As per statistics, crypto adoption trends are at an all-time high in developing nations across the world, dominated by Latin American, Asian, and African countries.
According to the Crypto Market Sizing Report published by prominent exchange Crypto.com, global cryptocurrency ownership increased by 34% in 2023 alone.
Out of the 580 million who purchased cryptocurrencies worldwide last year, Bitcoin (BTC) and Ethereum (ETH) contributed to 72% of the ownership.
Global Bitcoin users went from 222 million in January 2023 to 296 million by December 2023, while Ethereum holders increased from 89 million to 124 million during the same time.
Macroeconomic challenges like the ongoing conflicts in the Middle East and Europe, financial constraints imposed by Western central banks to combat rising inflation, and the ripple effects of pandemic-era policies have led to many turning towards crypto assets as a hedge.
In this article, we have listed 10 countries with the highest cryptocurrency adoption rates in the world.
So, let’s get started.
10. Russia
As of 2023, Russia has a population of 144.4 million. 6.06% of its total population, or 8.74 million people reportedly owns cryptocurrencies. Despite the ongoing economic disruptions in the country due to its conflict with Ukraine, the popularity of crypto assets only grows.
09. Indonesia
From a population of 277.5 million, 4.40% or 12.20 million people own cryptocurrencies in Indonesia. The country holds a good grip on the list despite losing almost 1% of the holders between 2022 and 2023.
08. Nigeria
Nigeria has a population of 223.8 million people. Out of this, 5.93%, or 13.26 million individuals own cryptocurrencies as of 2023. The country is well on the path to becoming a key player in the African digital economy.
07. Philippines
Among a population of 117.3 million, 13.43%, or 15.76 million people own crypto assets in the Philippines. Between 2022 and 2023, the country experienced an increase of 7.3% in cryptocurrency owners.
06. Pakistan
Despite not recognizing cryptocurrencies as legal tender, around 15.8 million people in Pakistan own crypto assets. This is a remarkable surge from 9 million in 2022. The country has a population of 240.4 million, as per statistics from 2023.
05. Vietnam
Around 21 million of Vietnam’s 98.8 million strong population owns some or the other form of cryptocurrency. What’s even more fascinating about this statistic is that around 70% of the country’s digital currency owners are between the ages of 18 and 24, showcasing vast disparity in the contrast of interest among different generations.
04. Brazil
Brazil is among the friendliest countries when it comes to the free and open use of cryptocurrencies. It is not surprising that nearly 26 million of the Latin American nation’s 216.4 million population hold crypto assets in their investment portfolio. Favorable rules have seen the country experience a significant increase in crypto adoption between 2022 and 2023.
03. United States
About 15.56% percent of the United States’s 333.9 million strong population own cryptocurrencies. Even though the country does not have robust digital asset regulation, it is the defacto leader when it comes to introducing the latest trends in the crypto market. Interestingly, most American crypto owners fall under the age bracket of between 18 and 34 years.
02. China
China has the second-largest population in the world and it comes as no surprise that it is placed high up on the list of crypto owners. Out of a gigantic population of 1.42 million people as of 2023, 59.134 million hold cryptocurrencies. This is despite the country placing stringent anti-crypto measures and completely banning all crypto-related activities, including mining and transactions, in 2019.
01. India
India tops the charts regarding the highest cryptocurrency adoption in the world. The world’s most populous nation, with 1.428 billion people, has around 93.5 million people owning some form of cryptocurrency. The Indian government has outright banned the trading and use of cryptocurrencies, but that does not seem to have any effect whatsoever on India’s younger generation who have taken great interest in the digital asset class, thanks to its thriving IT sector.
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