Which countries use the most cryptocurrency?
Which countries use the most cryptocurrency?
Tracking crypto in every country is challenging, but blockchain analytics firms like Chanalysis have developed ways to gauge adoption in diverse regions. In its annual Global Crypto Adoption Index, Chainalysis uses the following five metrics to track crypto in hundreds of countries:
- Total cryptocurrency value on centralized crypto exchanges (CEXs): First, Chainalysis analyzes the number of money holders in cryptocurrency legal countries used in crypto CEXs like Coinbase and Binance.
- Retail trading on CEXs: This second metric focuses on the trading activity of non-institutional CEX users who transfer less than $10,000.
- Peer-to-peer crypto transaction volume: Next, Chainalysis monitors how often citizens in different countries use crypto in day-to-day transactions.
- Crypto value used in DeFi protocols: Analysts concentrate on the total amount of crypto that goes into the DeFi space by region.
- Retail activity in DeFi: Lastly, Chainalysis focus on how much crypto going into DApps (decentralized applications) came from retail traders in different nations.
It's essential to note that Chainalysis weighs all its findings using the "purchasing power parity" (PPP) standard, which takes into account the average purchasing power of citizens in each country. The lower a PPP score is for a nation, the less disposable income average residents have.
The following 10 countries to have the most substantial rates of crypto adoption in 2022 (In descending order):
- Vietnam
- Philippines
- Ukraine
- India
- United States
- Pakistan
- Brazil
- Thailand
- Russia
- China
