Over the past two years, there have been multiple price increases in the crypto market. This has helped accelerate the adoption of digital assets around the world. However, after the recent price crash, the rate of cryptocurrency adoption has plummeted. However, in some countries, this rate remains relatively high. Learn about these countries through Chainalysis’ recent report on the global trend in cryptocurrency adoption.
Middle-income countries that adopt crypto better
According to a recent report by Chainalysis, there are a total of 20 nations leading the charge for crypto adoption globally. It turns out that the majority of these nations are country middle income. Remember that according to the World Bank, there are four levels of classification of countries according to their income. A country can be: high income, upper middle income, lower middle income or low income.
That said, according to Chainalysis’ Global Crypto Adoption Index 2022 report, Vietnam is the top hotbed of crypto adoption. The Philippines ranks second in cryptocurrency adoption. The country is followed by Ukraine, India and the United States.
In fact, in the top 20 countries that best adopt cryptocurrencies, we find 10 lower middle income countries : Vietnam, Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya and Indonesia.
For the other 10 nations, there are 8 upper-middle-income countries and 2 high-income countries. The upper middle income countries are: Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia and Ecuador. Those with high income are: the United States and the United Kingdom.
Over the past two months, and despite the bearish backdrop, there has been some consistency in the rate of adoption of cryptos around the world, especially in middle-income countries. We notice that digital assets are becoming more and more popular.
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