On Wednesday, Chainalysis released its annual Global Crypto Adoption Index, which ranks 151 countries on their crypto adoption. The index measures the total volume of on-chain crypto transactions, taking into account population size and purchasing power. This year, India, Nigeria and Indonesia top the list.
Rapid crypto growth in low-income countries
The report shows that the crypto market is growing mainly in regions such as Central and South Asia and Oceania. Seven of the top 20 countries come from this region. India, Nigeria and Indonesia are at the top, with Indonesia’s rise being particularly notable. The country was in 7th place last year and has worked its way up to the top 3 this year.
What is also striking is that crypto adoption is not limited to rich countries. In lower-income countries, such as parts of Sub-Saharan Africa and Latin America, the use of stablecoins is on the rise. These coins, which are pegged to stable currencies such as the US dollar, offer protection against the volatility of local currencies that are sensitive to inflation.
Global Impact of Bitcoin ETFs
The launch of a Bitcoin ETF in the United States has also caused a surge in Bitcoin transactions globally. This development underscores that crypto is becoming increasingly important, not only for retail users, but also for institutional investors.
Some adjustments
For the 2024 edition of the index, Chainalysis has made some methodology changes. For example, it has adjusted the way it measures DeFi activity and has excluded peer-to-peer (P2P) transactions this year, as their volume has declined significantly. This points to a shift in users towards centralized exchanges and DeFi protocols.
Crypto adoption strong in emerging markets
While global crypto activity continues to grow, adoption is strongest in countries with less developed financial infrastructure. In countries like Nigeria and Indonesia, crypto offers an alternative for those without access to traditional financial services.
The top 10 is completed by the United States, Vietnam, Ukraine, Russia, the Philippines, Pakistan and Brazil. The Netherlands is in 32nd place this year, slightly higher than last year, when the country was still in 38th place.
Source: https://newsbit.nl/deze-landen-lopen-voorop-in-de-wereldwijde-crypto-adoptie/
