Global Crypto Ownership Surpasses 320 Million, Here Are the Countries Leading the Charge
Adoption of crypto around the world has accelerated over the past couple of years. Thanks in particular to the 2021 bull run which saw the price of bitcoin reach $69,000, triggering an influx of new users into the market from both retail and institutional investors. As it stands, there are now over 320 million crypto users worldwide, according to recent data. Here are the countries that dominate the list.
The United States takes the lead
The United States has actually seen one of the fastest adoptions of cryptocurrencies. Data from Triple A shows that there are over 46 million crypto users in the country. This is all the more evident as more than 80% of all crypto ATMs installed in the world exist in this region. So, in total, the United States has 13.74% of its total population who are crypto users.
India comes second. Over the years, there have been reports of Indians flocking to cryptocurrency as their new gold. As a result, their numbers have grown rapidly and there are now over 27.4 million crypto users in the region. However, this is only about 2% of the total Indian population. Pakistan comes in 3rd place with over 26.4 million crypto users, which is 11.5% of the total population.
Total market cap falls to $976 billion | Source: Crypto Total Market Cap on TradingView.com
Nigeria arrives unsurprisingly in 4th place. The country’s economic situation has worsened over time with double-digit inflation, and people have turned to cryptocurrency to maintain the value of their wealth. The country has more than 22.3 million users, or 10.34% of the total population.
Vietnam comes in 5th place with over 20.2 million users. However, despite being 5th, it is the country with the highest percentage of the population using crypto at 20.27%. That puts it ahead of China, with 19.88 million, and Brazil, with 16.65 million. Russia, Indonesia and South Africa complete the top 10 with 14.6 million, 12.23 million and 7.7 million respectively.
Crypto is spreading across continents
On the scale of country control, the United States has led the charge in terms of adoption, but when zoomed out and looked at from the perspective of the continents as a whole, the West is quickly dethroned. Instead, the Asians are leading the charge in this regard.
Data shows that Asia has 130 million crypto users. In contrast, the African continent has 53 million uses. This puts North America in 3rd place with a total of 51 million users. Europe follows with 43 million and South America with 27 million. Oceania came out to 1 million users.
The demographics of incumbents are also skewed towards popular men. In total, 63% of all crypto users are men, while 37% are women. 72% of all users are under the age of 34, indicating that the market is attracting younger people. The majority (71%) have at least a bachelor’s degree.
Featured image from Finance Feeds, chart from TradingView.com
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