According to Chainalysis’ Global Crypto Adoption Index, the countries with the highest cryptocurrency use rates aren’t developed economies.
If cryptocurrency adoption is making any headway in breaking into mainstream economies, it isn’t necessarily the world’s economic superpowers that are leading the way.
According to a new report from blockchain research firm Chainalysis, of the 10 nations where cryptocurrency use is highest, only two are even developed economies: China and the United States.
The research firm developed a new methodology, the Global Crypto Adoption Index, to measure cryptocurrency activity among ordinary citizens around the world. “The intention is to highlight the countries where the most residents have moved the biggest share of their financial activity to cryptocurrency," Chainalysis wrote in a blog post.
“While trading and speculation are important to the cryptocurrency economy, we wanted our index to emphasize grassroots adoption by everyday users," it said.
The firm’s Global Crypto Adoption Index accounts for each country’s population and the size of its economy when assessing four metrics: on-chain cryptocurrency valued received, on-chain retail value transferred, number of on-chain crypto deposits, and exchange trade volume.
Of the 154 countries that the firm analyzed, it found that Ukraine, Russia, and Venezuela lead the world in terms of crypto adoption. Rounding out the top 10 are China, Kenya, the United States, South Africa, Nigeria, Colombia, and Vietnam. Read More