Chainalysis Crypto Adoption: These are the crypto world champions

Crypto analytics firm Chainalysis releases its annual report on grassroots crypto adoption. In the 2023 Global Crypto Adoption Indexwhich was available to BTC-ECHO in advance, shows once again: Asia is a pioneer when it comes to crypto.

More specifically, countries in Central and South Asia rise to the top of the podium.

The first key finding is that the Central and South Asia and Oceania (CSAO) region is at the top of the index, with six of the top ten countries located in this region,

writes Chainalysis in the report. The report does not look at transaction volumes, but rather calculates the everyday use of Bitcoin and Co. based on on-chain data.

The top 10 countries by crypto adoption are:

  1. India
  2. Nigeria
  3. Vietnam
  4. USA
  5. Ukraine
  6. Philippines
  7. Indonesia
  8. Pakistan
  9. Brazil
  10. Thailand

Crypto adoption is declining worldwide

However, one suspects that the values ​​are relative. “Global Cryptocurrency Acceptance Is Declining”; says the report.

The Darker, the Crypto: The Chainalysis Crypto Adoption Index. Source: Chainalysis.

After all: Compared to the fourth quarter of 2022, things have recently been looking up again.

Additionally, the decline of crypto adoption does not affect all countries equally. In countries that belong to the so-called Lower Middle Income Countries (LMI) segment, the adoption curve is steeper than in industrialized nations. The World Bank describes countries that generate a gross domestic product between $1,086 and $4,255 per capita as LMI. Examples include India, Nigeria and Ukraine – all in the crypto top 10.

Exciting: Measured by adoption, cryptocurrencies are more widespread in such countries today than during the previous bull market in 2020.

LMI dominate the picture. Source: Chainalysis.

Chainalysis adds: “40 percent of the world’s population lives in low-income countries – more than any other income category.”

India: Lonely top class

A look at the crypto transfer volume shows how much Asia dominates the present (and possible future) of the crypto space. After the USA is India the Crypto nation par excellence. This result is particularly impressive when you consider that India has been on a roll when it comes to crypto regulations for years.

India in crypto fever. Source: Chainalysis.

By the way: Germany ranks 26th in the Chainalysis Global Crypto Adoption Index with a score of 0.055.

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