said. Nonetheless, if things do go well, there are other countries that may similarly stand to gain from adoption. The leading country, Nigeria, had a positivity rate of 81.4% to 87.1%. From South America to Africa, both Argentina and South Africa show high cryptocurrency adoption at 16% of the population each. Currently, Pakistan has an estimated nine million people who own some form of cryptocurrency. 60% of crypto owners were men compared to 40% women. The 2022 Global Crypto Adoption Index, published earlier by Chainanalysis, puts Turkey in 12th place, Egypt in 14th, and Morocco in 24th. Despite the Nigerian government's ban on crypto in 2021, a lot of Nigerians continue to trade in . Third Place - Argentina And South Africa. . Russia was among the few countries where crypto ownership by women was higher than by men.
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