Top 5 Countries Leading Cryptocurrency Adoption And WHY
All four corners of the globe have shown evidence of being gripped by cryptocurrency fever. Some nations see widespread adopters turning to crypto assets as a means of insuring themselves against a domestic economic downturn, while others look to the likes of Bitcoin and Ethereum as a solid investment for the future.
Let’s take a deeper look at the nations across the world that are most heavily invested in utilising the power of cryptocurrencies and explore why adoption is so vital to its citizens.
With as much as 20% of the Turkish population confirming that they’ve used or owned cryptocurrencies, the nation on the European/Asian border is a market leader as far as adoption is concerned.
Turkey currently has the youngest population in Europe, which may go some way in explaining such high adoption rates, but its citizens’ widespread crypto adoption could prove to be a solid way of ensuring widespread wealth at a difficult time nationally.
In nations like Turkey, where public trust in governmental structures and banking is relatively low and fiat currency is susceptible to inflation, cryptocurrencies like Bitcoin can be seen as a viable alternative to traditional forms of finance.
Brazil is a close second in terms of crypto-adoption, with 18% of citizens reportedly embracing digital currency domestically.
Similarly to Turkey, Brazil is a nation that’s the subject of some political unrest, and suffered from its highest inflation rate in four years back in April. Off the back of this news, 100,000 Bitcoins were traded in the space of 24 hours in Brazil – carrying a total value of around £500 million at the time.
Sadly, many of the world’s largest cryptocurrency adopters are citizens of nations that have had their respective hands forced by inflation. While it wouldn’t seem unusual for major cryptocurrency players like Japan and the US accounting for large swathes of the chart above, it’s Colombia who arrives in joint-second place, ranking alongside Brazil.
Significantly, the Colombian government has expressed warmth towards the use of Bitcoin by citizens, and many business owners use the cryptocurrency as an investment opportunity to grow their startups.
However, the vast majority of residents still see the likes of Bitcoin as a solid means of wealth preservation that allows them to shield their wealth from high inflation rates nationwide.
Argentina is another example of a nation where citizens are finding more security in cryptocurrencies in lieu of the volatility of their own domestic currency, the Peso. Luckily, Argentina has embraced the popularity of the likes of Bitcoin, and public transportation services have even begun accepting certain digital currencies as a means of payment.
Argentina has the fourth-highest ratio of cryptocurrency adopters worldwide, with as much as 16% of the population revealing that they’ve used digital currencies in the past. As a result, Argentina has become synonymous with Bitcoin, with the nation commonly appearing alongside the currency in Google search results pages.
Sadly, Zimbabwe is a nation that has suffered from plenty of financial difficulties of late. Hyper-inflation has hit the country and devalued its traditional currency.
While not present on the above list, Zimbabwe is gathering adopters of cryptocurrencies at a rapid rate as they look for alternative ways of preserving their money. A brand new cryptocurrency platform, SPURT, has amassed over 40,000 users since it was developed in 2017 and poses a possible solution to a nationwide financial crisis.
While there’s a long road to recovery ahead for Zimbabwe, here we can see the potential that cryptocurrencies hold in bridging the gap between deprived and largely unbanked areas and the ‘developed’ world. The success of platforms like SPURT could provide more hope for a financially stable future for every citizen of the world.