Worldwide adoption of cryptocurrencies has accelerated over the past few years. Special thanks to the stock market in 2021, in which the price of Bitcoin reached as high as $69,000, which caused an influx of new users to the market, both on the retail side and on the side of institutional investors. As it stands, there are now more than 320 million crypto users worldwide, according to the latest data. Here are the countries that dominate the list.
The United States takes the lead
The United States has actually seen one of the fastest adoptions of cryptocurrencies. Data from Triple A shows that there are more than 46 million crypto users in the country. It is even more evident that more than 80% of all crypto ATMs installed in the world exist in this region. So in total, the United States has 13.74% of its total population who are cryptocurrency users.
In second place is India. Over the years, there have been reports of Indians flocking to cryptocurrencies as the new gold. As a result, their numbers have grown rapidly and there are now more than 27.4 million crypto users in the region. However, this only accounts for about 2% of India’s total population. Pakistan ranks third with more than 26.4 million crypto users, accounting for 11.5% of the total population.
Total market cap falls to $976 billion | Source: Crypto Total Market Cap on TradingView.com
Nigeria is unsurprisingly in 4th place. The country’s economic situation worsened over time with double-digit inflation, and residents turned to cryptocurrency to maintain the value of their wealth. The country has more than 22.3 million users, which is 10.34% of the total population.
Vietnam ranks 5th with more than 20.2 million users. However, despite being 5th, it is the country with the highest percentage of the population using cryptocurrencies, at 20.27%. That puts it ahead of China with 19.88 million and Brazil with 16.65 million. Russia, Indonesia and South Africa round out the top 10 with 14.6 million, 12.23 million and 7.7 million, respectively.
Crypto is spreading across continents
On a country-by-country scale of control, the United States led the way in terms of adoption, but when zoomed out and viewed from the perspective of the continents as a whole, the West was quickly dethroned. Instead, Asians are leading the charge in this regard.
Data shows that Asia has 130 million crypto users. In contrast, the African continent has 53 million uses. This puts North America in 3rd place with a total of 51 million users. Europe follows with 43 million, and South America with 27 million. Oceania has reached one million users.
The wearer demographic is also skewed towards male popularity. In total, 63% of all cryptocurrency users are men, while 37% are women. 72% of all users are under the age of 34, indicating that the market is attractive to younger people. Most (71%) have at least a bachelor’s degree.
Featured image from Finance Feeds, chart from TradingView.com
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