Cryptocurrency is being globalized quite rapidly, spreading the fastest in Asia with the most users than in any other continent, around 160 million. Triple A, a leading cryptocurrency payment company predicted that in 2021, global crypto ownership would be over 3.9% or around 300 million users worldwide. Over 18,000 businesses have already begun accepting cryptocurrency as payments including, Starbucks Coffee, Booking.com, and Coca-Cola.
Triple A revealed that in retail, 40% of customers paying with cryptocurrency are new to the industry, where the number of retail transactions in crypto is increasing by 12.5% every year. Luxury brands have also begun adopting and using cryptocurrency as a way of payment because it protects their brand from counterfeit and grey markets.
In 2020 digital remittances and cross-border transfers reached US $95.96 billion, because crypto remittance is 388 times faster and 127 times cheaper than using the traditional methods of transferring remittances. Crypto has also taken over the gaming industry where its estimated market revenue is US $321 million in 2020.
With the ease and usage of cryptocurrency, more people in countries have begun adopting and using it for transactions, so here are the top ten countries with the most crypto users and US is not at the top of the list. Chain analysis calculated the cryptocurrency adoption index derived from ordinary people’s volume of transactions and indivitual saving. The list was created according to the country with the highest adoption index (out of 1).
Vietnam (Index score: 1.0)
India (Index score: 0.37)
Pakistan (Index score: 0.36)
Ukraine (Index score: 0.29)
Kenya (Index score: 0.28)
Nigeria (Index score: 0.26)
Venezuela (Index score: 0.25)
United States (Index score: 0.22)
Togo (Index score: 0.19)
Argentina (Index score: 0.19)