Monitoring firm Chainalysis today released its report on cryptocurrency adoption. France places itself on the European podium.
France in the lead
With nearly 1,000 billion dollars received in cryptocurrencies, Europe is placed in second position in the Global Cryptocurrency Adoption Index. The continent represents almost 21% of global transactions.
France received a tenth of these cryptocurrencies, or $101 billion. Only the Germans and the English received more. France is in 22nd place in the world index.
This relatively disappointing place for the seventh richest country in the world is due to the fact that the ranking does not only take into account volumes. Many other parameters making it possible to gauge adoption by the greatest number come into account. For example, for equal volume, a country carrying out more transactions (smaller amounts) will be higher in the ranking.
As in previous years, North America leads with an estimated on-chain value of $1.3 trillion received between July 2023 and June 2024 (including approximately 340 billion BTC). Or 22.5% of the world boat. The United States is in fourth place in the rankings.
There domination of North America in the cryptocurrency market is largely fueled by institutional activity thanks to the launch of Bitcoin ETFs by giants such as BlackRock or Fidelity. The share of transaction volume coming from transfers over $1 million is much higher there than in the rest of the world.
Coming back to the old continent, transactions of less than $1 million were mainly carried out in stablecoins (52%). Next are altcoins (18%) and bitcoin and ethereum with 15% each.
The decline in BTC transactions in 2024 probably means that bitcoiners do not want to part with it. The return of bitcoin to its all-time high explains this.
Bitcoin and stablecoins growing strongly in the East
Eastern Europe has become a global heavyweight with 500 billion dollars. In other words, the whole of Europe (with Russia, Poland, Ukraine, etc.) received the equivalent of 1,500 billion dollars in cryptocurrencies, more than North America.
Ukraine and Russia are, unsurprisingly, the regional leaders. The two countries rank 6th and 7th respectively in the Global Index. Russia moved up six places compared to last year.
Russians are increasingly using bitcoin as well as stablecoins to carry out international transactions hampered by Western sanctions. The country is in fact disconnected from the SWIFT network, which greatly complicates the lives of exporters and importers.
Ukrainians also use it to escape conscription. Conscripts' credit cards are systematically deactivated for payments abroad. Bitcoin and other cryptocurrencies are then used to escape. Money laundering via “donations” for Ukraine is another explanation.
The Chainalysis report is linked to our interview with the CEO of the Russian exchange Kickex. Anti Danilevski notably declared:
“Crypto adoption in Russia is largely driven by the need to transfer money abroad due to sanctions and the challenges posed by international financial restrictions. Many Russians, especially IT specialists and their families living abroad in countries like Thailand or Bali, have turned to cryptocurrencies to send and receive money. And not just bitcoin. Stablecoins are also widely used. »
Little by little, bitcoin and stablecoins are flourishing all over the world. More information can be found in the annual report which will be published this Wednesday 17. Here is our article on last year's report.
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