Every day that passes the number of users in the crypto world increases. As more and more people realize the qualities of cryptocurrencies like Bitcoin, and begin to acquire and use them on a daily basis. Thanks to this, several countries now have significant national communities of crypto users. Therefore, today we tell you which are the 10 countries with the highest adoption of Bitcoin in the world.
The main crypto countries
At this point, for anyone fairly familiar with cryptocurrencies, the advantages they have over fiat money are obvious. And, the decentralization and flexibility offered by currencies like Bitcoin greatly facilitates operations such as international transactions. In addition to providing, on many occasions, a much more stable haven of value than various national currencies.
For this reason, in recent years several countries in the world have experienced an important flowering of their crypto user communities. What has been reflected by Chainalysis in a recent report, in which it identifies the 10 countries with the highest adoption of Bitcoin. Using as a criterion for the elaboration of the ranking the proportion of the population of each country that migrated their financial activities to cryptocurrencies.
This information was obtained through four variables: the value received through the Bitcoin Blockchain, value received from commercial activities, number of deposits in the Blockchain, and volume of P2P exchanges. Which would provide four different scores for each country, with which Chainalysis created an index with a scale from 0 to 1.
Thus, the country with the highest adoption of Bitcoin according to the Chainalysis report would be Ukraine, with an index of 1, followed by Russia and Venezuela in second and third place respectively. While China in fourth place would be, together with the United States, one of the only two developed countries in the ranking. Closing the same Kenya, South Africa, Nigeria, Colombia and Vietnam.
Why do they adopt Bitcoin?
When observing the Chainalysis ranking, one immediately identifies a common element among most of the countries included in it. And it is that, except for the United States, China, and to a lesser extent Russia, all the countries that are located in the first 10 positions of the ranking are developing countries.
This would not be surprising, considering that several crypto analysts have warned that the start of the massification of Bitcoin will not occur in the first world. Well, in these countries there are normally solid currencies with stable institutions. So the population would not see the need to migrate to cryptocurrencies.
However, countries such as Venezuela, Nigeria or Kenya face much greater difficulties in stabilizing their economies. What forces the inhabitants to look for alternatives in the digital economy. With the objective of facing the inflation of fiat money or being able to integrate into the international economy.
For their part, the three powers that are in the top 10 of the Chainalysis ranking, due to their own level of economic advancement and interest in strengthening their cybersecurity capabilities, have been epicenters for the development of cryptocurrencies. With the vast majority of BTC mining farms located in the territory of the United States, Russia or China. Which explains its index within the Bitcoin adoption ranking.