Crypto is no longer an alien subject for most people. However, we are not aware of the popularity and acceptance of crypto in different countries with their diverse ideology and socioeconomics. In this article, let’s dive into some figures and find out how it’s spread among other countries.
As we assume, crypto America could be the top 1 country with a broad crypto adoption population. However, the data speaks a different fact. We referred to the data from a website named Statista, which combined 55 research reports and Global surveys to identify the countries where Bitcoin and other crypto assets are most popular.
Africa, Asia and South America stand out from the crowd. Nigeria lies top of the leaderboard, with 32% of respondents claiming they used crypto in 2020. By comparison, only 6% of Americans reported the same.
Nigeria’s unique culture and socioeconomic structure are spurring the trend. One of the biggest reasons is poverty; 87million people among the 200 million population in the country suffer from poverty. The cheap crypto transaction also cuts the transfer expense. Another factor is widely adopted cash transfer via phones. Nigerians like to make payments and send money using their phones. Double-digit inflation hits the country’s economy for many years as well. The infinite amount of Bitcoin is a “buffer zone” among Nigerians.
Although Nigeria is on the top list, the country is hardly alone in this crypto adoption which is just an unfamiliar novelty until very recently. In the top ten list, the south-Asian countries are quite muscular, and one Latin American country breaks the top five. Ironically, the economically strongest countries fall at the bottom of the top ten list. The top ten lists with adoption figures are as below. Nigeria 32%, Vietnam21%, Philippines 20%, Turkey with Peru 16%, Switzerland 11%, India 9%, China7%, U.S. 6%, Germany 5%, Japan 4%.
The U.S. is the country which adopted the most Bitcoin. Bitcoin grew by 113% in the first quarter of 2021, but it’s a small potato compared to Dash with 198% growth, Ethereum with 324% growth, Maker with 760% growth, and Dogecoin with 7,555% growth.
Although the hottest trending altcoins are reigning the crypto topics in recent days, Bitcoin is still the crypto giant. More than $1.52 billion worth of Bitcoin was traded on U.S. crypto exchanges in 2020, according to Statista. Russia’s second trading volume is $421.38, three times less than America. Nigeria wasn’t lacking behind with its placing little over $400million. After all, it dropped a little too far to over $200 million in Europe.
TripleA, a cryptocurrency and blockchain company, estimates that more than 18,000 businesses worldwide accept crypto payments. There are now more than 300 million cryptocurrency users across the world. The average crypto ownership rate is 3.9%. Three in 5 crypto adopters are male, and crypto adopters are the primarily young generation with a higher education background.
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