More and more people are interested in cryptocurrencies: a new study shows an 880% increase in global adoption. What drives growth?

Advertising

Growth in Western Europe driven by institutions

Blockchain data provider Chainalysis has looked at global crypto adoption in a new study. This means: How widespread are cryptocurrencies worldwide? How are they used? For this purpose, 154 countries were sorted in the “Global Crypto Adoption Index” and then compared. Factors such as transaction volumes, their use cases and the associated transactions were taken into account.

Contact:

“Our data shows that the inhabitants of more and more countries around the world are taking the leap into cryptocurrencies.“

One observes an increasing acceptance. According to the researchers, global crypto adoption has increased by a whopping 880% in the last year. The causes are mainly P2P trading activities and Bitcoin’s property as a store of value. Not only large institutions, but also retail investors apparently use Bitcoin (to buy from eToro or Libertex) to protect capital from inflation. However, the growth in North America, Western Europe and East Asia last year is more likely to be attributed to institutional investment.

The researchers continue:

“P2P transaction volumes for the US and China are roughly in line with the global total until they begin to diverge around June 2020. At this point, P2P transaction volume is shrinking in the US and China, while growing in the rest of the world. While all three countries are experiencing a sharp decline from March 2021, the US and China are falling more sharply and remain below the global totals.“

China disappears from the rankings

It is also interesting how the ranking has changed compared to the previous year: in 2020, Russia, Ukraine and Venezuela were the leaders in the “Global Crypto Adoption Index”. This year, Vietnam, India and Pakistan are at the forefront as countries with the highest crypto adoption. China has understandably disappeared from the rankings – the country has been positioning itself rather anti-crypto for quite some time and is dedicated to developing its own CBDC (Central Bank Digital Currency).

You can watch a detailed preview of the Chainalysis study here.

Germany has Crypto Backlog

A study conducted by Statista on crypto proliferation comes to a similar conclusion. According to Statista data journalist Katharina Buchholz, dependence on remittances and the proliferation of peer-to-peer phone payments have led to a steep increase in the use of cryptocurrencies in Nigeria. Of the 74 countries in the “Statista Global Consumer Survey”, Nigerians were the most likely( 32%) to use or own cryptocurrencies.

One of the reasons cited by the study is the high cost of sending money across borders. In addition,: Nigerians often use the phone to send themselves money or pay for purchases. This drives usage, because: Many companies in the country now also allow payment with cryptocurrencies via the telephone payment options.

In 2nd and 3rd place in the Statista survey: Vietnam and the Philippines. Here, 21% and 20% of all respondents say they own or have used cryptocurrencies.

Slightly beaten off in tenth place, Germany also appears: here only 5% of all residents are familiar with cryptocurrencies. The citizens in this country are thus still behind India (9%) and China (7%) in terms of crypto knowledge.

You can download the Statista study here.