Although everyone has access to cryptocurrency in theory, some countries are more excited than others about digital assets. Understanding which nations use cryptocurrencies the most could help understand how adoption of crypto is growing. Let’s dive in.
Which countries use the most crypto?
Tracking crypto in every country is challenging, but blockchain analytics firms like Chanalysis have developed ways to gauge Web3 adoption in diverse regions. In its annual Global Crypto Adoption Index, they used the following five metrics to track crypto in hundreds of countries:
- Total cryptocurrency value on centralized crypto exchanges (CEXs)
- Retail trading on CEXs
- Peer-to-peer crypto transaction volume
- Crypto value used in DeFi protocols
- Retail activity in DeFi
The “purchasing power parity” (PPP) standard, which considers the average purchasing power of citizens in each country, is used to weigh all of the findings. Average citizens have less disposable income in countries with lower PPP scores.
According to Chainalysis, the following 10 nations have adopted cryptocurrencies at the highest rates in 2022:
- United States
The NFT-based P2E game “Axie Infinity” was created by the Vietnam-based company Sky Mavis. The success of the game appears to have encouraged more cryptocurrency start-ups in Vietnam. Additionally, according to recent data, 2.1 million Vietnamese citizens are believed to own an NFT, placing the nation among the top five in terms of NFT ownership.
The 2022 Russian invasion of Ukraine forced many citizens and decision-makers to accept cryptocurrency payments. Ukrainian personnel established official cryptocurrency wallets to accept donations soon after the war started. Ukraine had already gotten $100 million in cryptocurrency donations by the beginning of 2022. The country of Eastern Europe has also tried using NFTs to solicit donations.
Which countries have the most crypto owners?
Without adjusting for PPP, 13% of the population in the United States owns cryptocurrency (46 million). Numerous 2021 surveys indicate that at least 16% of Americans traded cryptocurrencies. Additionally, the United States ranked first among industrialized nations.
However, Thailand appears to have the most cryptocurrency holders when looking at the most crypto users by country per capita. According to a Finbold report from 2021, 20% of Thai citizens now own cryptocurrency. With 19.4% each, Nigeria, the Philippines, and South Africa tied for second place.
As of 2021, more than 10% of people in a few other countries owned cryptocurrency, including:
Is crypto more common in the developing world?
Emerging markets are where cryptocurrency is more prevalent. The U.S. and the United Kingdom were the only two developed countries in top 20. These findings imply that developing countries are where bitcoin is most widely used.
Cryptocurrency has existed on a global scale since its inception. Global access to non-sovereign digital currencies and DeFi (decentralized finance) services has been made possible by initiatives like Bitcoin (BTC) and Ethereum (ETH). It is simple to store and use crypto assets as long as there is a working internet connection.