Chainalysis has presented the Global Crypto Adoption Index for 2021. In it, the blockchain forensic scientists compose a global ranking of the countries with the greatest potential for adoption of cryptocurrencies. Overall, crypto adoption has accelerated in recent months.
Chainalysis has the global adoption process of cryptocurrencies in a country comparison evaluated. The “Global Crypto Adoption Index” shows that the acceptance and use of crypto assets has not only increased worldwide, but has grown exponentially since 2021.
There are strong regional differences between the adoption drivers. While the increased acceptance in emerging countries is due to the increased use of P2P platforms, business transactions and inflation hedging, acceptance in industrialized countries is largely driven by “institutional investors”.
Chainalysis has evaluated the adoption in 154 countries according to purchasing power parity, transaction volume in relation to average income, and based on the P2P trading volume and weighted accordingly. For example, emerging countries, in which the transaction volume is lower overall than in industrialized countries, but higher compared to per capita income, also receive a higher index rating. Accordingly, the study focuses “on use cases related to transactions and individual saving rather than trading and speculation”. The scoring ranges from 0 to 1, with 1 reflecting the highest adoption rating.
The method holds some surprises in store. For example, India is in second place with a scoring of 0.37 points, even though the country has heavily regulated crypto trading. Only in March was a corresponding law overturned that banned banks from all crypto services. Vietnam ranks first, Pakistan ranks third. Germany did not make it to any of the twenty places.
The acceptance of cryptocurrencies is increasing significantly worldwide, as Chainalysis evaluates in the new “Adoption Index”. However, Germany is lagging behind.