In a recent report from Chainalysis, it has been discovered that lower-middle income countries are taking the lead in cryptocurrency adoption. While this trend is notable, it is essential to differentiate adoption from transaction volume, as the latter is dominated by North America, with the United States at the forefront.
India, Nigeria, and Vietnam have emerged as the leaders in global cryptocurrency adoption, according to findings in the Chainalysis report. Nevertheless, it is North America, particularly the United States, that holds a significant share of the total value received by cryptocurrency exchanges, showcasing the economic dominance of the region.
Chainalysis gauged cryptocurrency adoption by analyzing web traffic data collected from a staggering 13 billion web visits. The data was categorized into five distinct activities and then weighted by purchasing power parity (PPP) per capita. This approach was aimed at providing a more nuanced understanding of cryptocurrency adoption, as it takes into account the per capita PPP. In other words, if two countries received equal amounts of cryptocurrency through centralized services, the one with the lower PPP per capita would secure a higher rank. This methodology allows for a more accurate reflection of where “everyday people are embracing crypto the most.”
In the global crypto landscape, it is evident that lower-middle income countries are making substantial strides in cryptocurrency adoption, pointing to the broader reach and appeal of digital currencies. However, the actual transaction volume, a crucial indicator of cryptocurrency’s utilization, remains predominantly concentrated in North America, notably the United States.
The report also featured a chart depicting the transaction volume received by various regions, emphasizing the distinction between adoption and transaction value.
As the crypto space continues to evolve, this report by Chainalysis underscores the dynamic nature of the cryptocurrency market, highlighting the multifaceted nature of its growth in different parts of the world.
